Mike Grondahl

Bill Papanastasiou

John Todaro

Brett Knoblauch

Gregory Lewis

Paul Golding

Chris Brendler

Christopher Brendler

Joseph Vafi

Justin Pan

Michael Colonnese

Reggie Smith

Reginald Smith

- Cipher Mining released its unaudited production and operations update for **September 2025**, reporting **1,251 BTC mined** and **158 BTC sold**.  **[1819989_91f880a3d08a4839b0cdc977b0199485_0]** 
- As of the end of September 2025, the company held **1,500 BTC** and achieved a month-end operating hashrate of **23.6 EH/s** with **114,000 deployed mining rigs**.  **[1819989_91f880a3d08a4839b0cdc977b0199485_0]** 
- The **Black Pearl Phase I** project reached full completion in September, and Cipher Mining is now focusing on the **HPC side of the business**.  **[1819989_91f880a3d08a4839b0cdc977b0199485_0]**

Cipher Mining Announces September 2025 Operational Update

- Cipher Mining Inc. (CIFR) issued **$1,300,000,000** aggregate principal amount of its **0.00% Convertible Senior Notes due 2031** on **September 30, 2025**.  **[1819989_0001193125-25-225645_d52925d8k.htm:2]** 
- These Notes are senior, unsecured obligations and rank equally with the Company's existing **$172,500,000** principal amount of convertible notes due in 2030.  **[1819989_0001193125-25-225645_d52925d8k.htm:2]** 
- The initial conversion rate is **62.3733 shares** of common stock per $1,000 principal amount, representing an initial conversion price of approximately **$16.03 per share**.  **[1819989_0001193125-25-225645_d52925d8k.htm:2]** 
- The Company may redeem the Notes on or after **October 5, 2028**, under specific conditions, and noteholders can require repurchase on **October 1, 2029**, unless the Company has issued a redemption notice for all outstanding Notes.  **[1819989_0001193125-25-225645_d52925d8k.htm:3]**

Cipher Mining Inc. Issues $1.3 Billion 0.00% Convertible Senior Notes

- Cipher Mining Inc. announced the pricing of an upsized private offering of **$1.1 billion** aggregate principal amount of **0.00% convertible senior notes due 2031**.  **[1819989_0001193125-25-218502_d936051dex991.htm:0]** **[1819989_0001193125-25-218502_d936051d8k.htm:1]** 
- The offering size was increased from a previously announced $800 million, and the issuance is scheduled to settle on **September 30, 2025**.  **[1819989_0001193125-25-218502_d936051dex991.htm:0]** 
- The initial conversion price is approximately **$16.03 per share**, representing a **37.5% premium** over the last reported sale price of **$11.66 per share** on September 25, 2025.  **[1819989_0001193125-25-218502_d936051dex991.htm:0]** 
- Cipher estimates net proceeds of approximately **$1.08 billion**, which will be used to fund capped call transactions, finance data center construction at the Barber Lake facility, accelerate its high-performance computing (HPC) strategy, and for general corporate purposes.  **[1819989_0001193125-25-218502_d936051dex991.htm:1]**

Cipher Mining Prices Upsized Private Offering of Convertible Senior Notes

- Cipher Mining Inc. announced its intention to offer **$800 million** aggregate principal amount of **0.00% convertible senior notes due 2031** in a private offering to qualified institutional buyers.  **[1819989_0001193125-25-216393_d939411dex991.htm:0]** **[1819989_0001193125-25-216393_d939411d8k.htm:1]** 
- The company expects to grant the initial purchasers an option to purchase up to an additional **$120 million** aggregate principal amount of notes.  **[1819989_0001193125-25-216393_d939411dex991.htm:0]** **[1819989_0001193125-25-216393_d939411d8k.htm:1]** 
- The notes will be senior, unsecured obligations, will not bear regular interest, and will mature on **October 1, 2031**.  **[1819989_0001193125-25-216393_d939411dex991.htm:0]** 
- Cipher intends to use the net proceeds to fund capped call transactions, finance data center construction at Barber Lake, accelerate its high-performance computing (HPC) strategy, expand its development sites pipeline, and for general corporate purposes.  **[1819989_0001193125-25-216393_d939411dex991.htm:1]**

Cipher Mining Announces Proposed Private Offering of Convertible Senior Notes

- **Cipher Mining Inc. (CIFR)** has entered into a **10-year high-performance computing (HPC) colocation agreement** with Fluidstack for **168 MW of critical IT load** at its Barber Lake site in Colorado City, Texas.  **[1819989_0000950103-25-012168_dp234624_ex9901.htm:0]** **[1819989_0000950103-25-012168_dp234624_8k.htm:1]** 
- This agreement is projected to secure approximately **$3 billion in contracted revenue** over the initial 10-year term, with potential for **$7 billion** if two five-year extension options are exercised.  **[1819989_0000950103-25-012168_dp234624_ex9901.htm:0]** 
- **Google LLC** will backstop **$1.4 billion of Fluidstack's lease obligations** and will receive warrants for an approximately **5.4% pro forma equity ownership stake** in Cipher Mining Inc..  **[1819989_0000950103-25-012168_dp234624_ex9901.htm:0]** **[1819989_0000950103-25-012168_dp234624_8k.htm:1]** 
- The facility is expected to be delivered by **September 2026**, with rent commencement anticipated in **October 2026**, and an expected Site Net Operating Income (NOI) Margin of **80%-85%**.  **[1819989_0000950103-25-012168_dp234624_ex9901.htm:0]** **[1819989_0000950103-25-012168_dp234624_8k.htm:1]** **[1819989_0000950103-25-012168_dp234624_ex9902.htm:4]**

Cipher Mining (CIFR)