TL;DR:
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’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.
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.
