Cipher Digital's stock dropped after it suggested raising $850 million, and here's how they plan to use it.

CIFR · Cipher Digital Inc.

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The money could help Cipher expand its computing projects, and the notes would pay no regular interest. But the notes may turn into shares, and the separate exchange would trade some existing notes for shares. Cipher also expects some transactions to limit shares from conversions. The benefits and possible share increases leave no clear change to its outlook.