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Topic

Convertible notes

Financing in which money is advanced as debt and converts into equity on terms set by a later round, letting the parties postpone agreeing a valuation.

Current stories

investOne report1 publisher

Cipher Digital's new $850 million convert lets holders demand cash back in 2030

Cipher Digital plans to sell $850 million of zero-coupon convertible notes due 2032 after agreeing to absorb $359.3 million of Barber Lake overruns. The stock fell 9.6% premarket, but most of its slide from September 25 came before the offering.

Reality

Evidence45
Adoption
Not scored
Hype gap+15
Incentives
Not scored
Confidence55
investOne report1 publisher

Proving it would sell its Bitcoin cost Metaplanet about ¥11.57 billion

Metaplanet sold 10,000 Bitcoin and bought back 11,000 at a 9.3% higher price, paying about ¥11.57 billion extra on the coins it replaced. The sale was meant to show prospective lenders, as the company pursues a credit rating, that it will turn coins into cash.

Publishers:cryptoslate.com

Reality

Evidence62
Adoption
Not scored
Hype gap+12
Incentives68
Confidence58
investConfirmed5 publishers

Nscale borrows $3.36bn in notes that turn into shares when it lists

Nscale raised $3.36bn in convertible notes that become shares at its IPO, which is more than the up to $3bn the listing is reported to raise. The offer price will set what the stakes held by Third Point, Nvidia and the other noteholders are worth.

Perspective Coverage

6 publishers
Builder
Builder 10%
Operator
Operator 24%
Investor
Investor 66%

Reality

Evidence62
Adoption40
Hype gap+20
Incentives78
Confidence66
productConfirmed4 publishers

Nvidia supplies nearly a third of Nscale's $3.36 billion pre-IPO round

Nvidia is putting $1 billion into Nscale's $3.36 billion pre-IPO round, funding a customer still building most of its capacity. Buyers signing multi-year capacity deals should check how that build-out is paid for before they check the price.

Perspective Coverage

4 publishers
Builder
Builder 19%
Operator
Operator 35%
Investor
Investor 46%

Reality

Evidence66
Adoption22
Hype gap+38
Incentives72
Confidence60
investOne report1 publisher

Cylake raises $245 million on a note four months before its beta ships

The convertible note accounts for 84.5 percent of the $290 million Cylake has raised, and the product it funds is still a design-partner build with general availability promised for 2027. The next financing sets the conversion price.

Reality

Evidence20
Adoption8
Hype gap+45
Incentives85
Confidence40