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    Cipher Digital (CIFR)

    Market Price (7/23/2026): $24.575 | Market Cap: $10.0 BilSector: Information Technology | Industry: IT Consulting & Other Services

    Cipher Digital (CIFR)

    Market Price (7/23/2026): $24.575
    Market Cap: $10.0 Bil
    Sector: Information Technology
    Industry: IT Consulting & Other Services

    Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

    0

    Strong revenue growth
    Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 38%

    Megatrend and thematic drivers
    Megatrends include Crypto & Blockchain, and Datacenter Power. Themes include Cryptocurrency Mining, and Power Grid.

    Meaningful short interest
    Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 13%

    Not profitable at operating income level
    Op Inc LTMOperating Income, Last Twelve Months is -370 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -176%

    Expensive valuation multiples
    P/SPrice/Sales ratio is 44x

    Stock price has recently run up significantly
    12M Rtn12 month market price return is 266%

    Weak revenue growth
    Rev Chg QQuarterly Revenue Change % is -29%

    Significant share based compensation
    SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 34%

    Not cash flow generative
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -33%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -485%

    Valuation getting more expensive
    P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 94%

    Yield minus risk free rate is negative
    ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -14%

    High stock price volatility
    Vol 12M is 111%

    Key risks
    CIFR key risks include [1] escalating net losses that raise significant questions about the long-term profitability and sustainability of its business model and [2] a heavy operational concentration in Texas, Show more.

    0 Strong revenue growth
    Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 38%
    1 Megatrend and thematic drivers
    Megatrends include Crypto & Blockchain, and Datacenter Power. Themes include Cryptocurrency Mining, and Power Grid.
    2 Meaningful short interest
    Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 13%
    3 Not profitable at operating income level
    Op Inc LTMOperating Income, Last Twelve Months is -370 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -176%
    4 Expensive valuation multiples
    P/SPrice/Sales ratio is 44x
    5 Stock price has recently run up significantly
    12M Rtn12 month market price return is 266%
    6 Weak revenue growth
    Rev Chg QQuarterly Revenue Change % is -29%
    7 Significant share based compensation
    SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 34%
    8 Not cash flow generative
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -33%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -485%
    9 Valuation getting more expensive
    P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 94%
    10 Yield minus risk free rate is negative
    ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -14%
    11 High stock price volatility
    Vol 12M is 111%
    12 Key risks
    CIFR key risks include [1] escalating net losses that raise significant questions about the long-term profitability and sustainability of its business model and [2] a heavy operational concentration in Texas, Show more.

    CIFR in ETFs

    Weight = CIFR's share of each fund

    VTI0.01%
    ITOT0.01%
    IWM0.21%
    VB0.11%
    IWO0.38%
    VBK0.26%
    VTWO0.25%
    IGV0.20%
    +8 more covered ETFs

    Valuation & Metrics

    FYE: 12/31CIFR [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$209.8 Mil—
    FY 2026 Sales$225.0 Mil—
    FY 2027 Sales$803.3 Mil—
    FY 2026 Sales Growth7.2%—
    FY 2027 Sales Growth257.1%8.1%
    EARNINGS
    LTM Net Income (GAAP) [3]$-897.6 Mil—
    FY 2026 Net Income (Non-GAAP)$-350.7 Mil—
    FY 2027 Net Income (Non-GAAP)$-63.3 Mil—
    FY 2027 Net Income Growth—16.1%
    FY 2026 EPS (Non-GAAP)$-0.91—
    FY 2027 EPS (Non-GAAP)$-0.16—
    FY 2027 EPS Growth——
    VALUATION
    FY 2026 P/S44.33.3
    FY 2027 P/S12.4—
    FY 2026 P/E—19.8
    FY 2027 P/E——

    [1] CIFR forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
    [2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 7/31/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
    [3] LTM = reported trailing-twelve-month actuals (GAAP).
    CIFRS&P 500
    REVENUE GROWTH 
    Rev LTM ($ Bil)0.2
    Rev Chg Q-28.8%8.9%
    Rev Chg LTM38.0%7.5%
    Rev Chg 3Y Avg183.8%5.9%
    PROFITABILITYVERY POOR
    Op Inc LTM ($ Bil)-0.4
    CFO LTM ($ Bil)-0.1
    Net Inc LTM ($ Bil)-0.9
    Op Mgn LTM-176.1%18.4%
    CFO/Rev LTM-33.0%21.4%
    Net Inc Mgn-427.8%13.0%
    VALUATIONVERY HIGH
    P/S47.43.3
    P/CFO-143.915.2
    P/FCF-9.820.0
    P/E-11.124.3
    STABILITYGOOD
    Debt/Equity0.480.20
    Cash/Assets0.110.07

    AI Analysis | Feedback

    MetricValueDateSource
    Month-end Operating Hashrate23.6 EH/s9302025Link
    Deployed Mining Rigs1140009302025Link
    Fleet Efficiency16.8 J/TH9302025Link
    Bitcoin Holdings1,500 BTC9302025Link
    Total AI Hosting Contracts Value$8.5 billion11032025Link
    Energized Capacity777 MW10302025Link
    AI/HPC Percentage of Operating and Contracted Gross Capacity67%11032025Link
    Development Pipeline Capacity3.2 GW11052025Link

    Price Chart

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    No Events

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 7/22/2026

    Cipher Digital (CIFR) stock has gained about 90% since 3/31/2026 because of the following key factors:

    1. Cipher Digital's strategic pivot to high-performance computing (HPC) data centers and AI infrastructure has significantly boosted investor confidence. The company rebranded from Cipher Mining to Cipher Digital to reflect its full transition from primarily bitcoin mining to developing and operating industrial-scale data centers for next-generation computing, specifically targeting AI and HPC tenants. This shift is perceived as moving towards more stable, long-duration cash flows through long-term leases with hyperscale customers, a key driver in the stock's appreciation.

    2. Significant progress in securing major HPC lease agreements and advancing its data center development pipeline has underscored the company's new strategy. In fiscal Q1 2026, which ended on March 31, 2026, Cipher Digital announced it secured its third data center campus lease with an investment-grade hyperscale tenant. The company is actively developing approximately 700 megawatts (MW) across three HPC sites and maintains a substantial portfolio with a 3.3 gigawatts (GW) pipeline for future HPC tenants. Development work at its Barber Lake and Black Pearl campuses remains on schedule, with the Barber Lake data center building topped out in April 2026.

    Show more
    Updated on 7/22/2026

    Cipher Digital (CIFR) stock has gained about 90% since 3/31/2026 because of the following key factors:

    1. Cipher Digital's strategic pivot to high-performance computing (HPC) data centers and AI infrastructure has significantly boosted investor confidence. The company rebranded from Cipher Mining to Cipher Digital to reflect its full transition from primarily bitcoin mining to developing and operating industrial-scale data centers for next-generation computing, specifically targeting AI and HPC tenants. This shift is perceived as moving towards more stable, long-duration cash flows through long-term leases with hyperscale customers, a key driver in the stock's appreciation.

    2. Significant progress in securing major HPC lease agreements and advancing its data center development pipeline has underscored the company's new strategy. In fiscal Q1 2026, which ended on March 31, 2026, Cipher Digital announced it secured its third data center campus lease with an investment-grade hyperscale tenant. The company is actively developing approximately 700 megawatts (MW) across three HPC sites and maintains a substantial portfolio with a 3.3 gigawatts (GW) pipeline for future HPC tenants. Development work at its Barber Lake and Black Pearl campuses remains on schedule, with the Barber Lake data center building topped out in April 2026.

    3. Successful capital raises provided crucial funding for the company's ambitious HPC expansion plans. Cipher Digital secured a $200 million revolving credit facility from a syndicate of global financial institutions during fiscal Q1 2026, strengthening its financial flexibility. Furthermore, in June 2026, the company announced the pricing of $810 million in Senior Secured Notes, including a Stingray Facility financing linked to Amazon Web Services, which helps fund its substantial investments in new high-performance compute data centers.

    4. Favorable market sentiment and strong analyst support, driven by booming demand for AI infrastructure, have further fueled the stock's rally. Cipher Digital's stock has benefited from the broader positive sentiment in the technology sector for HPC and data center operations, which are essential for artificial intelligence and data analytics. Wall Street analysts maintain a "Strong Buy" consensus rating for CIFR, with an average price target of $32.63 in the past three months. Notably, some analysts, such as BTIG, raised their price target to $35 and reiterated a Buy rating, citing the increasing demand for AI data centers. The company's stock experienced a 23.5% gain the day following its fiscal Q1 2026 earnings announcement on May 5, 2026, despite reporting a net loss, indicating that investors are valuing the company based on its future potential in the AI/HPC sector.

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    Stock Movement Drivers

    Fundamental Drivers

    The 90.1% change in CIFR stock from 3/31/2026 to 7/22/2026 was primarily driven by a 106.8% change in the company's P/S Multiple.
    (LTM values as of)33120267222026Change
    Stock Price ($)12.8724.4690.1%
    Change Contribution By: 
    Total Revenues ($ Mil)224210-6.3%
    P/S Multiple22.847.2106.8%
    Shares Outstanding (Mil)397405-1.9%
    Cumulative Contribution90.1%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    3/31/2026 to 7/22/2026
    ReturnCorrelation
    CIFR90.1% 
    Market (SPY)14.9%50.9%
    Sector (XLK)35.6%56.1%

    Fundamental Drivers

    The 65.7% change in CIFR stock from 12/31/2025 to 7/22/2026 was primarily driven by a 68.0% change in the company's P/S Multiple.
    (LTM values as of)123120257222026Change
    Stock Price ($)14.7624.4665.7%
    Change Contribution By: 
    Total Revenues ($ Mil)2062101.6%
    P/S Multiple28.147.268.0%
    Shares Outstanding (Mil)393405-2.9%
    Cumulative Contribution65.7%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    12/31/2025 to 7/22/2026
    ReturnCorrelation
    CIFR65.7% 
    Market (SPY)9.9%52.1%
    Sector (XLK)25.4%57.9%

    Fundamental Drivers

    The 411.7% change in CIFR stock from 6/30/2025 to 7/22/2026 was primarily driven by a 316.8% change in the company's P/S Multiple.
    (LTM values as of)63020257222026Change
    Stock Price ($)4.7824.46411.7%
    Change Contribution By: 
    Total Revenues ($ Mil)15221038.0%
    P/S Multiple11.347.2316.8%
    Shares Outstanding (Mil)361405-11.0%
    Cumulative Contribution411.7%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    6/30/2025 to 7/22/2026
    ReturnCorrelation
    CIFR411.7% 
    Market (SPY)22.0%45.4%
    Sector (XLK)43.0%48.4%

    Fundamental Drivers

    The 755.2% change in CIFR stock from 6/30/2023 to 7/22/2026 was primarily driven by a 741.6% change in the company's Total Revenues ($ Mil).
    (LTM values as of)63020237222026Change
    Stock Price ($)2.8624.46755.2%
    Change Contribution By: 
    Total Revenues ($ Mil)25210741.6%
    P/S Multiple28.547.265.6%
    Shares Outstanding (Mil)249405-38.6%
    Cumulative Contribution755.2%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    6/30/2023 to 7/22/2026
    ReturnCorrelation
    CIFR755.2% 
    Market (SPY)74.6%43.1%
    Sector (XLK)111.3%41.3%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    CIFR Return-53%-88%637%12%218%55%130%
    Peers Return2971%-51%172%69%44%42%14121%
    S&P 500 Return27%-19%24%23%16%10%100%

    Monthly Win Rates [3]
    CIFR Win Rate50%33%67%50%75%57% 
    Peers Win Rate69%38%65%55%52%54% 
    S&P 500 Win Rate75%42%67%75%67%57% 

    Max Drawdowns [4]
    CIFR Max Drawdown-69%-91%-56%-60%-65%-40% 
    Peers Max Drawdown-43%-64%-40%-43%-46%-29% 
    S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

    [1] Cumulative total returns since the beginning of 2021
    [2] Peers: APLD, CORZ, RIOT, DLR, EQIX.
    [3] Win Rate = % of calendar months in which monthly returns were positive
    [4] Max drawdown represents maximum peak-to-trough decline within a year
    [5] 2026 data is for the year up to 7/22/2026 (YTD)

    How Low Can It Go

    EventCIFRS&P 500
    2025 US Tariff Shock
      % Loss-65.1%-18.8%
      % Gain to Breakeven186.7%23.1%
      Time to Breakeven95 days79 days
    2024 Yen Carry Trade Unwind
      % Loss-17.6%-7.8%
      % Gain to Breakeven21.4%8.5%
      Time to Breakeven63 days18 days
    Summer-Fall 2023 Five Percent Yield Shock
      % Loss-41.2%-9.5%
      % Gain to Breakeven70.2%10.5%
      Time to Breakeven37 days24 days
    2022 Inflation Shock & Fed Tightening
      % Loss-82.6%-24.5%
      % Gain to Breakeven473.5%32.4%
      Time to Breakeven265 days427 days

    Compare to APLD, CORZ, RIOT, DLR, EQIX

    In The Past

    Cipher Digital's stock fell -65.1% during the 2025 US Tariff Shock. Such a loss loss requires a 186.7% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    EventCIFRS&P 500
    2025 US Tariff Shock
      % Loss-65.1%-18.8%
      % Gain to Breakeven186.7%23.1%
      Time to Breakeven95 days79 days
    Summer-Fall 2023 Five Percent Yield Shock
      % Loss-41.2%-9.5%
      % Gain to Breakeven70.2%10.5%
      Time to Breakeven37 days24 days
    2022 Inflation Shock & Fed Tightening
      % Loss-82.6%-24.5%
      % Gain to Breakeven473.5%32.4%
      Time to Breakeven265 days427 days

    Compare to APLD, CORZ, RIOT, DLR, EQIX

    In The Past

    Cipher Digital's stock fell -65.1% during the 2025 US Tariff Shock. Such a loss loss requires a 186.7% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    About Cipher Digital (CIFR)

    Cipher Mining Inc., trading under the symbol CIFR, is a technology company squarely focused on the burgeoning cryptocurrency sector. Based in New York, the company's core business revolves around operating within the bitcoin mining ecosystem, specializing in the complex process of generating new bitcoins.

    The company's primary activity involves deploying and managing advanced computing infrastructure to perform "bitcoin mining." This entails solving sophisticated cryptographic puzzles to validate transactions and secure the bitcoin blockchain network. As a reward for these intensive computational efforts, Cipher Mining earns newly minted bitcoins, which constitute its primary output or "product." The company is actively engaged in developing and expanding its capacity within this specialized digital asset production industry.

    While Cipher Mining doesn't serve traditional end-user customers with a direct service, its operations are crucial for the integrity and functioning of the global bitcoin network. Its main market is the broader cryptocurrency and digital asset space, where its mined bitcoins contribute to the overall supply. Investors seeking exposure to bitcoin production and the underlying infrastructure of the digital currency economy represent its primary investor base.

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    Barrick Gold, but for digital currency.

    Equinix, but their data centers house only bitcoin mining rigs.

    AI Analysis | Feedback

    • Bitcoin Mining: The company operates large-scale data centers with specialized computer hardware to validate transactions and create new blocks on the Bitcoin blockchain, earning newly minted bitcoins as a reward.

    AI Analysis | Feedback

    Cipher Digital (CIFR) operates as a bitcoin mining company. Its business model involves generating revenue primarily from block rewards and transaction fees received from the Bitcoin network for validating transactions and mining new blocks. The bitcoins it mines are then typically sold on open cryptocurrency exchanges or held as an asset.

    Due to the nature of its operations as a bitcoin mining company, Cipher Digital does not have major customers in the traditional sense (e.g., other companies purchasing its services or specific categories of individual consumers buying its products directly). Its output, bitcoin, is a commodity that is sold into a global, liquid market.

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    • Bitmain Technologies Ltd. (private company)

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    Tyler Page, Chief Executive Officer

    Tyler Page has served as Cipher Mining's Chief Executive Officer and a member of its Board since August 2021. He is also recognized as the founder and CEO of Cipher Mining. Page has over 20 years of experience in fintech and financial services. Prior to joining Cipher, he was Head of Business Development for digital asset infrastructure at Bitfury Holding from 2020 to 2021. He was also a Day 1 employee and a member of the management committee at New York Digital Investment Group (NYDIG) from 2017 to 2019, and previously served as Head of Institutional Sales at Stone Ridge Asset Management LLC from 2016 to 2019. His career began as an attorney at Davis Polk & Wardwell LLP, followed by roles in finance at Lehman Brothers and Goldman Sachs. His involvement with Cipher Mining, which was formed through a merger with a Special Purpose Acquisition Company (SPAC) and leverages Bitfury's expertise, indicates a pattern of managing companies that attract strategic institutional and private capital.

    Gregory Mumford, Chief Financial Officer

    Gregory Mumford was appointed Chief Financial Officer of Cipher Mining Inc., effective October 14, 2025. He brings over a decade of experience in financial services, credit, and capital markets. Before joining Cipher, Mumford was a senior banker in the Digital Assets & Infrastructure Investment Banking group at Keefe, Bruyette & Woods (KBW) from December 2019 through September 2025, where he advised on mergers and acquisitions and capital markets transactions focused on digital infrastructure and industrials. His appointment and background signal a strong focus on corporate finance and capital markets execution. Under his leadership, Cipher Mining has secured significant institutional investments, including a $50 million PIPE investment from SoftBank and $1.1 billion in convertible financing from Google. He also held various roles in the commercial and corporate banking group at one of Canada's largest banks.

    Patrick Kelly, Co-President & Chief Operating Officer

    Patrick Kelly is the Co-President and Chief Operating Officer of Cipher Mining, having joined the company as COO in March 2021. Prior to Cipher, Kelly co-founded Stone Ridge Asset Management in 2012, where he served as Chief Operating Officer, overseeing operations, technology, and accounting, and was the Treasurer and Principal Financial Officer for the Stone Ridge Trusts. He was also a member of Atalaya Capital Management's Advisory board, where he managed the development of Funding Path. Kelly began his career at Citadel and has held leadership positions at Magnetar Capital and D.E. Shaw & Co. His experience includes working with firms that invest growth capital in businesses and engage in public and private transactions.

    William Iwaschuk, Co-President & Chief Legal Officer and Corporate Secretary

    William Iwaschuk serves as Co-President, Chief Legal Officer, and Corporate Secretary for Cipher Mining. He is recognized as one of the key executives involved in guiding the company's operations since its formation.

    Drew Armstrong, Head of Strategic Initiatives

    Drew Armstrong was appointed Head of Strategic Initiatives at Cipher Mining in January 2026. Before joining Cipher, he was President, Chief Operating Officer, and Chairman at Cathedra Bitcoin. His prior experience includes founding Galaxy Digital's bitcoin mining business unit. He also worked at Barclays on securitized products, notably being involved in the first data center asset-backed security offering in the United States. Armstrong is tasked with leading strategic growth projects as Cipher Mining expands into the high-performance computing (HPC) industry.

    AI Analysis | Feedback

    The key risks to Cipher Digital (NASDAQ: CIFR) are:
    1. Bitcoin Price Volatility: Cipher Digital's profitability remains significantly tied to the volatile price of Bitcoin, despite its strategic pivot towards AI/HPC data centers. Fluctuations in Bitcoin's market value directly impact the company's revenue and can lead to operational losses if prices fall below production costs. A prolonged downturn in Bitcoin prices could necessitate selling more mined coins to cover expenses, impacting financial stability.
    2. Execution Risk and AI/HPC Data Center Demand: The company is undergoing a significant business model evolution, transitioning from primarily Bitcoin mining to constructing and operating data centers for high-performance computing (HPC) and artificial intelligence (AI). This transition involves substantial capital investment and carries inherent execution risks, including potential delays or cost overruns in construction and energization of new facilities. There is also a risk that the anticipated demand for AI/HPC data centers from hyperscalers may not materialize as expected, or that market shifts could adversely affect future demand and leasing activity.
    3. Regulatory and Environmental Concerns: Cipher Digital faces potential threats from evolving regulatory landscapes and increasing environmental scrutiny related to its energy-intensive operations. Governments may impose new restrictions on electricity usage for mining, increase taxes, or introduce stringent compliance requirements for both cryptocurrency mining and large-scale data center operations. Such regulatory changes could elevate operational costs and impact the company's competitive position.

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    • Regulatory actions targeting the energy consumption and environmental impact of Proof-of-Work Bitcoin mining, including potential bans, moratoriums, or increased taxation on energy usage.

    AI Analysis | Feedback

    Cipher Mining Inc. (CIFR) operates in two primary addressable markets: Bitcoin mining and High-Performance Computing (HPC) hosting, particularly for Artificial Intelligence (AI) workloads. ### Bitcoin Mining The global Bitcoin mining market was valued at approximately USD 4.2 billion in 2023. This market is projected to grow at a Compound Annual Growth Rate (CAGR) of 8% to 10% from 2024 to 2029. North America holds a significant share of this market, accounting for approximately 47% of the global Bitcoin miner market, which includes mining operations. Based on these figures, the addressable market for Bitcoin mining operations in North America was estimated to be around USD 1.974 billion in 2023. The North American market is anticipated to grow at a CAGR of 10%. ### High-Performance Computing (HPC) Hosting for AI Workloads Cipher Mining Inc. is strategically pivoting to become a diversified data center operator, focusing on HPC hosting for AI and other advanced computing workloads, in addition to Bitcoin mining. The North American AI data center market, which includes hardware, software, and services related to supporting high-performance computing needs for AI workloads, reached USD 9.45 billion in 2025. This market is projected to grow substantially, reaching USD 35.11 billion by 2030, exhibiting a CAGR of 30.00%. Specifically for the U.S., the AI Data Center market size was valued at USD 3.35 billion in 2024 and is expected to reach USD 20.12 billion by 2032, growing at a CAGR of 25.21%. The services segment within the global AI data center market is also expected to demonstrate rapid growth, with one source projecting the HPC market size for services to surpass USD 30 billion globally by 2031.

    AI Analysis | Feedback

    Cipher Digital (NASDAQ: CIFR), which operates as Cipher Mining Inc., is expected to drive future revenue growth over the next 2-3 years through several key initiatives: 1. **Strategic Shift to High-Performance Computing (HPC) and AI Data Center Hosting:** Cipher Mining is undergoing a significant strategic transformation, pivoting from primarily Bitcoin mining to developing and operating data centers specifically for high-performance computing (HPC) and artificial intelligence (AI) workloads. This shift is anticipated to be a primary driver of revenue growth as the company rebrands and focuses on this expanding market. 2. **Secured Long-Term Lease Agreements with Hyperscalers:** The company has secured substantial, multi-year lease agreements with major technology firms, including a 15-year data center campus lease with Amazon Web Services (AWS) for 300 MW of capacity, valued at approximately $5.5 billion, with payments starting in August 2026. Additionally, Cipher has a 10-year AI hosting agreement with Fluidstack, backed by a $1.4 billion guarantee from Google, which is expected to generate about $3 billion in contracted revenues over its initial term. These long-term contracts provide a strong foundation of predictable, recurring revenue. 3. **Expansion of Data Center Capacity and Geographic Diversification:** Cipher is actively expanding its data center infrastructure and geographic footprint. The company has acquired a new 200-megawatt site named "Ulysses" in Ohio, its first outside of Texas, which is slated for operations by Q4 2027 and will increase its development pipeline to 3.4 GW across 8 sites. Furthermore, the acquisition of the 100 MW Stingray site in West Texas, expected to begin power consumption in the first half of 2026, also contributes to increasing its operational capacity for HPC and digital asset mining. 4. **Continued Bitcoin Mining Operations and Potential Upside from Bitcoin Price:** While the company is strategically shifting its focus, its existing Bitcoin mining operations continue to generate revenue. In Q3 2025, revenue increased, partly due to higher Bitcoin prices and increased production from facilities like Black Pearl. The company still holds Bitcoin on its balance sheet, making its earnings sensitive to fluctuations in Bitcoin prices. Although revenue from Bitcoin mining is expected to decrease as the company decommissions miners, the ongoing operations will still contribute to the top line.

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    Share Issuance

    • SoftBank Group Corp. made a $50 million private investment in public equity (PIPE) in Cipher Mining in January 2025, issuing shares to support HPC data center development.
    • In November 2025, Cipher Mining announced it would redeem all outstanding warrants, with holders receiving 0.2687 shares of common stock for each warrant on a cashless basis.

    Inbound Investments

    • SoftBank Group Corp. invested $50 million in Cipher Mining Inc. through a private investment in public equity (PIPE) in January 2025, aimed at enhancing HPC data center development.
    • Google invested $3 billion into Cipher Mining Inc. for an artificial intelligence (AI) project in Texas around September 2025.
    • Cipher Mining completed a $1.3 billion convertible note offering in Q3 2025 to finance its expansion into data centers.

    Outbound Investments

    • Cipher Mining acquired a 200-megawatt site in Ohio, known as "Ulysses," in December 2025, marking its initial expansion for data center development outside of Texas.
    • In February 2026, Cipher Mining sold its 49% equity interest in joint ventures (Alborz LLC, Bear LLC, and Chief Mountain LLC) totaling approximately 4.4 EH/s in West Texas to Canaan Inc. for about $39.75 million, which was paid through Canaan's equity issuance to Cipher, as the company pivots away from Bitcoin mining.

    Capital Expenditures

    • The substantial majority of Cipher Mining's capital expenditures have been dedicated to developing and constructing Bitcoin mining data centers and acquiring mining hardware, including an agreement in October 2021 to purchase 28,000 to 56,000 Bitfury next-generation mining rigs for delivery throughout 2022.
    • Cipher Mining has raised significant debt to fund its pivot to High-Performance Computing (HPC) data centers, including a $1.4 billion senior secured notes offering in November 2025 and an additional $333 million in November 2025 specifically for its Barber Lake Facility.
    • A $2 billion senior secured notes offering in February 2026 is slated to fund the completion of the Black Pearl Facility in Wink, Texas, and to reimburse Cipher for $232.5 million of prior equity contributions related to capital expenditures for that facility.

    Better Bets vs. Cipher Digital (CIFR)

    SECTOR: Information Technology

    Higher Rev Chg 3Y Avg | Lower P/S (Values for CIFR: 183.8% | 47.2x)

    ONDS (330.1% | 36.9x)
    Ondas
    BKKT (919.3% | 0.1x)
    Bakkt
    IMMR (1186.2% | 0.1x)
    Immersion
    TONX (1455.9% | 11.9x)
    TON Strategy
    ZENA (238.0% | 4.0x)
    ZenaTech

    Higher Rev Chg LTM (Value for CIFR: 38.0%)

    MU (85.5%)
    Micron Technology
    SNDK (82.8%)
    SanDisk
    NVDA (70.7%)
    NVIDIA
    PLTR (67.7%)
    Palantir Technologies
    DELL (38.6%)
    Dell Technologies

    Higher Rev Chg 3Y Avg (Value for CIFR: 183.8%)

    IMMR (1186.2%)
    Immersion
    BKKT (919.3%)
    Bakkt
    ASTS (821.2%)
    AST SpaceMobile
    QUBT (362.8%)
    Quantum Computing
    ONDS (330.1%)
    Ondas

    Higher Op Mgn LTM (Value for CIFR: -176.1%)

    NVDA (64.0%)
    NVIDIA
    MU (48.4%)
    Micron Technology
    MSFT (46.8%)
    Microsoft
    AVGO (44.1%)
    Broadcom
    AAPL (32.6%)
    Apple

    Higher CFO/Rev LTM (Value for CIFR: -33.0%)

    MSFT (53.5%)
    Microsoft
    MU (52.7%)
    Micron Technology
    NVDA (49.6%)
    NVIDIA
    AVGO (44.6%)
    Broadcom
    AAPL (31.1%)
    Apple

    Higher FCF/Rev LTM (Value for CIFR: -484.9%)

    NVDA (47.0%)
    NVIDIA
    AVGO (43.4%)
    Broadcom
    AAPL (28.6%)
    Apple
    MSFT (22.9%)
    Microsoft
    MU (17.7%)
    Micron Technology

    Higher Total Yield (Value for CIFR: -9.1%)

    MSFT (5.2%)
    Microsoft
    NVDA (3.1%)
    NVIDIA
    AAPL (2.9%)
    Apple
    MU (2.3%)
    Micron Technology
    AVGO (2.2%)
    Broadcom

    All Other Sectors

    Higher Rev Chg 3Y Avg | Lower P/S (Values for CIFR: 183.8% | 47.2x)

    NLY (290.4% | 6.8x)
    Annaly Capital Management
    CRCL (345.4% | 5.6x)
    Circle Internet
    ARWR (454.7% | 20.3x)
    Arrowhead Pharmaceuticals
    QXO (5076.7% | 1.2x)
    QXO
    LQDA (639.8% | 26.6x)
    Liquidia

    Higher Rev Chg LTM (Value for CIFR: 38.0%)

    AEM (51.7%)
    Agnico Eagle Mines
    COF (47.6%)
    Capital One Financial
    LLY (47.4%)
    Eli Lilly
    HOOD (41.5%)
    Robinhood Markets
    MELI (39.1%)
    MercadoLibre

    Higher Rev Chg 3Y Avg (Value for CIFR: 183.8%)

    QXO (5076.7%)
    QXO
    ARWR (454.7%)
    Arrowhead Pharmaceuticals
    CRCL (345.4%)
    Circle Internet
    NLY (290.4%)
    Annaly Capital Management
    CYTK (255.5%)
    Cytokinetics

    Higher Op Mgn LTM (Value for CIFR: -176.1%)

    LLY (47.3%)
    Eli Lilly
    META (41.2%)
    Meta Platforms
    GOOGL (32.7%)
    Alphabet
    AMZN (11.5%)
    Amazon.com
    TSLA (5.4%)
    Tesla

    Higher CFO/Rev LTM (Value for CIFR: -33.0%)

    META (57.7%)
    Meta Platforms
    GOOGL (41.3%)
    Alphabet
    AMZN (20.0%)
    Amazon.com
    TSLA (16.9%)
    Tesla
    BRK-B (10.9%)
    Berkshire Hathaway

    Higher FCF/Rev LTM (Value for CIFR: -484.9%)

    META (22.4%)
    Meta Platforms
    GOOGL (15.2%)
    Alphabet
    TSLA (7.2%)
    Tesla
    BRK-B (5.7%)
    Berkshire Hathaway
    AMZN (-0.3%)
    Amazon.com

    Higher Total Yield (Value for CIFR: -9.1%)

    BRK-B (6.9%)
    Berkshire Hathaway
    META (4.8%)
    Meta Platforms
    GOOGL (4.1%)
    Alphabet
    AMZN (3.5%)
    Amazon.com
    TSLA (0.3%)
    Tesla

    Best Bets in Information Technology

    What You Pay

    P/EBIT (Value for CIFR: -12.3x)

    APP (29.0x)
    AppLovin
    VRSN (20.6x)
    VeriSign
    NVDA (27.1x)
    NVIDIA
    QLYS (21.6x)
    Qualys
    ADEA (15.5x)
    Adeia
    IDCC (14.6x)
    InterDigital
    YOU (24.7x)
    Clear Secure
    GEN (7.4x)
    Gen Digital
    ADBE (9.4x)
    Adobe
    FICO (25.2x)
    Fair Isaac

    P/E (Value for CIFR: -11.0x)

    APP (35.1x)
    AppLovin
    VRSN (28.6x)
    VeriSign
    NVDA (32.3x)
    NVIDIA
    QLYS (24.8x)
    Qualys
    ADEA (24.5x)
    Adeia
    IDCC (18.2x)
    InterDigital
    YOU (42.5x)
    Clear Secure
    GEN (15.9x)
    Gen Digital
    ADBE (12.1x)
    Adobe
    FICO (38.0x)
    Fair Isaac
    What You Get

    Rev Chg 3Y Avg (Value for CIFR: 183.8%)

    APP (37.0%)
    AppLovin
    VRSN (5.3%)
    VeriSign
    NVDA (121.7%)
    NVIDIA
    QLYS (10.6%)
    Qualys
    ADEA (4.4%)
    Adeia
    IDCC (14.8%)
    InterDigital
    YOU (25.6%)
    Clear Secure
    GEN (15.1%)
    Gen Digital
    ADBE (11.0%)
    Adobe
    FICO (16.7%)
    Fair Isaac

    Rev Chg LTM (Value for CIFR: 38.0%)

    APP (66.4%)
    AppLovin
    VRSN (6.8%)
    VeriSign
    NVDA (70.7%)
    NVIDIA
    QLYS (10.2%)
    Qualys
    ADEA (21.1%)
    Adeia
    IDCC (1.6%)
    InterDigital
    YOU (17.4%)
    Clear Secure
    GEN (27.1%)
    Gen Digital
    ADBE (11.5%)
    Adobe
    FICO (22.6%)
    Fair Isaac

    Rev Chg Q (Value for CIFR: -28.8%)

    APP (59.0%)
    AppLovin
    VRSN (6.6%)
    VeriSign
    NVDA (85.2%)
    NVIDIA
    QLYS (9.8%)
    Qualys
    ADEA (19.5%)
    Adeia
    IDCC (-2.4%)
    InterDigital
    YOU (19.7%)
    Clear Secure
    GEN (27.0%)
    Gen Digital
    ADBE (12.7%)
    Adobe
    FICO (38.7%)
    Fair Isaac

    FCF/Rev 3Y Avg (Value for CIFR: -305.8%)

    APP (64.1%)
    AppLovin
    VRSN (57.7%)
    VeriSign
    NVDA (48.3%)
    NVIDIA
    QLYS (42.9%)
    Qualys
    ADEA (40.3%)
    Adeia
    IDCC (39.5%)
    InterDigital
    YOU (39.2%)
    Clear Secure
    GEN (38.3%)
    Gen Digital
    ADBE (37.9%)
    Adobe
    FICO (34.8%)
    Fair Isaac
    [1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
    [2] Historical annualized return of 24%, alpha of 2.9%, and sharpe of 1.04

    Latest Trefis Analyses

    TitleDate
    0DASHBOARDS 
    1Cipher Digital Stock On Fire: Up 39% With 6-Day Winning Streak06/19/2026
    2Cipher Digital Stock On Fire: Up 25% With 5-Day Winning Streak06/18/2026
    35-Day Rally Sends Cipher Digital Stock Up 34%05/28/2026
    4Cipher Digital Stock (+9.0%): AI Pivot Gains Traction at Morgan Stanley Conf.03/05/2026
    5Cipher Mining Earnings Notes12/26/2025
    6Is Cipher Mining Stock Built to Withstand a Pullback?10/17/2025
    7Why Cipher Mining Stock Moved: CIFR Stock Has Gained 2795% Since 2022 Fiscal End, Primarily Due To Favorable Change In Revenues08/08/2025
    8Day 6 of Loss Streak for Cipher Mining Stock with -21% Return (vs. 17% YTD) [7/30/2025]07/31/2025
    9ARTICLES 
    10Is Cipher Digital Stock A Smart Buy As It Builds Its Hyperscale Future?07/22/2026
    11Cipher Digital Stock 6-Day Winning Spree: Stock Climbs 39%06/22/2026
    125-Day Rally Sends Cipher Digital Stock Up 25%06/18/2026
    13Cipher Digital Stock Surges 34%, With A 5-Day Winning Spree05/28/2026
    14Small Cap Stocks Trading At 52-Week High10/06/2025
    Title
    0DASHBOARDS
    1Cipher Digital Stock On Fire: Up 39% With 6-Day Winning Streak
    2Cipher Digital Stock On Fire: Up 25% With 5-Day Winning Streak
    35-Day Rally Sends Cipher Digital Stock Up 34%
    4Cipher Digital Stock (+9.0%): AI Pivot Gains Traction at Morgan Stanley Conf.
    5Cipher Mining Earnings Notes
    6Is Cipher Mining Stock Built to Withstand a Pullback?
    7Why Cipher Mining Stock Moved: CIFR Stock Has Gained 2795% Since 2022 Fiscal End, Primarily Due To Favorable Change In Revenues
    8Day 6 of Loss Streak for Cipher Mining Stock with -21% Return (vs. 17% YTD) [7/30/2025]
    9ARTICLES
    10Is Cipher Digital Stock A Smart Buy As It Builds Its Hyperscale Future?
    11Cipher Digital Stock 6-Day Winning Spree: Stock Climbs 39%
    125-Day Rally Sends Cipher Digital Stock Up 25%
    13Cipher Digital Stock Surges 34%, With A 5-Day Winning Spree
    14Small Cap Stocks Trading At 52-Week High

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    Peer Comparisons

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    Financials

    CIFRAPLDCORZRIOTDLREQIXMedian
    NameCipher D.Applied .Core Sci.Riot Pla.Digital .Equinix  
    Mkt Price24.4630.0823.6223.38178.411,028.7427.27
    Mkt Cap9.98.57.68.161.6101.29.2
    Rev LTM2102843556536,3409,436504
    Op Inc LTM-370-66-208-3899692,065-137
    FCF LTM-1,017-1,811-471-1,2732,545-998-1,008
    FCF 3Y Avg-559-858-208-1,1162,164-161-383
    CFO LTM-69-36573-6342,5453,819269
    CFO 3Y Avg-96-47205-3372,1643,46779

    Growth & Margins

    CIFRAPLDCORZRIOTDLREQIXMedian
    NameCipher D.Applied .Core Sci.Riot Pla.Digital .Equinix  
    Rev Chg LTM38.0%104.9%-13.7%42.4%12.6%6.7%25.3%
    Rev Chg 3Y Avg183.8%117.8%-13.9%38.6%9.0%7.8%23.8%
    Rev Chg Q-28.8%139.3%44.9%3.6%16.2%9.8%13.0%
    QoQ Delta Rev Chg LTM-6.3%35.0%11.2%0.9%3.7%2.4%3.0%
    Op Inc Chg LTM-187.5%-5,266.3%-72.4%-9.7%19.4%19.2%-41.1%
    Op Inc Chg 3Y Avg-114.1%-1,728.8%-74.1%-38.3%11.8%15.7%-56.2%
    Op Mgn LTM-176.1%-23.2%-58.6%-59.5%15.3%21.9%-40.9%
    Op Mgn 3Y Avg-96.5%-19.4%-25.2%-74.5%14.3%19.6%-22.3%
    QoQ Delta Op Mgn LTM-25.5%4.8%11.8%-6.5%0.2%0.6%0.4%
    CFO/Rev LTM-33.0%-12.7%161.6%-97.0%40.1%40.5%13.7%
    CFO/Rev 3Y Avg-58.8%-29.6%55.9%-62.2%37.0%39.0%3.7%
    FCF/Rev LTM-484.9%-637.3%-132.9%-194.8%40.1%-10.6%-163.8%
    FCF/Rev 3Y Avg-305.8%-395.5%-57.0%-243.1%37.0%-1.5%-150.1%

    Valuation

    CIFRAPLDCORZRIOTDLREQIXMedian
    NameCipher D.Applied .Core Sci.Riot Pla.Digital .Equinix  
    Mkt Cap9.98.57.68.161.6101.29.2
    P/S47.229.921.512.49.710.717.0
    P/Op Inc-26.8-128.9-36.7-20.963.549.0-23.9
    P/EBIT-12.3-163.0-14.7-9.632.947.3-11.0
    P/E-11.0-45.5-6.3-9.444.771.2-7.8
    P/CFO-143.3-235.613.3-12.824.226.50.2
    Total Yield-9.1%-2.2%-15.9%-10.7%5.1%3.3%-5.6%
    Dividend Yield0.0%0.0%0.0%0.0%2.8%1.9%0.0%
    FCF Yield 3Y Avg-17.4%-19.3%-2.7%-26.2%3.8%-0.1%-10.0%
    D/E0.50.30.30.10.30.20.3
    Net D/E0.40.10.10.10.30.20.2

    Returns

    CIFRAPLDCORZRIOTDLREQIXMedian
    NameCipher D.Applied .Core Sci.Riot Pla.Digital .Equinix  
    1M Rtn-13.1%-33.5%-18.8%-18.3%-8.8%-7.8%-15.7%
    3M Rtn25.8%-7.2%11.5%26.5%-10.6%-6.2%2.6%
    6M Rtn38.0%-14.2%29.8%35.5%13.7%30.7%30.2%
    12M Rtn252.4%174.7%75.2%63.8%2.4%31.4%69.5%
    3Y Rtn463.6%289.6%586.6%27.2%63.0%35.8%176.3%
    1M Excs Rtn-13.4%-33.8%-19.1%-18.7%-9.1%-8.2%-16.1%
    3M Excs Rtn29.4%-10.1%7.6%28.1%-16.9%-11.7%-1.3%
    6M Excs Rtn26.2%-25.5%18.3%18.8%3.0%22.2%18.6%
    12M Excs Rtn272.4%152.3%59.1%47.8%-15.3%14.4%53.5%
    3Y Excs Rtn348.1%233.7%520.8%-39.3%-0.1%-30.1%116.8%

    Comparison Analyses

    null

    FDA Approved Drugs Data

    Expand for More
    Post-Approval Fwd Returns
    FDA
    App #    		Brand
    Name    		Generic
    Name    		Dosage
    Form    		FDA
    Approval    		3M
    Rtn    		6M
    Rtn    		1Y
    Rtn    		2Y
    Rtn    		Total
    Rtn
    NDA022408  NATROBAspinosadsuspension1182011     
     Collapse to Preview
    Post-Approval Fwd Returns
    FDA
    App #    		Brand
    Name    		Generic
    Name    		Dosage
    Form    		FDA
    Approval    		3M
    Rtn    		6M
    Rtn    		1Y
    Rtn    		2Y
    Rtn    		Total
    Rtn
    NDA022408  NATROBAspinosadsuspension1182011     

    Financials

    $ Mil | FY: 12/312026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q32023Q2
    Period End3/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/20236/30/2023
    Filing Date5/5/20262/24/202611/3/20258/7/20255/6/20252/25/202510/31/20248/13/20245/7/20243/5/202411/8/20238/8/2023
    Key Financials Quarterly            
    Total Revenue356072444942243748433031
    Ebitda-35-653581653-6166332-33
    Operating Income-64-229-35-42-32-33-42-21-2-8-20-15
    Net Income-114-734-3-46-3918-87-154011-19-13
    EPS-0.28-1.92-0.01-0.12-0.110.06-0.26-0.050.130.05-0.07-0.05
    Key Financials TTM            
    Total Revenue TTM2102242061591521511521591531278656
    Ebitda TTM-629-588117-246140999540-3725
    Operating Income TTM-370-337-142-149-129-98-73-51-44-55-68-66
    Net Income TTM-898-822-71-154-124-45-521719-26-88-10
    Growth Rates Quarterly            
    Total Revenue Growth-28.8%41.4%197.5%18.4%1.7%-2.8%-20.5%17.9%119.9%1329.7%--
    EBITDA Growth-707.8%-1335.9%194.2%-87.7%-90.9%65.0%-2221.9%142.6%712.9%171.0%-104.4%108.8%
    Operating Income Growth-100.0%-587.2%16.9%-95.5%-1621.7%-329.7%-109.0%-44.3%85.6%62.4%-12.6%11.8%
    Net Income Growth-193.3%-4293.1%96.2%-199.4%-197.7%65.3%-365.9%-15.9%976.3%120.5%-131.4%54.8%
    Margins Quarterly            
    EBITDA Margin-100.9%-1092.9%80.4%1.7%11.8%125.1%-254.1%16.8%131.6%73.7%-8.7%8.1%
    Operating Income Margin-184.5%-383.4%-48.5%-95.4%-65.7%-78.9%-173.5%-57.8%-3.9%-17.9%-66.0%-47.2%
    Net Income Margin-328.1%-1229.6%-4.6%-105.1%-79.6%41.5%-359.9%-41.5%82.9%24.4%-61.4%-42.3%
    Cash & Debt            
    Total Cash7156281,2076323625123898632
    Total Debt4,7472,7671,0441895856232321222529
    Net Debt / (Cash)4,0312,139-1631273551-2-99-68-642228
    Cash Flows Quarterly            
    FCF from Operations92-54-50-56-47-29-7-25-27-48-19-18
    Cash Flows TTM            
    FCF from Operations TTM-69-208-182-139-108-88-106-118-111-94-58-39
    Returns to Shareholders Quarterly            
    Dividends000000000000
    Share Repurchases48233117443121
    Return on Invested Capital (ROIC) Quarterly            
    ROIC-4.4%-23.1%-14.3%-14.6%-13.0%-14.6%-18.4%-12.1%-1.0%-4.0%-14.7%-11.8%
    Return on Invested Capital (ROIC) TTM            
    ROIC TTM-6.3%-8.5%-15.7%-12.6%-12.5%-10.7%-8.4%-4.7%-4.7%-9.8%-13.3%-13.2%

    Segment Financials

    Revenue by Segment
    $ Mil2025202420232022
    Bitcoin mining224151127 
    Single Segment   3
    Total2241511273


    Operating Income by Segment
    $ Mil202520242023
    Adjustments-116-93-85
    Bitcoin mining-3065065
    Total-422-44-20


    Assets by Segment
    $ Mil20222021
    Single Segment418354
    Total418354


    Price Behavior

    Price Behavior
    Market Price$24.46 
    Market Cap ($ Bil)9.9 
    First Trading Date12/07/2020 
    Distance from 52W High-16.2% 
       50 Days200 Days
    DMA Price$22.55$18.37
    DMA Trendupup
    Distance from DMA8.5%33.2%
     3M1YR
    Volatility110.6%111.1%
    Downside Capture446.57421.14
    Upside Capture459.15488.53
    Correlation (SPY)48.3%45.8%
    CIFR Betas & Captures as of 6/30/2026

     1M2M3M6M1Y3Y
    Beta3.243.593.643.883.953.21
    Up Beta-0.180.742.192.762.522.66
    Down Beta3.033.893.712.993.462.81
    Up Capture560%676%784%1316%5971%202275%
    Bmk +ve Days11244067140429
    Stock +ve Days10193158125350
    Down Capture330%317%354%258%194%113%
    Bmk -ve Days10172358112321
    Stock -ve Days11223267125392

    [1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
    Based On 1-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with CIFR
    CIFR293.5%111.4%1.73-
    Sector ETF (XLK)38.8%24.7%1.2748.5%
    Equity (SPY)20.0%12.6%1.1645.5%
    Gold (GLD)21.2%28.1%0.6729.4%
    Commodities (DBC)33.0%19.1%1.362.1%
    Real Estate (VNQ)13.9%14.0%0.704.0%
    Bitcoin (BTCUSD)-43.6%42.9%-1.2137.6%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 5-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with CIFR
    CIFR19.3%120.5%0.71-
    Sector ETF (XLK)19.6%25.6%0.6835.8%
    Equity (SPY)12.8%17.1%0.5835.4%
    Gold (GLD)17.3%18.4%0.7611.4%
    Commodities (DBC)9.3%19.5%0.375.1%
    Real Estate (VNQ)2.7%18.9%0.0421.6%
    Bitcoin (BTCUSD)15.2%53.5%0.4638.8%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 10-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with CIFR
    CIFR9.4%114.2%0.67-
    Sector ETF (XLK)24.5%24.8%0.8934.9%
    Equity (SPY)15.1%17.9%0.7234.6%
    Gold (GLD)11.5%16.1%0.5811.1%
    Commodities (DBC)7.1%17.9%0.315.2%
    Real Estate (VNQ)5.0%20.7%0.2020.9%
    Bitcoin (BTCUSD)58.5%66.2%0.9934.0%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How

    Short Interest

    Short Interest: As Of Date6302026
    Short Interest: Shares Quantity54.0 Mil
    Short Interest: % Change Since 6152026-0.9%
    Average Daily Volume24.1 Mil
    Days-to-Cover Short Interest2.2 days
    Basic Shares Quantity405.1 Mil
    Short % of Basic Shares13.3%

    Returns Analyses

    Earnings Returns History

    Updated 6/8/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    5/5/202623.5%13.4%46.7%
    2/24/202612.5%3.5%-2.2%
    11/3/202522.0%10.9%-0.1%
    8/7/2025-6.5%-6.0%44.3%
    5/6/20252.0%5.7%25.5%
    2/25/2025-17.4%-22.5%-38.8%
    10/31/2024-6.6%32.0%26.9%
    8/13/2024-0.3%1.5%-21.1%
    ...
    SUMMARY STATS   
    # Positive9128
    # Negative10711
    Median Positive3.1%12.4%33.4%
    Median Negative-7.0%-16.8%-25.1%
    Max Positive23.5%32.0%51.6%
    Max Negative-46.7%-45.8%-40.9%
     Collapse to Preview
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    5/5/202623.5%13.4%46.7%
    2/24/202612.5%3.5%-2.2%
    11/3/202522.0%10.9%-0.1%
    8/7/2025-6.5%-6.0%44.3%
    5/6/20252.0%5.7%25.5%
    2/25/2025-17.4%-22.5%-38.8%
    10/31/2024-6.6%32.0%26.9%
    8/13/2024-0.3%1.5%-21.1%
    5/7/2024-15.2%-16.8%-9.6%
    3/5/2024-0.7%10.1%51.6%
    11/8/2023-7.3%-26.0%-31.9%
    8/8/202311.7%11.4%-12.0%
    5/9/20232.6%23.6%19.5%
    3/14/2023-7.7%17.0%29.7%
    11/14/2022-1.1%-7.4%-25.1%
    8/9/20222.4%17.5%-34.0%
    5/10/2022-46.7%-45.8%-40.9%
    3/4/20220.8%14.8%37.1%
    11/12/20213.1%-4.8%-38.7%
    SUMMARY STATS   
    # Positive9128
    # Negative10711
    Median Positive3.1%12.4%33.4%
    Median Negative-7.0%-16.8%-25.1%
    Max Positive23.5%32.0%51.6%
    Max Negative-46.7%-45.8%-40.9%

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    03/31/202605/05/202610-Q
    12/31/202502/24/202610-K
    09/30/202511/03/202510-Q
    06/30/202508/07/202510-Q
    03/31/202505/06/202510-Q
    12/31/202402/25/202510-K
    09/30/202410/31/202410-Q
    06/30/202408/13/202410-Q
    03/31/202405/07/202410-Q
    12/31/202303/05/202410-K
    09/30/202311/08/202310-Q
    06/30/202308/08/202310-Q
    03/31/202305/09/202310-Q
    12/31/202203/14/202310-K
    09/30/202211/14/202210-Q
    06/30/202208/09/202210-Q
     Collapse to Preview
    Report DateFiling DateFiling
    03/31/202605/05/202610-Q
    12/31/202502/24/202610-K
    09/30/202511/03/202510-Q
    06/30/202508/07/202510-Q
    03/31/202505/06/202510-Q
    12/31/202402/25/202510-K
    09/30/202410/31/202410-Q
    06/30/202408/13/202410-Q
    03/31/202405/07/202410-Q
    12/31/202303/05/202410-K
    09/30/202311/08/202310-Q
    06/30/202308/08/202310-Q
    03/31/202305/09/202310-Q
    12/31/202203/14/202310-K
    09/30/202211/14/202210-Q
    06/30/202208/09/202210-Q
    03/31/202205/10/202210-Q
    12/31/202103/04/202210-K
    09/30/202111/12/202110-Q

    Insider Activity

    Updated 7/10/2026
    Expand for More
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Page, TylerChief Executive OfficerDirectSell710202622.68112,5002,551,500203,478,723Form
    2Page, TylerChief Executive OfficerDirectSell710202621.19112,5002,383,875192,494,728Form
    3Grossman, Cary M DirectSell623202629.4315,000441,4504,232,887Form
    4Newsome, James E DirectSell618202626.603,75899,9633,418,898Form
    5Newsome, James E DirectSell618202620.963,34270,0482,772,756Form
     Collapse to Preview
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Page, TylerChief Executive OfficerDirectSell710202622.68112,5002,551,500203,478,723Form
    2Page, TylerChief Executive OfficerDirectSell710202621.19112,5002,383,875192,494,728Form
    3Grossman, Cary M DirectSell623202629.4315,000441,4504,232,887Form
    4Newsome, James E DirectSell618202626.603,75899,9633,418,898Form
    5Newsome, James E DirectSell618202620.963,34270,0482,772,756Form
    6V3, Holding Ltd See FootnoteSell608202625.491,200,00030,586,8171,486,435,015Form
    7V3, Holding Ltd See FootnoteSell604202626.621,800,00047,912,4851,584,218,176Form
    8Williams, Wesley Hastie DirectSell522202621.4114,567311,8792,470,907Form
    9Kelly, Patrick ArthurCo-President and COODirectSell514202619.3648,000929,28028,107,932Form
    10Williams, Wesley Hastie DirectSell508202622.2628,169627,0422,893,266Form
    11Grossman, Cary M DirectSell508202621.8220,000436,4003,284,565Form
    12Page, TylerChief Executive OfficerDirectSell327202616.1137,500604,125133,130,817Form
    13Grossman, Cary M DirectSell324202614.5430,000436,2002,479,506Form
    14Kelly, Patrick ArthurCo-President and COODirectSell319202614.9835,568532,80921,593,790Form
    15Newsome, James E DirectSell306202615.7445,161710,8342,004,190Form
    16Kelly, Patrick ArthurCo-President and COODirectSell219202615.5235,568552,01522,924,220Form
    17Kelly, Patrick ArthurCo-President and COODirectSell120202617.7635,568631,68826,864,557Form
    18Williams, Wesley Hastie DirectSell1223202516.0849,867801,8612,542,972Form
    19Newsome, James E DirectSell1223202516.0321,821349,7912,765,047Form
    20Kelly, Patrick ArthurCo-President and COODirectSell1217202515.0835,569536,38117,368,692Form
    21Grossman, Cary M DirectSell1128202519.0025,000475,0003,810,070Form
    22Kelly, Patrick ArthurCo-President and COODirectSell1119202514.2026,580377,43616,860,214Form
    23Evans, Holly MorrowDirectSell1114202517.3916,269282,9183,660,804Form
    24Williams, Wesley HastieDirectSell1114202517.5118,769328,6453,642,290Form
    25Iwaschuk, WilliamCo-President and CLODirectSell1106202522.52173,0943,898,07723,747,070Form
    26V3, Holding Ltd See FootnoteSell1016202520.32535,84310,888,6761,245,994,845Form
    27V3, Holding Ltd See FootnoteSell1016202521.062,167,68445,658,0851,302,804,458Form
    28V3, Holding Ltd See FootnoteSell1016202520.781,832,31638,078,6261,330,448,504Form
    29V3, Holding Ltd See FootnoteSell930202512.392,000,00024,780,000815,912,933Form
    30V3, Holding Ltd See FootnoteSell930202512.082,000,00024,152,326819,398,290Form
    31V3, Holding Ltd See FootnoteSell930202511.611,585,18218,401,711810,888,710Form
    32V3, Holding Ltd See FootnoteSell925202512.363,504,54043,330,069883,254,669Form
    33V3, Holding Ltd See FootnoteSell925202514.41900,00012,966,1551,079,681,038Form
    34V3, Holding Ltd See FootnoteSell925202514.01900,00012,609,6301,062,603,138Form
    35V3, Holding Ltd See FootnoteSell922202512.85900,00011,561,882985,872,159Form
    36V3, Holding Ltd See FootnoteSell922202512.37900,00011,135,320960,634,923Form
    37V3, Holding Ltd See FootnoteSell922202511.79900,00010,611,000926,013,234Form
    38V3, Holding Ltd See FootnoteSell917202511.77900,00010,594,181935,139,641Form
    39V3, Holding Ltd See FootnoteSell917202511.21900,00010,088,460900,588,530Form
    40V3, Holding Ltd See FootnoteSell917202510.80900,0009,720,000877,416,397Form
    41Kelly, Patrick ArthurCo-President and COODirectSell916202510.8044,870484,59611,279,412Form
    42V3, Holding Ltd See FootnoteSell912202510.60900,0009,537,557870,485,014Form
    43V3, Holding Ltd See FootnoteSell912202510.26900,0009,234,000852,013,577Form
    44V3, Holding Ltd See FootnoteSell91220259.98900,0008,984,784838,003,406Form
    45V3, Holding Ltd See FootnoteSell91020258.59600,0005,151,734728,474,536Form
    46V3, Holding Ltd See FootnoteSell91020257.48600,0004,488,000639,108,097Form
    47V3, Holding Ltd See FootnoteSell90820257.38600,0004,428,000634,991,871Form
    48V3, Holding Ltd See FootnoteSell90820257.60700,0005,320,000658,481,168Form
    49V3, Holding Ltd See FootnoteSell90420258.30600,0004,980,000724,940,750Form
    50V3, Holding Ltd See FootnoteSell90420258.13600,0004,878,000714,970,566Form
    51V3, Holding Ltd See FootnoteSell90220257.43600,0004,457,793657,838,508Form
    52V3, Holding Ltd See FootnoteSell90220257.11600,0004,266,000633,801,461Form
    53V3, Holding Ltd See FootnoteSell82820257.07500,0003,535,000634,477,771Form
    54V3, Holding Ltd See FootnoteSell82820256.81700,0004,767,000614,549,784Form
    55Grossman, Cary M DirectSell81920255.8975,000441,7501,328,372Form
    56Newsome, James E DirectSell81920256.1632,468200,0031,196,968Form
    57Kelly, Patrick ArthurCo-President and COODirectSell81920255.2044,871233,3295,664,152Form
    58V3, Holding Ltd See FootnoteSell73120255.61369,9842,075,610510,186,073Form
    59V3, Holding Ltd See FootnoteSell73120256.0666,049400,257553,352,193Form
    60V3, Holding Ltd See FootnoteSell72920256.19500,0003,095,000565,631,627Form
    61V3, Holding Ltd See FootnoteSell72920256.45500,0003,225,000592,614,983Form
    62V3, Holding Ltd See FootnoteSell72520256.68500,0003,340,000617,086,991Form
    63V3, Holding Ltd See FootnoteSell72520256.55500,0003,275,000608,352,813Form
    64Bitfury, Top Holdco BV See FootnoteSell71620256.06289,1451,752,219565,872,450Form
    65Bitfury, Top Holdco BV See FootnoteSell71620256.11667,0104,075,431572,308,040Form
    66Bitfury, Top Holdco BV See FootnoteSell71420256.13432,9902,654,229578,270,160Form
    67Bitfury, Top Holdco BV See FootnoteSell71420256.27600,0003,762,000594,191,830Form
    68Bitfury, Top Holdco BV See FootnoteSell71020256.17600,0003,702,000588,417,086Form
    69Bitfury, Top Holdco BV See FootnoteSell71020256.08600,0003,648,000583,482,017Form
    70Bitfury, Top Holdco BV See FootnoteSell70320255.28500,0002,640,000509,876,067Form
    71Bitfury, Top Holdco BV See FootnoteSell70320254.86500,0002,430,000471,747,744Form

    Investor Activity (13F)

    Updated Jul 23, 2026
    13F holdings as of Mar 31, 2026 (Q1 2026)

    Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Engle Capital Management, L.P.$10.0 Mil3.4%22ADD +982.2%13F
    Troluce Capital Advisors LLC$17.4 Mil1.8%46New13F
    Two Seas Capital LP$26.4 Mil1.2%35ADD +570.5%13F
    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Troluce Capital Advisors LLC$17.4 Mil1.8%46New13F
    Engle Capital Management, L.P.$10.0 Mil3.4%22ADD +982.2%13F
    Two Seas Capital LP$26.4 Mil1.2%35ADD +570.5%13F
    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Situational Awareness LP$154.5 Mil3.9%24Exited13F
    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Two Seas Capital LP$26.4 Mil1.2%35ADD +570.5%13F
    Troluce Capital Advisors LLC$17.4 Mil1.8%46New13F
    Engle Capital Management, L.P.$10.0 Mil3.4%22ADD +982.2%13F

    Industry Resources

    Information Technology Resources
    TechCrunch
    Wired
    CIO
    MIT Technology Review
    Gartner Insights
    Ars Technica
    IT Consulting & Other Services Resources
    IDC
    Forrester
    Consultancy.org

    External Quote Links


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