Company: CIFRW
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0001819989-25-000112
Chunk: 372

Company: Cipher Mining Inc.
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 8
Chunk 372
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 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

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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%. The 2030 Convertible Notes are senior, unsecured obligations with interest due semiannually on May 15 and November 15 each year beginning on November 15, 2025. The 2030 Convertible Notes will mature on May 15, 2030, unless earlier repurchased, redeemed or converted. Before February 15, 2030, noteholders will have the right to convert their 2030 Convertible Notes only upon the occurrence of certain events. From and after February 15, 2030, noteholders may convert their 2030 Convertible Notes at any time at their election until the close of business on the second scheduled trading day immediately before the maturity date. The Company will settle conversions by paying or delivering, as applicable, cash, shares of its common stock or a combination of cash and shares of its common stock, at the Company’s election. As the Company has the option to settle in shares, these shares are considered potentially dilutive for the calculation of diluted earnings per