Other DebtActive
7.125% Senior Secured Notes due 2030
CIFR-BL30
$17.89▲ 4.99%
BTC Holdings
1,433 BTC
Total Debt
$5.21B
Leverage
3978.8%
mNAV
63.12x
Outstanding
$1.73B
Issue date
2025-11-13
Principal
$1.73B
Coupon
7.13%
Maturity
2030-11-15
Conversion price
—
- Issued by subsidiary Cipher Compute LLC
- $1.4B initial tranche (Nov 13) + $333M additional (Nov 24)
- Amortizing principal: $37.8M (2026), $152.3M (2027), $156.9M (2028), $161.6M (2029), $1,224.4M (2030)
Terms & Documentation
Terms
- BTC strategy
- No
- Ranking
- Senior secured
- Payment frequency
- Semi-annual
- Payment dates
- May 15, Nov 15
- Rate type
- Fixed
- Collateral
- Barber Lake facility assets and Cipher Barber Lake LLC equity
- Covenants
- Incurrence-based (no maintenance ratios). Additional debt capped at 50% of trailing 4Q NOI post-construction. DSRA required ($110M minimum post-construction). 50% excess cash flow sweep at par. SPE covenants restricting operations to Barber Lake Facility.
- Prepayment
- Prior to Nov 15, 2027: make-whole (T+50bps) or up to 40% at 107.125% from equity proceeds. On/after Nov 15, 2027: 103.563%. 2028: 101.781%. 2029+: par. Change of control: 101%.
Outstanding History
Outstanding history(2)
| As of | Event | Outstanding |
|---|---|---|
| 2025-11-24 | Issuance | $1.73B Additional $333M tranche |
| 2025-11-13 | Issuance | $1.40B |
- 2025-11-24 — $1,733,000,000Item 1.01
- 2025-11-13 — $1,400,000,000Item 1.01