As of Q4'25, CIFR reported Cash & Short-term Investments of USD 628.3M and Debt of USD 55.4M. This marks a substantial increase in cash reserves compared to previous quarters, while debt levels have decreased significantly from the recent peak. Over the period from Q1'23 to Q4'25, CIFR’s cash position exhibited considerable volatility, with a sharp rise beginning in Q3'25, peaking at USD 1.21B, before settling at USD 628.3M in Q4'25. Debt remained relatively stable until Q2'25, after which it spiked to USD 1.04B in Q3'25, then dropped sharply by Q4'25. The overall trend highlights a period of aggressive capital accumulation and debt financing in mid-2025, followed by rapid deleveraging and normalization of both cash and debt balances by year-end.