Bitcoin miner Cipher Mining on Friday announced it had upped the price of its convertible debt offering, one day after revealing a $3 billion AI cloud hosting deal backstopped by Google.

The Nasdaq-listed miner said its convertible senior notes were now priced at $1.1 billion after initially being offered for $800 million.

The notes will be for “persons reasonably believed to be qualified institutional buyers,” and will be due in 2031. Senior notes are a form of debt a company can issue to investors. Convertible notes can be turned into company equity by the buyer. 

Cipher’s stock (CIFR) was trading up by nearly 5% on Friday at a price around $12.20 a share, after falling sharply on Thursday following an initial spike at the start of the trading. C

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Author: Mathew Di Salvo