Bitmain Bitcoin Purchase Option
Company: Cipher Mining
What the later record shows
Outcome not yet confirmed
Later passages only restate the terms of the Bitmain bitcoin call options. None says whether either tranche was exercised or expired. The 10-K shows just 25 BTC of spot purchases in 2025, far below the 493 BTC per tranche.
“provide the Company with a call option to purchase 493 bitcoin for $ 60.1 million with an expiration of August 30, 2025”
2025-08-06 · Cipher Mining 10-Q filed 2025-08-07 View cached copy (2026-08-31)Live source ↗
Checked October 10, 2026 against filings, releases and reporting published after the claim was made. Quotes are verbatim from the linked documents.
The claim, verbatim
Company has option to purchase bitcoin from Bitmain in value equivalent to $108,192,217.75 at the original payment price of $120,213,575.28, exercisable in two tranches by August 30, 2025 and November 30, 2025
Source (primary)
Cipher Mining 424B5 filed 2025-05-22 (SEC EDGAR, sec_filing)
View cached copy (2026-08-31)Live source ↗
Quote: “The 2025 Amendment also provides the Company an option to purchase from Bitmain an amount of bitcoin in equivalent value as the Revised Payment Amount on the Revised Payment Date at the price of the Original Payment Amount (to be exercised in two tranches by August 30, 2025 and November 30, 2025)”
How we checked this
Checked on October 10, 2026. The cited source supports every part of this claim.
The document describes the bitcoin purchase option in the Bitmain amendment, including the reference amounts and the two tranche deadlines.
Confirmed in the source:
- The 2025 Amendment gives Cipher an option to buy from Bitmain bitcoin equal in value to the Revised Payment Amount of $108,192,217.75
- The purchase would be at the price of the Original Payment Amount of $120,213,575.28
- The option is to be exercised in two tranches by August 30, 2025 and November 30, 2025
What we did: Read our cached copy of SEC EDGAR (https://www.sec.gov/Archives/edgar/data/1819989/000119312525124285/d920705d424b5.htm) in full (435,499 characters, retrieved August 31, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms Cipher Mining 424B5 filed 2025-05-22
Quote: “The 2025 Amendment also provides the Company an option to purchase from Bitmain an amount of bitcoin in equivalent value as the Revised Payment Amount on the Revised Payment Date at the price of the Original Payment Amount (to be exercised in two tranches by August 30, 2025 and November 30, 2025)”