Company: CIFRW
Filing Date: 2025-05-20
Form Type: 8-K
Source: 0001193125-25-123159
Chunk: 0

Company: Cipher Mining Inc.
Filing Date: 2025-05-20
Form: 8-K
Item: Item 1.01
Chunk 0
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Item 1.01      Entry into or Amendment of a Material Definitive Agreement.  

Amendment of Bitmain Contract

On May 16, 2025, Cipher Mining Inc. (the “ Company”), through its wholly-owned subsidiaries Cipher Mining Infrastructure LLC (“ CMI”), a Delaware limited liability company, and Cipher Black Pearl LLC (“ CBP”), a Delaware limited liability company, entered into an Amendment Agreement and Deed of Novation to the Future Sales and Purchase Agreement (the “2025 Amendment”) with Bitmain Technologies Delaware Limited (“ Bitmain”), which amends that certain Future Sales and Purchase Agreement, dated December 16, 2023, as amended by that certain Supplemental Agreement, dated June 5, 2024, that certain Amendment Agreement, dated July 10, 2024 and that certain Notice of Exercise dated February 5, 2025 (together, the “ Original Agreement”).

The 2025 Amendment provides that all miners remaining to be delivered under the Original Agreement will be delivered by June 23, 2025, in exchange for the Company’s early payment of the remaining payments outstanding under the Original Agreement. The Company will fulfill such payment obligation by transferring to Bitmain a lump-sumpayment of $108,192,217.75 (the “ Revised Payment Amount”), a 10% reduction from the $120,213,575.28 (the “ Original Payment Amount”) due under the Original Agreement, within 14 days following the execution of the 2025 Amendment (the “ Revised Payment Date”). Approximately $27 million of the Revised Payment Amount will satisfy remaining payment obligations in respect of machines delivered in 2024. The 2025 Amendment also provides the Company an option to purchase from Bitmain an amount of bitcoin in equivalent value as the Revised Payment Amount on the Revised Payment Date at the price of the Original Payment Amount (to be exercised in two tranches by August 30, 2025 and November 30, 2025).

Additionally, the 2025 Amendment novated the Original Agreement by transferring all rights and obligations of CMI under the Original Agreement to CBP.