Other DebtActive
6.125% Senior Secured Notes due 2031
CIFR-BP31
$17.89▲ 4.99%
BTC Holdings
1,433 BTC
Total Debt
$5.21B
Leverage
3978.8%
mNAV
63.12x
Outstanding
$2.00B
Insufficient history
Issue date
2026-02-11
Principal
$2.00B
Coupon
6.13%
Maturity
2031-02-15
Conversion price
—
- Issued by subsidiary Black Pearl Compute LLC
Terms & Documentation
Terms
- BTC strategy
- No
- Ranking
- Senior secured
- Payment frequency
- Semi-annual
- Payment dates
- Feb 15, Aug 15
- Rate type
- Fixed
- Collateral
- Black Pearl facility assets
- Covenants
- Incurrence-based (no maintenance ratios). Additional debt capped at 50% of trailing 4Q NOI post-construction. Restricted payments capped at 30% of trailing 4Q NOI post-construction. DSRA required ($130M minimum post-construction). SPE covenants restricting operations to Black Pearl Facility.
- Prepayment
- Prior to Feb 15, 2028: make-whole or up to 40% at 106.125% from equity proceeds. On/after Feb 15, 2028: 103.063%. 2029: 101.531%. 2030+: par. Change of control: 101%.
Outstanding History
Outstanding history(1)
| As of | Event | Outstanding |
|---|---|---|
| 2026-02-11 | Issuance | $2.00B |
- 2026-02-11 — $2,000,000,000Item 1.01