Company: CIFRW
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0001819989-25-000112
Chunk: 72

Company: Cipher Mining Inc.
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 1
Chunk 72
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392 Bitcoin92,651 - - 92,651 Receivable for bitcoin collateral- 32,248 - 32,248 Accounts receivable596 - - 596 Derivative assetsPower Purchase Agreement- - 85,670 85,670 $111,953 $32,248 $85,670 $229,871 Liabilities included in:  Short-term borrowingsBitcoin loan payable$7,330 $- $- $7,330 $7,330 $- $- $7,330 The Company’s financial assets and liabilities not subject to fair value measurement on a recurring basis and the level of inputs used for such measurements were as follows as of the dates indicated (in thousands):September 30, 2025Total carrying valueLevel 1Level 2Level 3TotalLiabilities included in:Long-term borrowings2030 Convertible Notes$167,392 $- $517,356 $- $517,356 2031 Convertible Notes$855,683 $- $1,015,230 $- $1,015,230 $1,023,075 $- $1,532,586 $- $1,532,586 

30

CIPHER MINING INC.NOTES TO CONSOLIDATED FINANCIAL STATEMENTS(unaudited)

There were no financial assets and liabilities not subject to fair value measurement on a recurring basis as of December 31, 2024.The carrying values reported in the Company’s condensed consolidated balance sheets for cash (excluding cash equivalents which are recorded at fair value on a recurring basis), accounts payable and accrued expenses and other current liabilities are reasonable estimates of their fair values due to the short-term nature of these items.There were no transfers of financial instruments between Level 1, Level 2 and Level 3 during the periods presented.Capped Call TransactionAs described in Note 4. Derivative Assets, the Company entered into capped call transactions to reduce the potential dilution of the Company’s common stock upon any conversion of the 2031 Convertible Notes and/or offset any potential cash payments the Company is required to make in excess of the principal amount of converted 2031 Convertible Notes. The Capped Call Transactions are classified as Level 2 and unrealized gains associated with the Capped Call Transaction are included in Other income on the condensed consolidated statement of operations.The