Cipher Stock Rises as Bitcoin Miner Boosts Debt Offering to $1.1 Billion Following Google Deal

Company Overview - Cipher Mining announced an increase in its convertible debt offering to $1.1 billion from an initial $800 million, following a $3 billion AI cloud hosting deal backed by Google [1][2] - The company signed a 10-year, approximately $3 billion high-performance computing colocation agreement with Fluidstack, which will involve delivering 168 MW of critical IT load at its Barber Lake site in Texas [4] Financial Details - The convertible senior notes are intended for qualified institutional buyers and will mature in 2031 [2] - Google will backstop $1.4 billion of Fluidstack's lease obligations, in exchange for warrants to acquire about 24 million shares of Cipher common stock, representing a 5.4% pro forma equity ownership stake [5] Market Performance - Cipher's stock (CIFR) rose nearly 5% to around $12.20 per share after experiencing a significant drop the previous day [3] - The stock has nearly recovered for the week after a notable decline earlier [3] Industry Context - The Bitcoin mining industry is adapting its infrastructure to meet the growing demand for AI, as companies leverage their data centers for both crypto mining and AI applications [6] - TeraWulf, another Bitcoin miner, also received a $1.4 billion backstop from Google, increasing its total stake to $3.2 billion [7]