On June 9, Cipher Mining rose 5.13% in regular trading, trading at $25.13 USD/share, with trading volume of $67.94 million. The rally came as the company announced the successful pricing of an $810 million senior secured notes offering through its subsidiary Stingray Compute LLC.

The notes, due in 2031, carry a coupon rate of 6.000% and were issued at 99.750% of par value. Proceeds will primarily fund completion of the Stingray data center facility in West Texas, which is backed by a 15-year lease agreement with Amazon. The deal was jointly underwritten by Morgan Stanley, Goldman Sachs, Wells Fargo, Santander, and SMBC Nikko Securities.

The successful financing underscores investor confidence in Cipher Digital's transformation from a pure bitcoin mining operation into an industrial-scale data center developer. Earlier this year, the company raised $2 billion via the bond market for its Black Pearl data center project, which saw oversubscription exceeding $13 billion. Separately, Bernstein recently initiated coverage on the stock with an Outperform rating and a $32 price target.

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