NEW YORK, July 26, 2026, 12:05 p.m. EDT
- On Friday, shares ended the session at $23.15, falling 10.3% but rising 31.8% over the week.
- On Friday, trading volume reached 21.18 million shares, representing just 45% of the shares traded on Tuesday.
- Cipher is set to release its second-quarter earnings ahead of the market open on August 4.
Cipher Digital Inc. NASDAQ:CIFR, previously known as Cipher Mining, surged 31.8% over a turbulent week. Shares finished Friday at $23.15 despite a 10.3% drop that session. U.S. equity markets remained closed on Sunday.
Friday’s bearish indication was tempered by trading volume. Turnover totaled 21.18 million shares, down approximately 17% from the 65-day average and less than half of Tuesday’s 47.45 million.
That does not ensure a further move upward. It indicates sellers failed to equal the strongest buying of the week.
Cipher gained 47.0% from the close on July 17 through Thursday. Friday saw only a partial pullback in the stock’s advance.
| Friday summary | Close | Change | Market cap |
|---|---|---|---|
| Cipher Digital NASDAQ:CIFR | $23.15 | -10.34% | $9.38 billion |
| IREN Ltd. NASDAQ:IREN | $37.07 | -8.66% | $12.37 billion |
| TeraWulf Inc. NASDAQ:WULF | $18.46 | -7.98% | $7.81 billion |
| Core Scientific Inc. NASDAQ:CORZ | $22.75 | -4.97% | $7.35 billion |
The chosen three peers posted an average drop of 7.2%. Cipher’s decline exceeded this by 3.1 percentage points. The Nasdaq Composite slipped 0.6% on Friday and registered a 2.1% decrease for the week.
No new company statement was issued alongside Friday’s reversal. Cipher’s most recent update, posted July 21, merely announced the August 4 update. The firm’s investor webpage records July 10 as the most recent SEC filing. This indicates the move likely resulted from sector selling and profit-taking, not fresh company news.
Shares rose 17% on Monday as Morgan Stanley NYSE:MS issued fresh research. Analyst Stephen Byrd reiterated an overweight rating, adjusting the base target down to $47, while the bull case was set at $76.50.
The analysis centered on access to the power grid rather than bitcoin production. Morgan Stanley calculated $16.66 billion in possible value based on Cipher’s 270 megawatts of established connections and an additional gigawatt of onsite generation capacity. This figure represented 208% of the market valuation referenced in the report.
“2026 is the year of execution for Cipher,” Chief Executive Tyler Page said in May. That remark has gained added significance. Cipher Digital Inc.
Cipher states it has secured contracts for 700 megawatts of HPC capacity and has a development pipeline totaling 3.3 gigawatts. Company leadership estimates contracted revenue at $11.4 billion. Management expects average yearly net operating income of about $787 million between October 2026 and September 2036.
Friday’s $9.38 billion market capitalization is approximately 11.9 times the expected NOI. It represents about $13.4 million for each contracted megawatt. These figures are equity-based metrics and not enterprise value multiples, omitting outstanding construction outlays, debt obligations and corporate costs.
Earnings continue to be much lower. First-quarter revenue totaled $34.8 million, all generated from bitcoin mining. Cipher recorded a net loss of $114.3 million along with $59.2 million in interest expenses.
As of March, the balance sheet showed $4.73 billion in both short- and long-term debt. Cipher reported $715 million in cash not subject to restrictions and $3.53 billion in restricted cash. A subsidiary closed an $810 million offering of 6% secured notes in June, intended to fund the Stingray facility.
No company events are planned for the upcoming week. Focus will turn to the August 4 update, where investors look for verification of construction milestones and confirmation that rent is set to begin in August for the 300-megawatt lease.
Risks: Potential reduction in returns may result from construction delays, increased costs, and greater financing requirements. Fluctuations in Bitcoin prices continue to impact present revenue. Tenant concentration and the possibility of additional equity issuance also represent significant ongoing risks.
Friday’s turnaround failed to halt the weekly climb. Further action now demands proof from operations. A further price-target hike alone may prove insufficient.
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