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Cipher Digital (CIFR) shares dropped 12.8% on October 13, 2026, despite a flat finish for the S&P 500, as investors weighed a proposal to raise $850 million through convertible notes.
The company intends to use the proceeds for data center construction, a shift that complicates its current financial profile where revenue still derives from bitcoin mining.
The stock closed at its lowest level in the past year, sitting 61.1% below its 52-week high.
Management disclosed in August that three signed leases are expected to generate approximately $793 million in average annual net operating income from October 2026 through September 2036.
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