Company: CIFRW
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001819989-25-000081
Chunk: 143

Company: Cipher Mining Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part II, Item 2
Chunk 143
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20252024Opening balance$92,651 $32,978 Bitcoin received from equity investees13,857 5,907 Bitcoin received from mining activities67,270 85,281 Bitcoin received from loan16,551 - Bitcoin loan payments (140)- Proceeds from sales of bitcoin(121,352)(10,334)Realized gains on sales of bitcoin, net(1)8,557 4,869 Unrealized (losses) gains on bitcoin(3,035)19,378 Realized loss on bitcoin transferred to collateral, net(2)(3,195)- Bitcoin transferred from collateral, net40,925 - Ending balance$112,089 $138,079 (1) Realized losses from sale of bitcoin were immaterial in all periods presented.(2) Realized loss on bitcoin transferred to collateral, net is classified under other income (expense) on the condensed consolidated statement of operationsThe Company held approximately 1,046 and 994 bitcoin at June 30, 2025, and December 31, 2024, respectively. The associated fair values and cost bases of bitcoin held were $112.1 million, and $102.2 million, respectively, at June 30, 2025, and $92.7 million, and $79.8 million, respectively at December 31, 2024. Fair value of bitcoin is estimated using the closing price at 23:59:59 UTC in the Company’s principal market, which is a Level 1 input (i.e., an observable input such as a quoted price in an active market for an identical asset). The Company accounts for bitcoin on a first-in-first-out (“FIFO”) basis.

16

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

As of June 30, 2025, the Company had no bitcoin pledged as collateral related to the Coinbase Overnight Credit Facility. As of December 31, 2024, the Company had 345 bitcoin with a fair value of $32.2 million pledged as collateral related to the Coinbase Overnight Credit Facility. Restrictions on this bitcoin pledged as collateral lapse upon repayment of the outstanding balance drawn on this facility. The collateral pledged related to the Coinbase Overnight Credit Facility can be rehypothecated and therefore is derecognized from the Company’s ending bitcoin balance, and recorded in Receivable for bitcoin collateral on the Company’s consolidated balance sheet