As of the close on Friday, November 28, 2025, Cipher Mining Inc. (NASDAQ: CIFR) finished at $20.35 per share, capping a remarkable multi-hundred-percent run in 2025 and cementing its status as one of the most closely watched Bitcoin miner–turned–AI infrastructure plays on the market. Stock Titan
Today’s (November 29) news flow centers on insider selling, a recently announced warrant redemption and cashless exercise, and the market continuing to digest a string of multi-billion-dollar AI data center deals with Amazon Web Services, Fluidstack and Google. Together, these developments are reshaping the investment story around Cipher Mining from a pure Bitcoin miner into a leveraged play on high‑performance computing (HPC) and AI.
Quick snapshot: CIFR stock by the numbers
Recent data from multiple market sources show just how far CIFR has run in 2025:
- Last close (Nov 28, 2025): $20.35
- Market capitalization: roughly $7.6 billion Stock Titan
- 52‑week range: about $1.86 to $25.52 MarketBeat
- Beta: ~2.9 – substantially more volatile than the broader market MarketBeat
- Short interest: around 15% of float, indicating significant bearish positioning Stock Titan
- Recent performance: articles from Zacks and InvestorsObserver note triple‑digit gains, including ~173% over the last three months and over 300% year‑to‑date. Nasdaq
The stock now trades at a rich forward price‑to‑sales multiple (~20x) versus other crypto infrastructure names, and Zacks assigns CIFR a Value Score of “F” and a Rank #3 (Hold), flagging that the valuation is stretched even if growth expectations are high. Nasdaq
Fresh today: Insider sales hit the tape on November 29
Two Form 4–linked stories published early on November 29 highlight notable insider selling that occurred earlier this week:
- Director Cary M. Grossman sold 25,000 CIFR shares on November 26 at $19.00 per share, a $475,000 transaction. After the sale, he still directly owns about 200,530 shares. Investing.com India
- Director Holly Morrow Evans sold 15,000 shares the same day, in trades between $18.21 and $19.00, totaling roughly $281,100. She continues to hold 195,512 shares. Investing.com India
Both articles point out that the sales come after a huge rally, with CIFR trading above $20 and posting exceptional one‑year returns. Investing.com India
The same coverage also recaps recent strategic moves:
- Cipher, via its Cipher Compute subsidiary, has now completed a $333 million add‑on to its 7.125% senior secured notes due 2030, bringing the total outstanding to $1.733 billion. Stock Titan
- The company has signed a 10‑year AI hosting agreement with Fluidstack, expected to generate approximately $830 million in contracted revenue from just the most recent expansion alone. Investing.com India
- Research house H.C. Wainwright has reiterated a Buy rating with a $30 price target following the AI colocation announcements. Investing.com India
Insiders have been net sellers across the past several months. MarketBeat’s tally suggests insiders have disposed of more than 20 million shares in roughly three months, even as institutional buyers steadily accumulate stakes. MarketBeat
Warrant redemption and cashless exercise: dilutive, but cleaner capital structure
Another major overhang in Cipher Mining’s capital structure is now being actively cleared.
On November 26, 2025, Cipher announced it is redeeming all outstanding public warrants to purchase its common stock under the October 19, 2020 Warrant Agreement. GlobeNewswire
Key terms:
- Redemption date:December 26, 2025, 5:00 p.m. New York City time.
- Redemption price for unexercised warrants:$0.01 per warrant. GlobeNewswire
- Redemption trigger: CIFR’s common stock closed at or above $18.00 per share on 20 of 30 trading days ending November 21, 2025, meeting the contractual threshold. Stock Titan
- Board‑mandated settlement:cashless exercise only – warrant holders receive 0.2687 CIFR shares per warrant instead of paying the standard $11.50 cash exercise price. Stock Titan
Coverage from The Tokenist and other outlets notes that the stock was trading around $18–18.25 when the announcement hit and has continued to move higher since, reflecting both optimism and the impact of short‑term trading around the event. Tokenist
What this means in practice:
- Cipher Mining won’t receive the potential cash proceeds from a full cash exercise of the warrants.
- Instead, the company will increase its share count by issuing stock under the cashless formula.
- Over the long term, the move simplifies the capital structure (no more legacy SPAC warrants) at the cost of near‑term dilution.
For existing shareholders, this is a classic trade‑off: fewer capital‑structure complexities and warrant overhang, but more shares outstanding and no large equity‑linked cash inflow.
The AI pivot: AWS, Fluidstack and Google reshape the story
The core reason Cipher Mining commands such a premium multiple is its increasingly aggressive pivot from pure Bitcoin mining into AI‑oriented data centers and HPC hosting.
Amazon Web Services: a 15‑year, multi‑billion‑dollar lease
In its third‑quarter 2025 business update, Cipher unveiled a landmark 15‑year lease agreement with Amazon Web Services worth roughly $5.5 billion over the term. The company will deliver 300 megawatts of AI capacity starting in 2026, with rent scheduled to begin in August 2026 after a phased ramp‑up. Stock Titan
Barron’s reports that the AWS deal helped send CIFR shares up more than 20% on the day of the announcement, despite the quarter showing a modest net loss. Barron’s
Fluidstack and Google: Barber Lake becomes an AI campus
The Barber Lake facility in Colorado City, Texas, is quickly turning into Cipher’s AI flagship:
- On November 20, 2025, Cipher signed an expanded 10‑year HPC colocation agreement with Fluidstack to deliver an additional 39 MW of critical IT load, supported by up to 56 MW of gross capacity, at Barber Lake. Stock Titan
- The new tranche alone is expected to generate about $830 million in contracted revenue over the initial term, with two 5‑year extension options that could push total economics to around $2 billion. Stock Titan
- Combined with earlier Fluidstack commitments, the partnership’s total contract value across the site could approach $3.8–9 billion, depending on extensions and utilization. Stock Titan
- Google, via Alphabet, is backstopping $1.73 billion of Fluidstack’s obligations, including a $333 million expansion of its guarantee tied to Cipher’s latest note issuance. Stock Titan
Analysts have framed these deals as a core driver of CIFR’s rerating: they create long‑duration, contracted cash flows in an industry (HPC and AI) that is less tied to Bitcoin’s price swings than classic mining.
A recent Barron’s piece and a report from Investor’s Business Daily both emphasize that Cipher is now effectively leasing out power and infrastructure for GPUs, not just mining Bitcoin for its own book. Barron’s
Q3 2025: Bitcoin mining still pays the bills (for now)
Despite all the AI headlines, Cipher’s Bitcoin mining operations remain the foundation of its current income statement.
According to the company’s Q3 2025 update and subsequent analyses:
- Q3 2025 revenue:$72 million
- Net loss: about $3 million (roughly –$0.01 per share)
- Non‑GAAP adjusted earnings:$41 million, or $0.10 per diluted share Stock Titan
- Bitcoin production: Cipher mined 629 BTC across fully owned sites in the quarter. Nasdaq
- Hash rate and capacity:
- Mining capacity increased from 423 MW to 477 MW across five sites (Odessa, Alborz, Bear, Chief and Black Pearl). Nasdaq
- Total self‑mining hash rate reached roughly 23.6 exahash per second (EH/s), exceeding prior projections. Investing
- Fleet efficiency stands around 16.8 joules per terahash (J/TH), placing Cipher among the more efficient large‑scale miners. Investing
Zacks notes that the stock’s huge recent outperformance versus peers is tied not only to Bitcoin price strength but also to incremental production from the Black Pearl site and expanding capacity across the portfolio. Nasdaq
At the same time, analysts warn that higher electricity costs, network hash‑rate growth and depreciation on new rigs and data center investments could pressure margins, especially if Bitcoin enters a prolonged downcycle. Nasdaq
Wall Street and institutions: buyers, sellers and a new leveraged ETF
Analyst sentiment: bullish on AI, cautious on valuation
Recent commentary across Wall Street and independent research shops sketches a fairly consistent picture:
- JPMorgan upgraded Cipher Mining from Neutral to Overweight and lifted its price target from $12 to $18, explicitly citing the pivot into AI data centers and long‑term contracts with AWS and Fluidstack. Investorsobserver
- Citizens initiated coverage with an Outperform rating and a $30 price target, calling Cipher an “early mover” in large‑scale HPC with “long‑term monetization upside.” Investorsobserver
- Cantor Fitzgerald has a $26 target, and H.C. Wainwright sits even higher at $30, both with Buy ratings. MarketBeat
- Zacks, by contrast, keeps CIFR at Rank #3 (Hold) and explicitly flags the stock as overvalued on a price‑to‑sales basis even while acknowledging the growth story. Nasdaq
Simply Wall St’s latest note highlights that CIFR’s fair value could be far above the current trading price under optimistic assumptions, but stresses that the model is extremely sensitive to the success of the AI data center strategy. Simply Wall St
Institutional flows: pensions and hedge funds pile in
A MarketBeat instant alert published November 28 shows that the Police & Firemen’s Retirement System of New Jersey recently increased its CIFR position by 32.1%, bringing its holdings to 60,235 shares worth about $288,000 at quarter‑end. MarketBeat
The same filing rundown lists several large institutions building or expanding positions, including:
- Millennium Management,
- Alyeska Investment Group,
- Helix Partners Management,
- Goldman Sachs Group, and
- Geode Capital Management,
collectively pushing institutional ownership higher (MarketBeat’s figure is about 12%, while other data vendors show much higher numbers depending on methodology and timing). MarketBeat
Leveraged exposure: launch of T‑REX 2X Long CIFR ETF (CIFU)
On November 21, 2025, REX Shares and Tuttle Capital launched the T‑REX 2X Long CIFR Daily Target ETF (CIFU), designed to deliver 200% of CIFR’s daily performance. Stock Titan
The existence of a single‑stock, 2x‑leveraged ETF tied specifically to Cipher Mining underscores both the explosive interest in the name and the risk profile: leveraged products are typically aimed at sophisticated traders comfortable with sharp intraday swings and potential compounding‑related distortions over longer holding periods.
Retail interest and the broader crypto/AI backdrop
Cipher is also showing up in retail trading data. A Proactive Investors article on Robinhood UK’s most‑bought names in November reports that MARA, IREN and Cipher Mining all attracted strong buy orders, despite a choppy month for Bitcoin and crypto miners more broadly. The piece singles out Cipher’s $830 million AI hosting deal with Fluidstack, backed by Google, as the standout catalyst among the mining cohort. Proactiveinvestors UK
InvestorsObserver’s coverage puts CIFR in a broader group of Bitcoin miners pivoting to AI, noting that Cipher, IREN and CleanSpark have all moved aggressively into HPC to offset tightening margins in traditional mining as Bitcoin’s price wobbles and network costs rise. Investorsobserver
Key risks and what today’s news means for investors
Putting it all together, today’s November 29 news doesn’t introduce a brand‑new thesis, but it reinforces several themes that matter for anyone watching CIFR:
- Insider selling is real but not catastrophic (yet).
Directors are taking chips off the table after a massive rally, and aggregate insider sales over recent months are large. That can be read as normal diversification, or as a caution flag. It doesn’t negate the AI thesis, but it reduces the signaling value of insider alignment. Investing.com India - The warrant redemption cleans up the SPAC legacy at the cost of dilution.
Forced, cashless exercise removes an overhang that has dogged many former SPACs. Shareholders will see extra stock hit the float, but the company will emerge with a simpler equity structure heading into 2026. GlobeNewswire - Cipher is levering up to build a power‑and‑compute empire.
The $1.733 billion in 7.125% senior secured notes and the billions of CapEx implied by AWS and Fluidstack build‑outs mean Cipher will carry significant financial leverage. The bet is that long‑term, high‑margin AI hosting revenue will more than cover the cost of capital. Stock Titan - Execution risk is now as important as Bitcoin price risk.
Cipher still mines Bitcoin at scale, but the stock’s valuation increasingly rests on multi‑year engineering, construction and operations across several gigawatts of data center projects. Delays, cost overruns, power‑market surprises or demand shifts in AI workloads could all materially change the payoff profile. Stock Titan - Volatility is likely to remain extreme.
With a high beta, meaningful short interest, leveraged ETFs like CIFU and a constant stream of crypto and AI headlines, CIFR is structurally set up for big swings in both directions. Stock Titan
For traders and long‑term investors alike, today’s November 29 news reinforces a simple message: Cipher Mining is no longer just a Bitcoin miner – it’s a high‑risk, high‑reward AI infrastructure bet with complex financing and a rapidly evolving capital structure. Anyone considering exposure should weigh the potential of multi‑billion‑dollar, long‑dated AI contracts against the realities of dilution, leverage and the unforgiving economics of both crypto and data centers.
