Bitcoin Mining Company Issues $2 Billion Senior Secured Bonds for AI Data Center Completion

Cipher Mining Inc. (NASDAQ: CIFR), a U.S. Bitcoin-mining and data-center operator, is pursuing a private placement of approximately $2.0 billion (around KRW 2.7 trillion) in senior secured notes due 2031 to finance the completion of its high-performance computing data center “Black Pearl” in Wink, Texas, among other uses. The offering will be made exclusively to institutional investors under U.S. Rule 144A and Regulation S by its subsidiary, Black Pearl Compute. Net proceeds are expected to fund data-center construction, repay roughly $232.5 million (about KRW 310 billion) of existing equity contributions, establish debt-service reserves, and cover other project costs. The notes will be secured by a first-priority lien on project assets and equity, guaranteed by the subsidiary, and backed by a completion guarantee from parent company Cipher Mining. The company cautioned that timing, terms, and the ultimate success of the offering will depend on market conditions.

Cipher Mining has also stepped up its external communications. On January 8, it announced plans to participate in the Needham Growth Conference and the Morgan Stanley TMT Conference to present its growth strategy for Bitcoin mining, AI, and HPC data centers. Earlier, on January 6, the company bolstered its energy policy and HPC expansion capabilities by hiring Lee Brasher, founder of the Texas Blockchain Council, as Head of Policy and Government Affairs, and Drew Armstrong, a seasoned digital-infrastructure executive, as Head of Strategic Initiatives.

Listed on Nasdaq, Cipher Mining combines large-scale power infrastructure for Bitcoin mining with AI and HPC hosting services. As industry players increasingly leverage their existing power, land, and infrastructure to launch or expand AI data centers, Cipher Mining has secured its position in the AI/HPC infrastructure market through multi-billion-dollar, long-term leases with Amazon Web Services and an HPC hosting agreement supported by Google.