Bitcoin Mining Stock Cipher Mining Is Sliding Wednesday: What's Going On?
Portfolio Pulse from Adam Eckert
Cipher Mining Inc (NASDAQ:CIFR) shares are down after the company provided an August production update and filed for a mixed shelf offering. Cipher mined 160 Bitcoin, sold 136, and ended with 2,284 Bitcoin. The company is expanding its power portfolio and filed a new shelf registration to raise up to $725.7 million.
September 04, 2024 | 3:59 pm
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Cipher Mining shares fell after announcing a mixed shelf offering and providing an August production update. The company mined 160 Bitcoin, sold 136, and ended with 2,284 Bitcoin. It is expanding its power portfolio and filed to raise up to $725.7 million.
The decline in Cipher Mining's stock price is likely due to the mixed shelf offering, which can dilute existing shares. The production update shows stable operations, but the market may be reacting to the potential dilution and the company's need to raise capital.
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