---
schema_version: "secwatch.filing_event.v1"
accession: "0000950103-26-004609"
form_type: "8-K"
ticker: "CIFR"
cik: "0001819989"
company_name: "Cipher Digital Inc."
filed_at: "2026-03-25T23:59:59+00:00"
generated_at: "2026-05-15T09:03:07.807707+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# Cipher Digital secures $200M revolving credit facility with Morgan Stanley-led syndicate

## Summary
- $200M revolving facility ($50M LC sublimit) maturing March 2027; initially capped at $50M.
- Interest: SOFR +1.25-1.75% or base rate +0.25-0.75%; initial margin set at highest (1.75%/0.75%) until Q3 2026.
- Covenants: minimum liquidity $100M-$200M scaling with Barber Lake/Black Pearl facility cash flows; minimum market cap $3B.
- Proceeds for working capital and general corporate; no amounts drawn at closing.
- Guaranteed by restricted subsidiaries and secured by first-priority lien on substantially all assets.

## SEC filing metadata
- accession: 0000950103-26-004609
- form_type: 8-K
- ticker: CIFR
- cik: 0001819989
- company_name: Cipher Digital Inc.
- filed_at: 2026-03-25T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1819989/000095010326004609/0000950103-26-004609-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1819989/000095010326004609/dp244113_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950103-26-004609
- JSON: https://secwatch.observer/filing/0000950103-26-004609.json
- Plain text: https://secwatch.observer/filing/0000950103-26-004609.txt

## Source-grounded claims
- claim_id: b8647dc875ef7dbe24254f066103ed3b6a8ecbe4
  claim: Cipher Digital Inc. incurred revolving credit of $200,000,000 revolving credit facility with Morgan Stanley Senior Funding, Inc. at Adjusted Term SOFR plus an applicable margin ranging from 1.250% to 1.750%, or a maturing fourth anniversary of the Closing Date.
  evidence_excerpt: The Credit Agreement provides for a $200,000,000 revolving credit facility (the “Revolving Credit Facility”), including a $50,000,000 letter of credit sublimit.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1819989/000095010326004609/0000950103-26-004609-index.htm
- claim_id: 631bdaf8934903cb4e80461c6e25c23f425e1cf9
  claim: Cipher Digital Inc. entered into Credit Agreement with Morgan Stanley Senior Funding, Inc., Banco Santander, S.A., New York Branch, Goldman Sachs Lending Partners LLC, JPMorgan Chase Bank, N.A., Sumitomo Mitsui Banking Corporation and Wells Fargo Securities, LLC valued at $200,000,000 (effective 2026-03-23).
  evidence_excerpt: On March 23, 2026 (the “Closing Date”), Cipher Digital Inc. (the “Company”) entered into a Credit Agreement (the “Credit Agreement”) as borrower, the lenders and issuing banks party thereto (the “Lenders”), and Morgan Stanley Senior Funding, Inc., as administrative agent
  evidence_url: https://www.sec.gov/Archives/edgar/data/1819989/000095010326004609/0000950103-26-004609-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.