Cipher Mining Inc. bonds CIFR
Who owns Cipher Mining Inc.'s debt and what their own filings say it is worth. Bond prices and yields are fund-reported marks (SEC Form N-PORT) as of Jul 2026; they lag the market by about two months. CIFR stock page.
Every bond funds hold
Each bond's latest fund-reported mark. Price per 100 of face value; yield to maturity from price, coupon and maturity; spread over the matched-maturity Treasury for US-dollar bonds.
| Bond | Coupon | Maturity | Ccy | Price | Yield | Spread | Funds | Held | As of |
|---|---|---|---|---|---|---|---|---|---|
| 17253JAA4 convertible | 1.75% fixed | 2030-05-15 | USD | — | — | — | 1 | $2.0M | Jul 2026 |
| 17253NAA5 | 7.125% fixed | 2030-11-15 | USD | 102.03 | 6.57% | 226 bp | 109 | $335.3M | Jul 2026 |
| 09216NAA8 | 6.125% fixed | 2031-02-15 | USD | 99.85 | 6.16% | 185 bp | 111 | $412.1M | Jul 2026 |
| 17253JAB2 convertible | 0% none | 2031-10-01 | USD | 165.20 | — | — | 19 | $188.2M | Jul 2026 |
Spread history
Median spread of the US-dollar bonds over Treasuries, month-ends with complete filings. Fund-reported.
Price history
Median fund-marked price across the bonds, per 100 of face value.
By month
Funds file on staggered quarter-ends, so each month-end is marked by the funds that reported for it; the amount held moves with which funds filed, not only with buying and selling.
| Month-end | Bonds | Held | Median price | USD yield | USD spread | Most funds on one bond |
|---|---|---|---|---|---|---|
| Aug 2026 partial: filings still arriving | 1 | $40K | 101.24 | 6.78% | 244 bp | 1 |
| Jul 2026 | 4 | $937.5M | 102.03 | 6.37% | 206 bp | 111 |
| Jun 2026 | 4 | $878.6M | 104.03 | 5.92% | 172 bp | 184 |
| May 2026 | 4 | $395.1M | 104.27 | 5.85% | 173 bp | 78 |
| Apr 2026 | 4 | $882.4M | 103.70 | 5.97% | 205 bp | 122 |
| Mar 2026 | 4 | $824.1M | 107.64 | 5.94% | 211 bp | 200 |
| Feb 2026 | 4 | $311.6M | 115.06 | 5.81% | 215 bp | 79 |
| Jan 2026 | 2 | $447.1M | 115.61 | 6.37% | 260 bp | 130 |
| Dec 2025 | 3 | $384.5M | 118.90 | 6.65% | 296 bp | 207 |
| Nov 2025 | 3 | $167.3M | 124.90 | 6.74% | 308 bp | 82 |
| Oct 2025 | 2 | $115.2M | 142.05 | — | — | 18 |
| Sep 2025 | 2 | $48.2M | 202.60 | — | — | 17 |
| Aug 2025 | 1 | $3.3M | 186.32 | — | — | 2 |
Who holds the debt
Fund series in their latest quarterly N-PORT report, largest first, with the change in face value against each fund's own previous report. Names as reported in the filings. 159 added, 149 cut, 31 new holders and 46 exits in the latest quarter.
| Fund series | Report | Face value | Value | Change in face value |
|---|---|---|---|---|
| VANGUARD HIGH-YIELD CORPORATE FUND VANGUARD FIXED INCOME SECURITIES FUNDS | 2026-07-31 | $99.4M | $99.8M | $8.5M |
| American High Income Trust | 2026-06-30 | $93.4M | $95.2M | $52.6M |
| iShares Broad USD High Yield Corporate Bond ETF iShares Trust | 2026-07-31 | $72.2M | $72.8M | $7.7M |
| LORD ABBETT BOND DEBENTURE FUND INC | 2026-06-30 | $64.9M | $66.9M | $0 |
| NYLIM MacKay High Yield Corporate Bond Fund NYLIM FUNDS | 2026-07-31 | $56.4M | $57.1M | $4.1M |
| PGIM Total Return Bond Fund Prudential Investment Portfolios, Inc. 17 | 2026-07-31 | $55.2M | $55.5M | $19.1M |
| iShares iBoxx $ High Yield Corporate Bond ETF iShares Trust | 2026-05-31 | $53.0M | $54.5M | $27.6M |
| American Funds Multi-Sector Income Fund | 2026-06-30 | $51.5M | $52.5M | $15.5M |
| PGIM High Yield Fund Prudential Investment Portfolios, Inc. 15 | 2026-05-29 | $46.7M | $48.0M | $23.9M |
| Lord Abbett Short Duration High Yield Fund LORD ABBETT TRUST I | 2026-07-31 | $46.4M | $47.4M | -$1.1M |
| iShares Convertible Bond ETF iShares Trust | 2026-07-31 | $27.4M | $45.4M | $4.9M |
| Janus Henderson Balanced Fund Janus Investment Fund | 2026-06-30 | $40.7M | $41.2M | $16.8M |
| Calamos Market Neutral Income Fund CALAMOS INVESTMENT TRUST/IL | 2026-07-31 | $22.9M | $37.9M | $0 |
| State Street(R) SPDR(R) Bloomberg Convertible Securities ETF SPDR SERIES TRUST | 2026-06-30 | $19.4M | $34.2M | $2.8M |
| NYLIM MacKay Short Duration High Income Fund NYLIM FUNDS TRUST | 2026-07-31 | $29.7M | $30.1M | $2.2M |
| State Street(R) SPDR(R) Portfolio High Yield Bond ETF SPDR SERIES TRUST | 2026-06-30 | $28.8M | $29.6M | $5.6M |
| iShares 0-5 Year High Yield Corporate Bond ETF iShares Trust | 2026-07-31 | $28.2M | $28.5M | $3.7M |
| State Street(R) SPDR(R) Bloomberg High Yield Bond ETF SPDR SERIES TRUST | 2026-06-30 | $27.5M | $28.3M | $3.9M |
| ABSOLUTE CONVERTIBLE ARBITRAGE FUND Unified Series Trust | 2026-06-30 | $8.0M | $25.6M | $0 |
| PGIM Short Duration High Yield Income Fund Prudential Investment Portfolios, Inc. 15 | 2026-05-29 | $24.8M | $25.5M | $17.0M |
| High Yield Fund Principal Funds, Inc | 2026-07-31 | $25.0M | $25.2M | -$16.2M |
| BlackRock High Yield Portfolio BlackRock Funds V | 2026-06-30 | $23.3M | $24.0M | -$62.0M |
| Janus Henderson Multi-Sector Income Fund Janus Investment Fund | 2026-06-30 | $23.6M | $24.0M | -$13.2M |
| Capital Income Builder | 2026-07-31 | $22.4M | $22.5M | -$1.9M |
| Goldman Sachs High Yield Fund GOLDMAN SACHS TRUST | 2026-06-30 | $21.9M | $22.2M | $2.2M |
Largest exits in the latest quarter (fund held the bonds in its previous report, none now): iShares High Yield Systematic Bond ETF ($12.3M), Janus Henderson High-Yield Fund ($9.9M), MFS Corporate Bond Fund ($7.1M), RBC BlueBay High Yield Bond Fund ($5.0M), Loomis Sayles Strategic Income Fund ($4.6M), Loomis Sayles Income Fund ($3.8M), T. Rowe Price U.S. High Yield ETF ($2.8M), T. Rowe Price U.S. High Yield Fund ($1.8M), JNL Multi-Manager Floating Rate Income Fund ($1.6M), iShares Systematic Bond ETF ($1.1M).
ETFs holding these bonds
From each ETF's own latest N-PORT report: the issuer's bonds as a share of the ETF's net assets. A holdings list, not a recommendation.
| ETF | Report | Bonds | Face value | Value | % of net assets |
|---|---|---|---|---|---|
| USHY iShares Broad USD High Yield Corporate Bond ETF | 2026-07-31 | 2 | $72.2M | $72.8M | 0.25% |
| HYG iShares iBoxx $ High Yield Corporate Bond ETF | 2026-05-31 | 2 | $53.0M | $54.5M | 0.34% |
| ICVT iShares Convertible Bond ETF | 2026-07-31 | 1 | $27.4M | $45.4M | 0.63% |
| CWB State Street(R) SPDR(R) Bloomberg Convertible Securities ETF | 2026-06-30 | 1 | $19.4M | $34.2M | 0.55% |
| SPHY State Street(R) SPDR(R) Portfolio High Yield Bond ETF | 2026-06-30 | 2 | $28.8M | $29.6M | 0.26% |
| SHYG iShares 0-5 Year High Yield Corporate Bond ETF | 2026-07-31 | 2 | $28.2M | $28.5M | 0.37% |
| JNK State Street(R) SPDR(R) Bloomberg High Yield Bond ETF | 2026-06-30 | 2 | $27.5M | $28.3M | 0.39% |
| SJNK State Street(R) SPDR Bloomberg Short Term High Yield Bond ETF | 2026-06-30 | 2 | $17.4M | $17.8M | 0.36% |
| JSI Janus Henderson Securitized Income ETF | 2026-07-31 | 1 | $12.9M | $12.9M | 0.86% |
| FLHY Franklin High Yield Corporate ETF | 2026-06-30 | 2 | $11.1M | $11.4M | 0.97% |
| HYLS First Trust Tactical High Yield ETF | 2026-07-31 | 2 | $11.0M | $11.1M | 0.69% |
| BHYB Xtrackers USD High Yield BB-B ex Financials ETF | 2026-05-31 | 2 | $7.4M | $7.6M | 0.32% |
| UCON First Trust Smith Unconstrained Bond ETF | 2026-05-31 | 1 | $7.3M | $7.4M | 0.23% |
| SCEC STERLING CAPITAL ENHANCED CORE BOND ETF | 2026-06-30 | 2 | $5.7M | $5.9M | 1.00% |
| FIXD First Trust Smith Opportunistic Fixed Income ETF | 2026-05-31 | 1 | $5.2M | $5.3M | 0.16% |
Default risk, three ways
Stock market: distance-to-default
Distance-to-default 0.83: safer than 6% of companies (6th percentile in Technology). Market-implied, prices to 2026-10-16, balance sheet 2026-06-30.
| Equity value | $3.73B |
| Debt barrier (short-term + ½ long-term debt) | $2.82B |
| Equity volatility (1 year) | 111.8% |
| Asset value / asset volatility (solved) | $6.27B / 70.9% |
| Risk-free rate (1-year Treasury) | 4.28% |
Bond market: priced-in odds
A 206 bp spread prices in about 3.4% a year of default odds (spread ÷ (1 − 40% recovery)). Fund-reported marks as of Jul 2026; the spread also pays for liquidity and risk premium, so this overstates actual defaults.
Accounts: Altman Z
Altman Z'' = 1.03 (latest balance sheet). A fundamentals cross-check; see methods for the variant used.
The stock side: 13F filings
What institutions report holding in CIFR's stock and options. Options are reported at the value of the underlying shares, not the premium paid; 13F lists long positions only, lags 45 days after quarter-end, and does not show whether puts hedge a stock position.
| Quarter-end | Stock holders | Stock value | Put managers | Puts (underlying value) | Call managers | Calls (underlying value) | Convertible holders |
|---|---|---|---|---|---|---|---|
| 2026-09-30 filings still arriving | 37 | $79.9M | 0 | — | 3 | $40.8M | 0 |
| 2026-06-30 | 457 | $8.84B | 34 | $832.5M | 47 | $2.73B | 16 |
| 2026-03-31 | 358 | $3.35B | 32 | $449.6M | 38 | $1.37B | 16 |
| 2025-12-31 | 349 | $4.34B | 29 | $488.7M | 39 | $1.67B | 23 |
| 2025-09-30 | 300 | $3.56B | 26 | $329.9M | 40 | $767.5M | 20 |
| 2025-06-30 | 221 | $1.35B | 15 | $42.8M | 14 | $26.6M | 21 |
Sources: fund holdings and fund-reported marks from SEC Form N-PORT (published about 60 days after each month-end); 13F filings; House and Senate periodic transaction reports and OGE Form 278-T; Treasury yields from FRED. Findings from filings, not advice. How each number is computed.