Company: CIFRW
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0001819989-25-000112
Chunk: 241

Company: Cipher Mining Inc.
Filing Date: 2025-11-03
Form: 10-Q
Item: Part II, Item 3
Chunk 241
---
 becomes over-collateralized due to increases in bitcoin price.As of September 30, 2025, the Company had nothing outstanding on the Coinbase Overnight Credit Facility. The Company had $25.0 million balance outstanding on the Coinbase Overnight Credit Facility at a weighted average interest rate of 9.5% as of December 31, 2024.Two Prime Lending FacilityThe Company also has a $100.0 million secured credit facility with Two Prime Lending Limited (“Two Prime Credit Facility”). Borrowings on this facility will be backed by the Company’s bitcoin held in a triparty account. The Company has not drawn on the Two Prime Credit Facility, and as such has nothing outstanding on this facility as of September 30, 2025.Luxor Purchase and Sale AgreementThe Company has the ability to enter into agreements with Luxor Technology Corporation (“Luxor”) to borrow bitcoin to be repaid at a fixed amount of bitcoin per day over fixed periods. The Company records the outstanding balance at fair value in Short-term borrowings based on the current bitcoin price, with changes in fair value recorded in Other income (loss). As of September 30, 2025, the Company had no ongoing transactions with Luxor under the Luxor Purchase and Sales Agreement. As of December 31, 2024 the Company owed approximately 80.3 bitcoin valued at $7.3 million related to this agreement.Long-term borrowingsThe following summarizes the Company’s long-term borrowings, net of debt issuance cost as of the period presented:September 30, 2025Maturity DateInterest RateOutstanding PrincipalUnamortized debt issuance costs and original issue discounts and premium, netOutstanding Borrowings, netLong-term borrowings:2030 Convertible NotesMay 20301.75%$172,500 $(5,108)$167,392 2031 Convertible NotesOctober 20310.00%1,300,000 (444,317)855,683 Total Long-term borrowings$1,472,500 $(449,425)$1,023,075 There were no Long-term borrowings as of December 31, 2024.2030 Convertible Notes

24

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

On May 22, 2025, the Company issued $172.5 million of principal amount of the 2030 Convertible Notes with an interest rate of 1.75%.