Cipher Mining (CIFR) said Tuesday it plans to launch an offering of $150 million aggregate principal amount of convertible senior notes due May 15, 2030.

The company intends to grant the underwriters an option to buy up to an additional $22.5 million of the notes.

Proceeds will go toward completing Phase 1 of its Black Pearl data center project, including discounted purchases of remaining mining rigs, related tariffs and shipping, infrastructure costs, and general corporate purposes.

On May 16, Cipher amended its sales agreement with Bitmain Technologies to update the rig delivery schedule to June 23. The amendment also provides a 10% discount in exchange for early payment and includes incremental value via BTC-linked call options, the company said.