Option to purchase bitcoin from Bitmain
Company: Cipher Mining
What the later record shows
Outcome not yet confirmed
The Q2 2025 10-Q confirms the 493-BTC call options were granted and carried as derivatives. No passage says whether they were exercised or expired, although 2025 bitcoin purchases totaled only 25 BTC.
“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 ↗
“The Bitmain Bitcoin Options are accounted for as derivatives and are classified in Prepaid expenses and other current assets”
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
Option to purchase bitcoin from Bitmain in equivalent value of $108,192,217.75 at original price, 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 states the amendment gives Cipher an option to buy bitcoin from Bitmain equal in value to the Revised Payment Amount at the Original Payment Amount price, in two tranches by August 30 and November 30, 2025.
Confirmed in the source:
- The amendment gives Cipher an option to purchase bitcoin from Bitmain
- The bitcoin amount equals the value of the $108,192,217.75 Revised Payment Amount
- The purchase price is set at the Original Payment Amount
- The option is exercisable 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/1819989/000119312525124290/d876435d424b5.htm) in full (211,062 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)”