Bitcoin Mining and HPC Data Center Company Secures $200 Million Revolving Credit Facility

Cipher Digital Inc. (NASDAQ: CIFR) on March 23 entered into a new credit agreement with a syndicate of global banks—led by Morgan Stanley Senior Funding as administrative and collateral agent and bookrunner, and including Santander, Goldman Sachs, JPMorgan, SMBC and Wells Fargo. Under the agreement, the company secured a $200 million (approximately KRW 270 billion) revolving credit facility for working capital and general corporate purposes, a portion of which will be reserved for letters of credit. The facility is secured by specified assets of the borrower and its subsidiaries and contains customary representations and warranties, negative and financial covenants, default provisions, and options for limit increases, maturity extensions and refinancing.

On February 20, the board of directors approved rebranding from Cipher Mining to Cipher Digital and officially adopted a strategic pivot from Bitcoin mining to developing high-performance computing (HPC) data centers. In 2025, amid this large-scale transition, the company reported a net loss of roughly $800 million (around KRW 1 trillion) and incurred over $3 billion (about KRW 4 trillion) in new borrowings, marking a significant shift in its financial structure.

Cipher Digital is a U.S.-based developer and operator of industrial data centers for Bitcoin mining and HPC hosting, listed on Nasdaq under the ticker CIFR. To reduce reliance on cryptocurrency price cycles, North American Bitcoin miners are increasingly diversifying into HPC and digital infrastructure targeting AI and cloud demand. Given the substantial capital expenditures required, these companies are funding growth through bank credit facilities like this one, alongside corporate bonds and convertible debt.