NEW YORK, Dec. 27, 2025, 8:07 p.m. ET — Market closed
Cipher Mining Inc. (NASDAQ: CIFR) heads into the weekend with investors weighing a sharp Friday pullback in the stock against an active pipeline of high-performance computing (HPC) and data-center expansion catalysts that have helped reframe Cipher’s story beyond pure Bitcoin mining.
With U.S. exchanges closed Saturday, price discovery shifts to what’s moving crypto markets and sector sentiment—especially Bitcoin, which remains a key driver of day-to-day swings for publicly traded miners. Bitcoin was last quoted around $87,842, up roughly 0.6% on the latest reading.
Where CIFR left off: down 6.35% Friday, with late after-hours softness
Cipher Mining shares closed Friday at $15.19, down $1.03 (-6.35%), after trading in a roughly $15.18–$16.28 range. After-hours trading (which ended Friday evening) last showed CIFR around $15.11. [1]
That decline matters not only because of the size of the move, but because CIFR has traded like a classic high-beta “crypto proxy” for much of 2025—prone to exaggerated up and down days when investors rotate between risk-on and risk-off exposure in digital-asset-linked equities.
The last 24–48 hours: what changed (and what didn’t)
There were no major new Cipher press releases in the past day or two. Instead, the freshest coverage has focused on (1) Friday’s price action, (2) institutional positioning data surfacing via filings, and (3) the broader “miners pivoting to AI/HPC” narrative that has been dominating the group.
1) Friday’s drop: MarketBeat recap highlights technical levels and analyst target revisions
A MarketBeat update published Friday reported CIFR shares were down about 5.2% intraday during mid-day trading, citing the prior close near $16.22 and flagging that the stock was sitting below its 50-day moving average while remaining above its 200-day moving average. [2]
The same piece also summarized Street sentiment as broadly constructive, pointing to a cluster of price-target moves and rating actions from firms including JMP Securities, H.C. Wainwright, JPMorgan Chase & Co., and Macquarie in recent weeks. [3]
2) Institutional activity: Voya stake increase (but note the timing)
A separate MarketBeat filing-focused article (also published Friday) highlighted that Voya Investment Management LLC increased its stake in Cipher sharply in Q3, according to the report’s recap of ownership data and filings. The key point for investors: while the article is new, the underlying positioning reflects earlier reporting periods, not real-time buying this weekend. [4]
The same roundup also pointed to notable insider selling totals over the last 90 days, another data point investors often watch in high-volatility names. [5]
3) Fresh “AI acceleration” framing: Seeking Alpha pits Cipher vs. TeraWulf
In one of the most widely circulated commentary pieces over the last day, Uttam Dey argued on Seeking Alpha that miners including Cipher and peers such as TeraWulf could be positioned as “winners” in a 2026 AI infrastructure build-out—while emphasizing execution and financing risks. [6]
Investors should treat this as opinion research, but it’s relevant because it reflects the narrative momentum that has fueled dramatic re-ratings across parts of the miner/data-center complex.
Options activity: heavy trading Friday as volatility stays elevated
While weekend trading is paused for equities, derivatives data can reveal how traders were positioned going into the close. Options analytics compiled from CBOE-sourced data show CIFR options volume jumped on Dec. 26, with total contracts traded reported around 114,770 and a put/call split that still skewed toward calls in raw volume. [7]
This doesn’t predict Monday’s direction by itself—but it reinforces the idea that CIFR remains a high-volatility battleground ticker, where sentiment can swing quickly.
The bigger catalysts still driving the CIFR story
Even though the last 24–48 hours were light on new corporate announcements, Cipher has several recent, still-price-relevant developments that investors continue to digest.
Ohio expansion: “Ulysses” 200 MW site with a long runway
On Dec. 23, Cipher announced it acquired a 200 MW site in Ohio known as “Ulysses,” including 195 acres and capacity tied to AEP Ohio, with utility agreements and interconnection approvals in place. Cipher said the site is expected to energize in Q4 2027 and would provide direct access to PJM, while also being positioned as HPC-suitable given fiber path diversity and proximity to a major metro area. [8]
CEO Tyler Page framed the move as expanding Cipher’s HPC hosting opportunity set and geographic footprint beyond Texas. [9]
Barber Lake and the AI/HPC push: Fluidstack + Google economics
Cipher’s HPC strategy at the Barber Lake site in Texas remains a central part of the bull case. In a Nov. 20 release, the company announced an additional long-term HPC colocation agreement with Fluidstack, describing approximately $830 million in contracted revenue over an initial 10-year term (with extension options), and noting Google would backstop additional Fluidstack obligations to support project-related debt. [10]
Industry outlet Data Center Dynamics separately detailed the same expansion and included additional context on contract scale, project timing, and financing structure, quoting Tyler Page on momentum in Cipher’s HPC development pipeline. [11]
Financing: additional senior secured notes tied to Barber Lake build-out
Cipher also disclosed plans for additional financing tied to this build-out. In another Nov. 20 release, Cipher said its subsidiary intended to offer $333 million of additional 7.125% senior secured notes due 2030, with proceeds aimed at construction costs associated with additional facilities within the Barber Lake HPC site. [12]
For equity holders, this matters because the HPC opportunity is capital-intensive—so the market often reacts not only to contract announcements, but also to how projects are funded and the terms of that funding.
A key weekend “must-know” before Monday: warrant redemption fallout and trading changes
If you hold (or previously traded) CIFRW (Cipher’s public warrants), the next session has an important mechanical wrinkle.
Cipher previously announced the redemption and cashless exercise of outstanding public warrants, with a redemption date of 5:00 p.m. ET on Dec. 26, 2025. The company disclosed that warrant exercises were required on a cashless basis and described the exchange ratio mechanics; any warrants remaining unexercised after the deadline would be redeemed for $0.01 per warrant. [13]
Separately, Nasdaq Trader’s corporate actions alert flagged the marketplace mechanics and indicated a suspension effective date of Dec. 29, 2025 for the warrant symbol as part of the redemption process. [14]
Why it matters for CIFR common stock: warrant exercises can affect share count/dilution dynamics, and corporate-action deadlines sometimes create temporary volatility as positions get adjusted around the cutoffs.
Analyst forecasts and price targets: what the Street is implying from here
Across major tracking services, the consensus tone remains bullish—but price targets vary widely, reflecting the uncertainty around execution timelines, power availability, and crypto/HPC economics.
- TipRanks shows an average 12-month price target of $24.42 (high $34, low $13) and a “Strong Buy” consensus based on recent analyst ratings. [15]
- StockAnalysis lists an average price target of $25.60 with a “Strong Buy” consensus, while also highlighting CIFR’s beta around 2.92, underscoring above-market volatility. [16]
- MarketBeat’s roundup cited an average price target around $24.73, and summarized multiple target increases and a notable JPMorgan upgrade to “overweight” (per its report). [17]
- Compass Point reiterated a Buy rating and $28 price target after the Ohio (Ulysses) announcement, according to Investing.com’s recap. [18]
For investors, the practical takeaway is that CIFR is being valued less like a steady infrastructure utility and more like a high-growth, high-uncertainty build story, where the distribution of possible outcomes is wide.
What investors should watch before the next session opens
With the market closed, the focus shifts to catalysts that can move the stock at Monday’s open—often via gaps.
- Bitcoin’s weekend move (and Sunday night futures tone)
Miner equities frequently react to crypto price changes that occur while equities are shut. A large BTC move between now and Monday can reshape risk appetite for the group quickly. - Post-warrant-redemption positioning effects
Given the Dec. 26 deadline and Nasdaq’s noted suspension mechanics, watch for any spillover into common-share volatility as market participants rebalance exposures. [19] - Key price levels after Friday’s selloff
CIFR’s Friday low near $15.18 and prior close around $16.22 stand out as near-term reference points, alongside the moving-average levels highlighted in Friday commentary. [20] - Execution watch: funding + build timelines for HPC
The bullish narrative hinges on bringing large-scale HPC capacity online on schedule and on budget—supported by the financing structures the company has outlined. [21]
As always with high-beta miners, CIFR can move fast in either direction—so Monday’s tone may be set as much by macro/crypto sentiment as by any single company-specific headline.
References
1. stockanalysis.com, 2. www.marketbeat.com, 3. www.marketbeat.com, 4. www.marketbeat.com, 5. www.marketbeat.com, 6. seekingalpha.com, 7. fintel.io, 8. www.globenewswire.com, 9. www.globenewswire.com, 10. www.globenewswire.com, 11. www.datacenterdynamics.com, 12. www.globenewswire.com, 13. www.globenewswire.com, 14. www.nasdaqtrader.com, 15. www.tipranks.com, 16. stockanalysis.com, 17. www.marketbeat.com, 18. www.investing.com, 19. www.globenewswire.com, 20. stockanalysis.com, 21. www.globenewswire.com
