Company: CIFRW
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001819989-25-000081
Chunk: 154

Company: Cipher Mining Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part II, Item 2
Chunk 154
---
 established the “Term Loan Facility” with a limit of $35.0 million and maximum period of one year, with an interest rate to be determined upon drawdown.

23

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

As of June 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. The Company had no balance outstanding on the Term Loan Facility as of June 30, 2025 or December 31, 2024.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. As of June 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 costs:June 30, 2025Maturity DateInterest RateOutstanding PrincipalDeferred Debt Issuance CostsOutstanding Borrowings, netLong-term borrowings:2030 Convertible NotesMay 20301.75%$172,500 $5,387 $167,113 $172,500 $5,387 $167,113 December 31, 2024Maturity DateInterest RateOutstanding PrincipalDeferred Debt Issuance CostsOutstanding Borrowings, netLong-term borrowings:$— $— $— 2030 Convertible NotesOn May 22, 2025, the Company issued $172.5 million principal amount of the 2030 Convertible Notes with an interest rate of 1.75% (the “2030 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. The 2030 Notes will mature on May 15,