Cipher Mining redeems warrants as stock as 6% in Wednesday morning hours

Core Viewpoint - Cipher, a Bitcoin miner, announced the redemption of all outstanding warrants at a price of $0.01 per warrant, triggered by its share price performance [1][2]. Group 1: Redemption Details - Cipher will redeem all unexercised warrants at 5:00 p.m. New York time on December 26, with the redemption triggered after shares closed at or above $18.00 for 20 trading days within a 30-day period ending November 21 [2]. - Holders can exercise warrants until the December deadline at an exercise price of $11.50 per share, with a cashless exercise option yielding 0.2687 shares of common stock per exercised warrant [4]. Group 2: Financial Performance and Contracts - Cipher's share price has been increasing, supported by contracts with major firms like Google, AWS, and Fluidstack, with a reported 6% rise on Wednesday morning [3]. - The recent extension of Cipher's contract with Fluidstack adds 56 megawatts of critical IT load over a 10-year term, contributing approximately $830 million in contracted revenue, bringing total contracted revenue with Fluidstack to about $3.8 billion [5]. - Google expanded its backstop of Fluidstack's obligations by $333 million, totaling approximately $1.73 billion, providing credit support for Fluidstack's payment obligations during construction [6]. Group 3: Proposed Financing - Cipher proposed issuing $333 million in secured notes due 2030 at an interest rate of 7.125%, backed by revenue from the Barber Lake project and secured by site-level cash flows tied to Fluidstack's obligations [7].