Bitmain bitcoin purchase option
Company: Cipher Mining
What the later record shows
Outcome not yet confirmed
P15 confirms the two Bitmain call options (493 BTC each, expiring Aug 30 and Nov 30, 2025) were granted. No passage says whether either was exercised. The FY2025 bitcoin roll-forward in P32 shows only 25 BTC of spot purchases, which suggests but does not state non-exercise.
“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 ↗
“Spot bitcoin purchases 25 2,430 Realized gains on sale of bitcoin”
2026-02-23 · Cipher Mining 10-K filed 2026-02-24 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
Option to purchase from Bitmain bitcoin in value equivalent to $108,192,217.75, exercisable in two tranches by August 30, 2025 and November 30, 2025
Source (primary)
Cipher Mining 424B5 filed 2025-05-23 (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 a bitcoin purchase option from Bitmain equal in value to the $108,192,217.75 Revised Payment Amount, exercisable in two tranches by August 30 and November 30, 2025.
Confirmed in the source:
- The 2025 Amendment gives Cipher an option to purchase bitcoin from Bitmain
- The bitcoin amount is equal in value to the Revised Payment Amount of $108,192,217.75
- The option is to be exercised in two tranches, by August 30, 2025 and by November 30, 2025
What we did: Read our cached copy of SEC EDGAR (https://www.sec.gov/Archives/edgar/data/1819989/000119312525125868/d876435d424b5.htm) in full (210,464 characters, retrieved August 31, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms Cipher Mining 424B5 filed 2025-05-23
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)”