Use of convertible notes proceeds
Company: Cipher Mining - Project: Black Pearl Facility
The claim, verbatim
Net proceeds to complete Phase 1 of Black Pearl data center including purchasing mining rigs, tariffs, shipping, and infrastructure capital expenditures
Source (primary)
Cipher Mining 424B5 filed 2025-05-22 (SEC EDGAR, sec_filing)
View cached copy (2026-08-31)Live source ↗
Quote: “We expect to use the net proceeds of the Concurrent Notes Offering to complete Phase 1 of the Black Pearl data center project ("Phase 1"), including: (i) purchasing at a discount the remaining balance of mining rigs required for Phase 1; (ii) paying expected tariffs and shipping costs for the mining rigs to be used for Phase 1; and (iii) paying other infrastructure-related capital expenditures in connection with Phase 1”
How we checked this
Additional evidence
confirms Cipher Mining 424B5 filed 2025-05-22
Quote: “We expect to use the net proceeds of the Concurrent Notes Offering to complete Phase 1 of the Black Pearl data center project ("Phase 1"), including: (i) purchasing at a discount the remaining balance of mining rigs required for Phase 1; (ii) paying expected tariffs and shipping costs for the mining rigs to be used for Phase 1; and (iii) paying other infrastructure-related capital expenditures in connection with Phase 1”