Company: CIFRW
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001819989-25-000081
Chunk: 281

Company: Cipher Mining Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part II, Item 5
Chunk 281
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25.0 million (the “Coinbase Overnight Credit Facility”). We will not incur commitment fees for unused portions of the Coinbase Overnight Credit Facility. The borrowing rate on amounts drawn against the Coinbase Overnight Credit Facility is determined on the basis of the Federal Funds Target Rate - Upper Bound, plus 2.5%, calculated daily based on a 365-day year and payable monthly for the duration of the loan. Borrowings under the Coinbase Overnight Credit Facility are available on demand, open term, and collateralized by bitcoin transferred to the lending service provider’s platform. As of June 30, 2025 we had nothing drawn on the Coinbase Overnight Credit Facility. Additionally, we have a term loan facility with Coinbase with a limit of $35.0 million and maximum period of one year (the “Term Loan Facility”). As of June 30, 2025, we were in compliance with the covenants under the Coinbase Overnight Credit Facility.

We enter into agreements with Luxor Technology Corporation (“Luxor”) when needed to borrow bitcoin for short-term periods, which we are able to use as a source of short-term financing.

40

On May 22, 2025, we issued $172.5 million principal amount of convertible notes due in 2030 with an interest rate of 1.75% (the “2030 Convertible Notes”). 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.  For more information on our 2030 Convertible Notes, see Note 14. Debt.

Management believes that our existing financial resources, combined with projected cash and bitcoin inflows from our data centers, our intent and ability to sell bitcoin received or earned, and our intent and ability to sell common stock through at-the-market offerings will be sufficient to enable us to meet our operating and capital requirements for at least 12 months from the date the condensed consolidated financial statements included in this Quarterly Report are issued and the foreseeable future.

Cash Flows 

The following table summarizes our sources and uses of cash for the periods indicated (in thousands):

Six Months Ended June 30,20252024Net cash used in operating activities$(103,455)$(51,988)Net cash used in investing activities(110,470)(62,313)Net cash provided by financing activities271,044 150,753 Net increase (decrease) in cash and cash equivalents$57,119 $