---
title: "Cipher Digital Prices $850M 2032 Convertible Notes, Adds Capped Calls and Exchanges $165.9M 2030s"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/302149096.md"
description: "Cipher Digital issued $850M of 2032 convertible notes and bought $89.7M in capped calls to mitigate dilution. Concurrently, it exchanged $165.9M of 2030 notes for shares, reducing outstanding debt to $6.6M."
datetime: "2026-10-16T21:33:00.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/302149096.md)
  - [en](https://longbridge.com/en/news/302149096.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/302149096.md)
generator: "portal-rs"
---

# Cipher Digital Prices $850M 2032 Convertible Notes, Adds Capped Calls and Exchanges $165.9M 2030s

Cipher Digital executed multiple financing actions tied to its capital structure. The company issued $850 million of 0.00% senior unsecured convertible notes due 2032 with an initial conversion price of approximately $15.31 per share and granted initial purchasers a 13-day option to buy up to $150 million more. To mitigate dilution, Cipher Digital purchased approximately $89.7 million of capped calls with a cap price of $28.35 covering the shares underlying the notes. Concurrently, it exchanged about $165.9 million of its 2030 convertible notes for roughly 40.7 million shares, reducing the 2030 notes outstanding to about $6.6 million and improving its maturity profile.

**Agreement 1: Cipher Digital Sells $850 Million 0.00% Convertible Notes Due 2032; Adds $150 Million Option**

-   **Agreement type**: Indenture and issuance of senior unsecured convertible notes
-   **Counterparty**: U.S. Bank Trust Company
-   **Signed / Effective**: Oct 16 2026 / Oct 16 2026
-   **Duration / Termination**: Through Nov 1 2032
-   **Reason**: Enhance liquidity and extend debt maturities

**Agreement 2: Cipher Digital Buys $89.7 Million Capped Calls to Limit Dilution on 2032 Converts**

-   **Agreement type**: Capped call transactions on 2032 convertible notes
-   **Counterparty**: Various financial institutions
-   **Signed / Effective**: Oct 13 2026 / Oct 13 2026
-   **Duration / Termination**: Through note maturity
-   **Reason**: Mitigate dilution from potential note conversions

**Agreement 3: Cipher Digital Exchanges $165.9 Million of 2030 Notes for 40.7 Million Shares**

-   **Agreement type**: Exchange agreements for 2030 Convertible Senior Notes
-   **Counterparty**: Holders of 2030 Notes
-   **Signed / Effective**: Oct 13 2026 / Oct 16 2026
-   **Duration / Termination**: One-time
-   **Reason**: Reduce 2030 notes outstanding and simplify capital structure

Original SEC Filing: Cipher Digital Inc. \[ CIFR \] - 8-K - Oct. 16, 2026

**Disclaimer**

This is an AI-powered summary. It may contain inaccuracies. Consider verifying important information with the source. Please note this summary is solely based on documents filed with the SEC.

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## Related News & Research

- [Cipher Digital Changes Default Debt Conversion Settlement Method to Physical Settlement](https://longbridge.com/en/news/302148655.md)
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> **Disclaimer: This article is for reference only and does not constitute any investment advice.**