Cipher Digital stock plunges 54% in October amid financing concerns
Photo: Crypto Briefing
An $850 million convertible note deal and a debt-for-equity swap rattled shareholders of the former Bitcoin miner turned AI data center builder Cipher Digital (NASDAQ: CIFR) had a brutal October. Shares of the company fell approximately 54% over the month, sinking to fresh 52-week lows between $7 and $8. The trigger was a financing plan meant to fund its expansion into AI infrastructure. Shareholders read the fine print and decided they did not love it. The timing matters because Cipher is in the middle of a reinvention.
Source: Crypto Briefing
