Bitcoin mining company Cipher Mining plans to issue convertible preferred notes to raise $150 million.

Golden Finance reports that Nasdaq-listed Bitcoin mining company Cipher Mining has announced plans to issue convertible preferred notes maturing in 2030, aiming to raise a total of $150 million based on market and other conditions. It is reported that Cipher Mining will use the funds raised for the first phase of the Black Pearl data center project. In addition, at the same time as the note issuance, Cipher Mining also announced that Morgan Stanley plans to issue a certain number of common shares borrowed from a third party through a separate underwriting arrangement for its own account and/or its affiliates, to facilitate some note purchasers in Hedging Transactions.