# Cipher Mining (CIFR.US)

Canonical: https://gigainvestors.com/s/CIFR

Analysis as of: 2026-10-16T07:27:26.384Z. 

Listing currency: USD. Reporting currency: USD.

## Verdict

Not enough history yet

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $10.05 per share; close as of 2026-10-15.

## Checklist

### understandable: na

### moat: na

### economics: na

### management: na

### accounting: na

## Holders

- [Chase Coleman](https://gigainvestors.com/TGM): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 59% since Jun 2026 · "Earnings call transcript: Cipher Mining Q2 2025 misses forecasts, stock dips" (investing.com, Aug 2025)

Story as of 2026-10-16T09:58:30.479Z; price observation 2026-10-15.

- 2025-07-02: Cipher Mining exceeds Q2 hashrate guidance with Black Pearl phase I ([investing.com](https://www.investing.com/news/company-news/cipher-mining-exceeds-q2-hashrate-guidance-with-black-pearl-phase-i-93CH-4120791))

- 2025-09-25: Cipher Mining Signs 10-Year AI hosting Deal with Fluidstack; Alphabet's Google backstops $1.40 billion ([finance.yahoo.com](https://finance.yahoo.com/news/cipher-mining-signs-10-ai-115625894.html))

- 2025-11-20: Cipher Mining inks additional 56MW, 10-Year AI hosting deal with Fluidstack ([seekingalpha.com](https://seekingalpha.com/news/4524453-cipher-mining-inks-additional-56mw-10-year-ai-hosting-deal-with-fluidstack?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in information technology services; annual sales are USD 223.9 million.

- Source: https://www.sec.gov/Archives/edgar/data/1819989/000181998926000009/cifr-20251231.htm (filed 2026-02-24); FY2025: revenue 223942000; grossProfit 63597000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CIFR.US: Cipher Digital Inc., together with its subsidiaries, develops and operates industrial-scale data centers for bitcoin mining and high-performance compute (HPC) hosting in the United States. It develops HPC data center facilities across various sites for hyperscaler tenants; operates power at one bitcoin mining data center; and maintains a pipeline across various sites. The company was formerly known as Cipher Mining Inc. and change its name to Cipher Digital Inc. in February 2026. The company was founded in 2021 and is headquartered in New York, New York.

### Why customers stay

Margins ranged from 18.6% to 60.3% during 2023–25.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2023: grossProfit / revenue = 60.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2024: grossProfit / revenue = 18.6%.

- Source: https://www.sec.gov/Archives/edgar/data/1819989/000181998926000009/cifr-20251231.htm (filed 2026-02-24); FY2025: grossProfit / revenue = 28.4%.

### Where the cash goes

Paid dividends in 1 of 6 years; bought back USD 89.6 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); Dividend observations: [[2020,0],[2021,0],[2022,0],[2023,3404001],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1819989/000181998926000009/cifr-20251231.htm (filed 2026-02-24); FY2025: cash repurchases 89585000 USD.

### Are managers owners

Insiders own 3.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CIFR.US SharesStats.PercentInsiders = 3.63 percentage points; cache date 2026-10-16.

### What the price says

The price is 17.1 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); Closing price 10.05 USD; reporting-to-trading FX 1; FY2025 annual sales per share 0.5868456388895824; price multiple 17.125457418438707. FY2025 cash earnings/share -2.1547110658256416. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2020-10: $9.85 per share

- 2020-11: $9.91 per share

- 2020-12: $9.95 per share

- 2021-01: $10.26 per share

- 2021-02: $10.40 per share

- 2021-03: $10.83 per share

- 2021-04: $10.10 per share

- 2021-05: $9.93 per share

- 2021-06: $9.95 per share

- 2021-07: $9.92 per share

- 2021-08: $10.77 per share

- 2021-09: $10.34 per share

- 2021-10: $7.86 per share

- 2021-11: $7.89 per share

- 2021-12: $4.63 per share

- 2022-01: $3.04 per share

- 2022-02: $3.05 per share

- 2022-03: $3.64 per share

- 2022-04: $3.03 per share

- 2022-05: $2.43 per share

- 2022-06: $1.37 per share

- 2022-07: $1.72 per share

- 2022-08: $2.01 per share

- 2022-09: $1.26 per share

- 2022-10: $1.01 per share

- 2022-11: $0.78 per share

- 2022-12: $0.56 per share

- 2023-01: $1.20 per share

- 2023-02: $1.52 per share

- 2023-03: $2.33 per share

- 2023-04: $2.31 per share

- 2023-05: $2.54 per share

- 2023-06: $2.86 per share

- 2023-07: $3.80 per share

- 2023-08: $3.19 per share

- 2023-09: $2.33 per share

- 2023-10: $3.33 per share

- 2023-11: $2.77 per share

- 2023-12: $4.13 per share

- 2024-01: $3.04 per share

- 2024-02: $2.96 per share

- 2024-03: $5.15 per share

- 2024-04: $3.72 per share

- 2024-05: $3.71 per share

- 2024-06: $4.15 per share

- 2024-07: $5.23 per share

- 2024-08: $3.51 per share

- 2024-09: $3.87 per share

- 2024-10: $4.93 per share

- 2024-11: $6.70 per share

- 2024-12: $4.64 per share

- 2025-01: $5.73 per share

- 2025-02: $4.08 per share

- 2025-03: $2.30 per share

- 2025-04: $2.85 per share

- 2025-05: $3.12 per share

- 2025-06: $4.78 per share

- 2025-07: $5.46 per share

- 2025-08: $7.64 per share

- 2025-09: $12.59 per share

- 2025-10: $18.65 per share

- 2025-11: $20.35 per share

- 2025-12: $14.76 per share

- 2026-01: $15.96 per share

- 2026-02: $15.60 per share

- 2026-03: $12.87 per share

- 2026-04: $17.74 per share

- 2026-05: $23.65 per share

- 2026-06: $24.50 per share

- 2026-07: $22.32 per share

- 2026-08: $15.50 per share

- 2026-09: $15.83 per share

- 2026-10: $10.05 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1819989/000181998926000009/cifr-20251231.htm); period 2025-12-31, filed 2026-02-24.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.