TL;DR:
- Cipher Digital introduced its rebranding and a strategic shift towards the event of high-performance computing information facilities.
- The corporate reported revenues of $60 million within the fourth quarter of 2025, beneath the $84.4 million estimated by analysts.
- It raised $3.73 billion in bonds and secured 600 MW of contracted capability with AWS, Fluidstack and Google.
Cipher Digital closed the fourth quarter of 2025 with outcomes that disillusioned Wall Road and formally introduced its rebranding, a transparent sign that the corporate has deserted the bitcoin mining enterprise to change into an infrastructure platform for high-performance computing information facilities.
Quarterly revenues reached $60 million, in comparison with the $84.4 million analysts had anticipated. The adjusted loss per share was $0.14, significantly wider than the projected $0.06 deficit. The whole adjusted internet loss for the interval reached $55 million. Shares of the corporate, which trades on the Nasdaq beneath the image CIFR, fell almost 5% in premarket buying and selling at this time.
Cipher: Identification Shift and Lengthy-Time period Contracts
Cipher’s management approached 2025 as a yr of transformation. Throughout the fourth quarter, the corporate secured 600 megawatts of contracted capability by two long-term agreements: a 15-year contract for 300 MW with Amazon Net Companies and a 10-year deal for 300 MW with Fluidstack and Google. Tyler Web page, the corporate’s chief govt officer, said that the quarter served as a consolidation section towards its new enterprise mannequin centered on secure money flows and top-tier prospects.
To finance the development of its Barber Lake and Black Pearl initiatives, Cipher executed three high-yield bond choices. The primary raised $1.4 billion in senior secured notes at 7.125%, adopted by an extra $333 million on the identical fee, bringing complete Barber Lake financing to $1.73 billion. The third providing raised $2 billion at 6.125%, a notably decrease fee that the corporate attributed to rising investor confidence. Each initiatives stay on schedule.
Exiting Mining: Asset Sale to Canaan
Individually, Cipher bought its 49% stake in three 40 MW mining joint ventures recognized as Alborz, Bear and Chief, together with bitcoin mining tools beforehand deployed at Black Pearl. Canaan Inc., a mining tools producer, acquired these belongings for roughly $40 million in an all-stock transaction. The deal simplifies Cipher’s company construction and permits it to stay concerned within the mining enterprise in a much less direct capability.
