TL;DR:
- Cipher Digital announced its rebranding and a strategic shift toward the development of high-performance computing data centers.
- The company reported revenues of $60 million in the fourth quarter of 2025, below the $84.4 million estimated by analysts.
- It raised $3.73 billion in bonds and secured 600 MW of contracted capacity with AWS, Fluidstack and Google.
Cipher Digital closed the fourth quarter of 2025 with results that disappointed Wall Street and formally announced its rebranding, a clear signal that the company has abandoned the bitcoin mining business to become an infrastructure platform for high-performance computing data centers.
Quarterly revenues reached $60 million, compared to the $84.4 million analysts had expected. The adjusted loss per share was $0.14, considerably wider than the projected $0.06 deficit. The total adjusted net loss for the period reached $55 million. Shares of the company, which trades on the Nasdaq under the symbol CIFR, fell nearly 5% in premarket trading today.
Cipher: Identity Shift and Long-Term Contracts
Cipher’s leadership approached 2025 as a year of transformation. During the fourth quarter, the company secured 600 megawatts of contracted capacity through two long-term agreements: a 15-year contract for 300 MW with Amazon Web Services and a 10-year deal for 300 MW with Fluidstack and Google. Tyler Page, the company’s chief executive officer, stated that the quarter served as a consolidation phase toward its new business model centered on stable cash flows and top-tier customers.
To finance the construction of its Barber Lake and Black Pearl projects, Cipher executed three high-yield bond offerings. The first raised $1.4 billion in senior secured notes at 7.125%, followed by an additional $333 million at the same rate, bringing total Barber Lake financing to $1.73 billion. The third offering raised $2 billion at 6.125%, a notably lower rate that the company attributed to growing investor confidence. Both projects remain on schedule.
Exiting Mining: Asset Sale to Canaan
Separately, Cipher sold its 49% stake in three 40 MW mining joint ventures identified as Alborz, Bear and Chief, along with bitcoin mining equipment previously deployed at Black Pearl. Canaan Inc., a mining equipment manufacturer, acquired these assets for approximately $40 million in an all-stock transaction. The deal simplifies Cipher’s corporate structure and allows it to remain involved in the mining business in a less direct capacity.
