New York, Feb 25, 2026, 07:18 EST — Premarket
- Cipher Mining climbed roughly 1% in premarket action after announcing its new name: Cipher Digital.
- The company reports 600 MW of contracted high-performance computing capacity, along with $3.73 billion in project bond financings.
- Bitcoin miners eye steadier cash flows, putting execution at the Barber Lake and Black Pearl data center sites in sharp focus for investors.
Cipher Mining Inc (CIFR) advanced 1.1% to $17.30 ahead of the open Wednesday, with investors weighing the firm’s pivot from solely bitcoin mining to leasing out data center space for high-performance computing. (Public)
This shift carries weight—bitcoin miners have been looking for ways to ease their exposure to wild swings in crypto prices and energy expenses. High-performance computing, or HPC, covers demanding jobs like AI model training and sizable cloud operations.
Cipher says long-term leases can make a miner resemble a contracted infrastructure firm. But there’s a catch: management faces extra pressure to meet construction targets and hold on to tenants, since the cash goes out up front.
Cipher has switched its legal name to Cipher Digital Inc, a filing showed, though the Nasdaq ticker stays “CIFR.” According to the same filing, the company also released an investor presentation dated Feb. 24. (SEC)
Shares finished Tuesday at $17.12, a gain of $1.90. After the bell, the stock edged up to $17.18, according to MarketWatch data. (marketwatch.com)
Cipher reported fourth-quarter revenue of $60 million and posted an adjusted net loss of $55 million, according to an SEC filing. CEO Tyler Page said the firm is now “officially” operating under the Cipher Digital name, a shift that comes as the company ramps up its focus on HPC data center projects. (SEC)
Cipher unloaded its 49% stake in three joint venture mining operations—Alborz, Bear, and Chief, each with 40 megawatts of capacity—plus a batch of mining rigs it had running at Black Pearl. The buyer: Canaan Inc, picking it up through an all-stock transaction pegged at roughly $40 million.
During the earnings call, management reported a GAAP net loss of $734.2 million for the quarter, citing a mix of non-cash and transition-related factors. Page dismissed the rebrand as “not an aspirational shift.” CFO Greg Mumford highlighted a $450 million mark-to-market adjustment related to a convertible note derivative, along with impairment charges linked to the company’s legacy mining assets. (The Motley Fool)
Bitcoin climbed roughly 3.6% in the past 24 hours, trading most recently around $65,530 and, as usual, steering sentiment for miner stocks.
Needham’s John Todaro cut his price target on Cipher to $22 from $26 on Wednesday, but kept his buy rating in place, according to StreetInsider. (StreetInsider.com)
But things could just as easily flip. Cipher depends on high-yield debt and aggressive construction timelines. Delays—whether in equipment arrivals, interconnection sign-offs, or getting tenants up to speed—could pressure cash flow, even if bitcoin prices hold up.
Cipher’s investor presentation put both of the signed leases—the 300 MW with AWS, plus another 300 MW with Fluidstack (Google backing up as much as $1.73 billion in Fluidstack commitments)—on track to start in October 2026. The same deck called for roughly $669 million in average annualized net operating income (that’s property-level cash flow, pre-interest and corporate overhead) for the base lease period, and circled the fourth quarter of 2026 for energizing the Stingray site in Texas. (SEC)
