On June 8, Cipher Mining rose 5.14% in regular trading, trading at $23.74/share with trading volume of $126 million, rebounding from a sharp 12.13% decline earlier in the week.

The rise was driven by the company's announcement that its subsidiary Stingray Compute plans to issue $810 million in senior secured notes due 2031 in a private offering to finance construction of its data center project. Proceeds will primarily fund completion of the Stingray data center facility, reimburse prior internal capital contributions, and set aside reserves for debt payments. Cipher Digital stated it will step in with additional funding to ensure the project is completed on time if note proceeds prove insufficient.

Additionally, Bernstein recently initiated coverage on Cipher Mining with an Outperform rating and a $32 price target, reflecting analyst confidence in the company's transition from bitcoin mining to high-performance computing infrastructure.

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