Cipher Mining, Inc. (NASDAQ: CIFR) shares have fallen more than 10% since the company first announced its convertible note offering on Thursday morning. 

Here's a look at why investors might be looking at the offering in the wrong light.  

CIFR stock is trading lower. See the real-time price-action here. 

Oversubscribed Offering 

Cipher's oversubscribed offering marks a significant financial milestone that accelerates the company's long-term growth ambitions.

Read Next: Rigetti, D-Wave, IonQ Set To Disrupt Everything—Expert Goes All In

Cipher Mining secured $1.1 billion through the upsized offering of convertible senior notes, which carry a 0% interest rate. 

The deal attracted significant investor enthusiasm, evidenced by the company increasing ...