Cipher Digital (CIFR)
Market Price (10/5/2026): $15.75 | Market Cap: $6.4 BilSector: Information Technology | Industry: IT Consulting & Other Services
Cipher Digital (CIFR)
Market Price (10/5/2026): $15.75Market Cap: $6.4 BilSector: Information TechnologyIndustry: IT Consulting & Other Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Megatrend and thematic driversMegatrends include Crypto & Blockchain, and Datacenter Power. Themes include Cryptocurrency Mining, and Power Grid. | Meaningful short interestShort 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 18% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -394 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -206% Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 74% Expensive valuation multiplesP/SPrice/Sales ratio is 34x Weak revenue growthRev Chg QQuarterly Revenue Change % is -43% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 47% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -134%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -783% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -21% High stock price volatilityVol 12M is 114% Key risksCIFR 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. |
| Megatrend and thematic driversMegatrends include Crypto & Blockchain, and Datacenter Power. Themes include Cryptocurrency Mining, and Power Grid. |
| Meaningful short interestShort 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 18% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -394 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -206% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 74% |
| Expensive valuation multiplesP/SPrice/Sales ratio is 34x |
| Weak revenue growthRev Chg QQuarterly Revenue Change % is -43% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 47% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -134%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -783% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -21% |
| High stock price volatilityVol 12M is 114% |
| Key risksCIFR 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. |
Qualitative Assessment
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Cipher Digital (CIFR) stock has lost about 35% since 6/30/2026 because of the following key factors:
1. Cipher Digital reported a significant earnings miss and expanded losses for fiscal Q2 2026.
The company announced a GAAP net loss of $267.5 million, or $0.65 per share, for the fiscal quarter ended June 30, 2026, which substantially missed analysts' consensus estimate of -$0.11 per share by 490.91%. This announcement on August 4, 2026, led to a 15.7% decline in CIFR's stock price the following day.
2. The company faces a rising debt burden and persistent negative free cash flow.
Cipher Digital's long-term borrowings increased to $5.45 billion as of June 30, 2026, compared to $2.71 billion at the end of fiscal year 2025. This substantial increase in leverage is coupled with a negative free cash flow of -$1.5 billion over the twelve months leading up to June 30, 2026, indicating ongoing capital expenditure and cash burn.
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Cipher Digital (CIFR) stock has lost about 35% since 6/30/2026 because of the following key factors:
1. Cipher Digital reported a significant earnings miss and expanded losses for fiscal Q2 2026.
The company announced a GAAP net loss of $267.5 million, or $0.65 per share, for the fiscal quarter ended June 30, 2026, which substantially missed analysts' consensus estimate of -$0.11 per share by 490.91%. This announcement on August 4, 2026, led to a 15.7% decline in CIFR's stock price the following day.
2. The company faces a rising debt burden and persistent negative free cash flow.
Cipher Digital's long-term borrowings increased to $5.45 billion as of June 30, 2026, compared to $2.71 billion at the end of fiscal year 2025. This substantial increase in leverage is coupled with a negative free cash flow of -$1.5 billion over the twelve months leading up to June 30, 2026, indicating ongoing capital expenditure and cash burn.
3. Operational losses intensified during the company's strategic transition.
In fiscal Q2 2026, Cipher Digital reported an Adjusted EBITDA loss of approximately $30 million. The company's bitcoin-mining revenue declined to $24.8 million in fiscal Q2 2026 from $43.6 million in the prior year, as it transitions to a High-Performance Computing (HPC) data center development model. This strategic shift contributed to deeply negative profitability, with an EBIT margin worse than -500% in the latest reported quarter due to high operating expenses and interest costs.
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Stock Movement Drivers
Fundamental Drivers
The -35.9% change in CIFR stock from 6/30/2026 to 10/4/2026 was primarily driven by a -28.9% change in the company's P/S Multiple.| (LTM values as of) | 6302026 | 10042026 | Change |
|---|---|---|---|
| Stock Price ($) | 24.50 | 15.71 | -35.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 210 | 191 | -8.9% |
| P/S Multiple | 47.3 | 33.7 | -28.9% |
| Shares Outstanding (Mil) | 405 | 409 | -1.0% |
| Cumulative Contribution | -35.9% |
Market Drivers
6/30/2026 to 10/4/2026| Return | Correlation | |
|---|---|---|
| CIFR | -35.9% | |
| Market (SPY) | 3.1% | 32.0% |
| Sector (XLK) | 4.9% | 55.2% |
Fundamental Drivers
The 22.1% change in CIFR stock from 3/31/2026 to 10/4/2026 was primarily driven by a 47.4% change in the company's P/S Multiple.| (LTM values as of) | 3312026 | 10042026 | Change |
|---|---|---|---|
| Stock Price ($) | 12.87 | 15.71 | 22.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 224 | 191 | -14.7% |
| P/S Multiple | 22.8 | 33.7 | 47.4% |
| Shares Outstanding (Mil) | 397 | 409 | -3.0% |
| Cumulative Contribution | 22.1% |
Market Drivers
3/31/2026 to 10/4/2026| Return | Correlation | |
|---|---|---|
| CIFR | 22.1% | |
| Market (SPY) | 18.6% | 42.5% |
| Sector (XLK) | 50.5% | 52.8% |
Fundamental Drivers
The 24.8% change in CIFR stock from 9/30/2025 to 10/4/2026 was primarily driven by a 20.3% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 9302025 | 10042026 | Change |
|---|---|---|---|
| Stock Price ($) | 12.59 | 15.71 | 24.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 159 | 191 | 20.3% |
| P/S Multiple | 29.7 | 33.7 | 13.2% |
| Shares Outstanding (Mil) | 375 | 409 | -8.4% |
| Cumulative Contribution | 24.8% |
Market Drivers
9/30/2025 to 10/4/2026| Return | Correlation | |
|---|---|---|
| CIFR | 24.8% | |
| Market (SPY) | 16.5% | 46.6% |
| Sector (XLK) | 42.3% | 52.9% |
Fundamental Drivers
The 574.2% change in CIFR stock from 9/30/2023 to 10/4/2026 was primarily driven by a 240.3% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 9302023 | 10042026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.33 | 15.71 | 574.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 56 | 191 | 240.3% |
| P/S Multiple | 10.3 | 33.7 | 225.6% |
| Shares Outstanding (Mil) | 249 | 409 | -39.1% |
| Cumulative Contribution | 574.2% |
Market Drivers
9/30/2023 to 10/4/2026| Return | Correlation | |
|---|---|---|
| CIFR | 574.2% | |
| Market (SPY) | 86.2% | 43.2% |
| Sector (XLK) | 148.1% | 42.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CIFR Return | -53% | -88% | 637% | 12% | 218% | 12% | 66% |
| Peers Return | 2971% | -51% | 172% | 69% | 44% | 27% | 12603% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 104% |
Monthly Win Rates [3] | |||||||
| CIFR Win Rate | 50% | 33% | 67% | 50% | 75% | 56% | |
| Peers Win Rate | 69% | 38% | 65% | 55% | 52% | 51% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 44% | |
Max Drawdowns [4] | |||||||
| CIFR Max Drawdown | -69% | -91% | -56% | -60% | -65% | -50% | |
| Peers Max Drawdown | -43% | -64% | -40% | -43% | -46% | -32% | |
| 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 10/2/2026 (YTD)
How Low Can It Go
| Event | CIFR | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -65.1% | -18.8% |
| % Gain to Breakeven | 186.7% | 23.1% |
| Time to Breakeven | 95 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -17.6% | -7.8% |
| % Gain to Breakeven | 21.4% | 8.5% |
| Time to Breakeven | 63 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -41.2% | -9.5% |
| % Gain to Breakeven | 70.2% | 10.5% |
| Time to Breakeven | 37 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -82.6% | -24.5% |
| % Gain to Breakeven | 473.5% | 32.4% |
| Time to Breakeven | 265 days | 427 days |
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.
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Asset Allocation
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| Event | CIFR | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -65.1% | -18.8% |
| % Gain to Breakeven | 186.7% | 23.1% |
| Time to Breakeven | 95 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -41.2% | -9.5% |
| % Gain to Breakeven | 70.2% | 10.5% |
| Time to Breakeven | 37 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -82.6% | -24.5% |
| % Gain to Breakeven | 473.5% | 32.4% |
| Time to Breakeven | 265 days | 427 days |
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.
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- 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.
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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.
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- 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.
- 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.
- 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.
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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.
Peer Outperformance in IT Consulting & Other Services
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| CIFR | Cipher Digital | 67.7% | -5.7x | 6.9% | 541.2% | 53.1% | — |
| INOD | Innodata | 64.1% | 50.4x | -16.7% | 744.2% | 589.7% | +537pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Electronic Manufacturing Services | 9 | 72.0% | 194.8% | 342.7% | TTMI 927% · FLEX 789% · SANM 478% |
| Semiconductor Materials & Equipment | 27 | 102.0% | 118.1% | 135.4% | AXTI 986% · AEHR 681% · LRCX 558% |
| Technology Distributors | 9 | 44.1% | 98.0% | 108.7% | CLMB 415% · AVT 220% · SNX 177% |
| Electronic Components | 26 | 43.3% | 84.4% | 82.0% | CLS 4156% · BELFA 1424% · COHR 506% |
| Communications Equipment | 36 | 7.5% | 104.3% | 77.4% | AAOI 1583% · LITE 1224% · FEIM 959% |
| Semiconductors | 55 | 28.5% | 65.3% | 39.4% | POET 1813% · MU 1461% · NVDA 1049% |
| Technology Hardware, Storage & Peripherals | 20 | 23.9% | 126.2% | 35.7% | SMCI 1072% · DELL 1060% · STX 1049% |
| Internet Services & Infrastructure | 6 | -6.6% | 47.2% | 22.6% | DOCN 77% · VRSN 42% · GDDY 40% |
| Electronic Equipment & Instruments | 26 | -21.7% | 27.9% | -3.7% | PI 245% · KEYS 136% · VPG 123% |
| IT Consulting & Other Services ← | 28 | -22.9% | -7.7% | -18.9% | CHRN 505426% · APLD 1054% · TSSI 831% |
| Application Software | 125 | -29.5% | -14.1% | -45.2% | VIDA 132400% · INLX 4812% · PLTR 713% |
| Systems Software | 70 | -19.2% | 17.3% | -51.2% | QNC 555% · PAYS 456% · PANW 409% |
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Peer Comparisons
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Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 22.61 |
| Mkt Cap | 7.1 |
| Rev LTM | 625 |
| Op Inc LTM | -202 |
| FCF LTM | -1,281 |
| FCF 3Y Avg | -587 |
| CFO LTM | 305 |
| CFO 3Y Avg | 95 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 22.4% |
| Rev Chg 3Y Avg | 26.1% |
| Rev Chg Q | 22.6% |
| QoQ Delta Rev Chg LTM | 5.4% |
| Op Inc Chg LTM | -24.5% |
| Op Inc Chg 3Y Avg | -50.1% |
| Op Mgn LTM | -40.4% |
| Op Mgn 3Y Avg | -33.9% |
| QoQ Delta Op Mgn LTM | -0.5% |
| CFO/Rev LTM | 27.9% |
| CFO/Rev 3Y Avg | 12.5% |
| FCF/Rev LTM | -191.3% |
| FCF/Rev 3Y Avg | -169.9% |
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 | NATROBA | spinosad | suspension | 1182011 | |||||
| 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 | NATROBA | spinosad | suspension | 1182011 | |||||
Price Behavior
| Market Price | $15.71 | |
| Market Cap ($ Bil) | 6.4 | |
| First Trading Date | 12/07/2020 | |
| Distance from 52W High | -46.2% | |
| 50 Days | 200 Days | |
| DMA Price | $17.58 | $18.27 |
| DMA Trend | down | down |
| Distance from DMA | -10.7% | -14.0% |
| 3M | 1YR | |
| Volatility | 124.8% | 114.2% |
| Downside Capture | 297.69 | 470.87 |
| Upside Capture | 122.04 | 405.91 |
| Correlation (SPY) | 31.7% | 46.7% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 4.49 | 1.25 | 3.73 | 3.89 | 4.09 | 3.26 |
| Up Beta | 2.81 | -0.72 | 6.97 | 4.22 | 4.14 | 2.72 |
| Down Beta | 9.22 | 2.68 | 4.52 | 4.04 | 3.11 | 2.92 |
| Up Capture | 501% | 44% | 136% | 600% | 2486% | 186893% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 11 | 19 | 27 | 57 | 117 | 355 |
| Down Capture | 303% | 350% | 328% | 278% | 189% | 113% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 11 | 23 | 36 | 68 | 134 | 388 |
[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 | |
|---|---|---|---|---|
| CIFR | 24.8% | 114.1% | 0.71 | - |
| Sector ETF (XLK) | 41.2% | 26.5% | 1.27 | 52.9% |
| Equity (SPY) | 16.2% | 13.0% | 0.88 | 46.6% |
| Gold (GLD) | 6.8% | 29.6% | 0.22 | 28.4% |
| Commodities (DBC) | 44.9% | 20.8% | 1.67 | -1.4% |
| Real Estate (VNQ) | 1.5% | 13.6% | -0.15 | 5.4% |
| Bitcoin (BTCUSD) | -28.9% | 44.3% | -0.64 | 36.5% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CIFR | |
|---|---|---|---|---|
| CIFR | 6.5% | 122.3% | 0.62 | - |
| Sector ETF (XLK) | 21.5% | 25.9% | 0.73 | 36.6% |
| Equity (SPY) | 13.1% | 17.2% | 0.58 | 35.6% |
| Gold (GLD) | 18.4% | 18.9% | 0.79 | 12.2% |
| Commodities (DBC) | 10.3% | 19.6% | 0.41 | 4.6% |
| Real Estate (VNQ) | 0.7% | 18.8% | -0.07 | 21.3% |
| Bitcoin (BTCUSD) | 14.6% | 52.2% | 0.45 | 40.0% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CIFR | |
|---|---|---|---|---|
| CIFR | 4.6% | 114.5% | 0.60 | - |
| Sector ETF (XLK) | 24.9% | 25.0% | 0.90 | 35.4% |
| Equity (SPY) | 15.3% | 17.9% | 0.72 | 34.4% |
| Gold (GLD) | 11.5% | 16.4% | 0.57 | 11.4% |
| Commodities (DBC) | 8.2% | 18.1% | 0.37 | 4.6% |
| Real Estate (VNQ) | 4.2% | 20.7% | 0.16 | 20.2% |
| Bitcoin (BTCUSD) | 64.1% | 66.2% | 1.04 | 33.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 9/25/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/4/2026 | -15.6% | -32.4% | -39.5% |
| 5/5/2026 | 23.5% | 13.4% | 46.7% |
| 2/24/2026 | 12.5% | 3.5% | -2.2% |
| 11/3/2025 | 22.0% | 10.9% | -0.1% |
| 8/7/2025 | -6.5% | -6.0% | 44.3% |
| 5/6/2025 | 2.0% | 5.7% | 25.5% |
| 2/25/2025 | -17.4% | -22.5% | -38.8% |
| 10/31/2024 | -6.6% | 32.0% | 26.9% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 9 | 12 | 8 |
| # Negative | 11 | 8 | 12 |
| Median Positive | 3.1% | 12.4% | 33.4% |
| Median Negative | -7.3% | -19.6% | -28.5% |
| Max Positive | 23.5% | 32.0% | 51.6% |
| Max Negative | -46.7% | -45.8% | -40.9% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/4/2026 | -15.6% | -32.4% | -39.5% |
| 5/5/2026 | 23.5% | 13.4% | 46.7% |
| 2/24/2026 | 12.5% | 3.5% | -2.2% |
| 11/3/2025 | 22.0% | 10.9% | -0.1% |
| 8/7/2025 | -6.5% | -6.0% | 44.3% |
| 5/6/2025 | 2.0% | 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% |
| 8/8/2023 | 11.7% | 11.4% | -12.0% |
| 5/9/2023 | 2.6% | 23.6% | 19.5% |
| 3/14/2023 | -7.7% | 17.0% | 29.7% |
| 11/14/2022 | -1.1% | -7.4% | -25.1% |
| 8/9/2022 | 2.4% | 17.5% | -34.0% |
| 5/10/2022 | -46.7% | -45.8% | -40.9% |
| 3/4/2022 | 0.8% | 14.8% | 37.1% |
| 11/12/2021 | 3.1% | -4.8% | -38.7% |
| SUMMARY STATS | |||
| # Positive | 9 | 12 | 8 |
| # Negative | 11 | 8 | 12 |
| Median Positive | 3.1% | 12.4% | 33.4% |
| Median Negative | -7.3% | -19.6% | -28.5% |
| Max Positive | 23.5% | 32.0% | 51.6% |
| Max Negative | -46.7% | -45.8% | -40.9% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/04/2026 | 10-Q |
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 02/24/2026 | 10-K |
| 09/30/2025 | 11/03/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/06/2025 | 10-Q |
| 12/31/2024 | 02/25/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/13/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 03/05/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 03/14/2023 | 10-K |
| 09/30/2022 | 11/14/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/04/2026 | 10-Q |
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 02/24/2026 | 10-K |
| 09/30/2025 | 11/03/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/06/2025 | 10-Q |
| 12/31/2024 | 02/25/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/13/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 03/05/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 03/14/2023 | 10-K |
| 09/30/2022 | 11/14/2022 | 10-Q |
| 06/30/2022 | 08/09/2022 | 10-Q |
| 03/31/2022 | 05/10/2022 | 10-Q |
| 12/31/2021 | 03/04/2022 | 10-K |
| 09/30/2021 | 11/12/2021 | 10-Q |
Insider Activity
Updated 10/2/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Page, Tyler | Chief Executive Officer | Direct | Sell | 7102026 | 22.68 | 112,500 | 2,551,500 | 203,478,723 | Form |
| 2 | Page, Tyler | Chief Executive Officer | Direct | Sell | 7102026 | 21.19 | 112,500 | 2,383,875 | 192,494,728 | Form |
| 3 | Grossman, Cary M | Direct | Sell | 6232026 | 29.43 | 15,000 | 441,450 | 4,232,887 | Form | |
| 4 | Newsome, James E | Direct | Sell | 6182026 | 26.60 | 3,758 | 99,963 | 3,418,898 | Form | |
| 5 | Newsome, James E | Direct | Sell | 6182026 | 20.96 | 3,342 | 70,048 | 2,772,756 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Page, Tyler | Chief Executive Officer | Direct | Sell | 7102026 | 22.68 | 112,500 | 2,551,500 | 203,478,723 | Form |
| 2 | Page, Tyler | Chief Executive Officer | Direct | Sell | 7102026 | 21.19 | 112,500 | 2,383,875 | 192,494,728 | Form |
| 3 | Grossman, Cary M | Direct | Sell | 6232026 | 29.43 | 15,000 | 441,450 | 4,232,887 | Form | |
| 4 | Newsome, James E | Direct | Sell | 6182026 | 26.60 | 3,758 | 99,963 | 3,418,898 | Form | |
| 5 | Newsome, James E | Direct | Sell | 6182026 | 20.96 | 3,342 | 70,048 | 2,772,756 | Form | |
| 6 | V3, Holding Ltd | See Footnote | Sell | 6082026 | 25.49 | 1,200,000 | 30,586,817 | 1,486,435,015 | Form | |
| 7 | V3, Holding Ltd | See Footnote | Sell | 6042026 | 26.62 | 1,800,000 | 47,912,485 | 1,584,218,176 | Form | |
| 8 | Williams, Wesley Hastie | Direct | Sell | 5222026 | 21.41 | 14,567 | 311,879 | 2,470,907 | Form | |
| 9 | Kelly, Patrick Arthur | Co-President and COO | Direct | Sell | 5142026 | 19.36 | 48,000 | 929,280 | 28,107,932 | Form |
| 10 | Williams, Wesley Hastie | Direct | Sell | 5082026 | 22.26 | 28,169 | 627,042 | 2,893,266 | Form | |
| 11 | Grossman, Cary M | Direct | Sell | 5082026 | 21.82 | 20,000 | 436,400 | 3,284,565 | Form | |
| 12 | Page, Tyler | Chief Executive Officer | Direct | Sell | 3272026 | 16.11 | 37,500 | 604,125 | 133,130,817 | Form |
| 13 | Grossman, Cary M | Direct | Sell | 3242026 | 14.54 | 30,000 | 436,200 | 2,479,506 | Form | |
| 14 | Kelly, Patrick Arthur | Co-President and COO | Direct | Sell | 3192026 | 14.98 | 35,568 | 532,809 | 21,593,790 | Form |
| 15 | Newsome, James E | Direct | Sell | 3062026 | 15.74 | 45,161 | 710,834 | 2,004,190 | Form | |
| 16 | Kelly, Patrick Arthur | Co-President and COO | Direct | Sell | 2192026 | 15.52 | 35,568 | 552,015 | 22,924,220 | Form |
| 17 | Kelly, Patrick Arthur | Co-President and COO | Direct | Sell | 1202026 | 17.76 | 35,568 | 631,688 | 26,864,557 | Form |
| 18 | Williams, Wesley Hastie | Direct | Sell | 12232025 | 16.08 | 49,867 | 801,861 | 2,542,972 | Form | |
| 19 | Newsome, James E | Direct | Sell | 12232025 | 16.03 | 21,821 | 349,791 | 2,765,047 | Form | |
| 20 | Kelly, Patrick Arthur | Co-President and COO | Direct | Sell | 12172025 | 15.08 | 35,569 | 536,381 | 17,368,692 | Form |
| 21 | Grossman, Cary M | Direct | Sell | 11282025 | 19.00 | 25,000 | 475,000 | 3,810,070 | Form | |
| 22 | Kelly, Patrick Arthur | Co-President and COO | Direct | Sell | 11192025 | 14.20 | 26,580 | 377,436 | 16,860,214 | Form |
| 23 | Evans, Holly Morrow | Direct | Sell | 11142025 | 17.39 | 16,269 | 282,918 | 3,660,804 | Form | |
| 24 | Williams, Wesley Hastie | Direct | Sell | 11142025 | 17.51 | 18,769 | 328,645 | 3,642,290 | Form | |
| 25 | Iwaschuk, William | Co-President and CLO | Direct | Sell | 11062025 | 22.52 | 173,094 | 3,898,077 | 23,747,070 | Form |
| 26 | V3, Holding Ltd | See Footnote | Sell | 10162025 | 20.32 | 535,843 | 10,888,676 | 1,245,994,845 | Form | |
| 27 | V3, Holding Ltd | See Footnote | Sell | 10162025 | 21.06 | 2,167,684 | 45,658,085 | 1,302,804,458 | Form | |
| 28 | V3, Holding Ltd | See Footnote | Sell | 10162025 | 20.78 | 1,832,316 | 38,078,626 | 1,330,448,504 | Form | |
| 29 | V3, Holding Ltd | See Footnote | Sell | 9302025 | 12.39 | 2,000,000 | 24,780,000 | 815,912,933 | Form | |
| 30 | V3, Holding Ltd | See Footnote | Sell | 9302025 | 12.08 | 2,000,000 | 24,152,326 | 819,398,290 | Form | |
| 31 | V3, Holding Ltd | See Footnote | Sell | 9302025 | 11.61 | 1,585,182 | 18,401,711 | 810,888,710 | Form |
Investor Activity (13F)
Updated Oct 5, 2026Active 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.
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
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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