₿$70,669.81▼ 3.27%
Cipher Digital Inc.
CIFR🇺🇸Reserve
Cipher Digital (formerly Cipher Mining) is a Bitcoin miner and industrial-scale data center developer. The company has evolved from a pure-play Bitcoin miner into a vertically integrated data center platform with major HPC leases with Fluidstack/Google and Amazon. BTC is accumulated through mining operations at its Texas facilities, with selective sales as part of treasury management.
BTC Holdings
1,433 BTC
Insufficient history
Stock Price
$16.53
180d
Total financing
5.21B USD
180d
mNAV
85.67x
180d
Leverage
4519.8%
180d
BTC Credit
>9,999 bps0.0x
Sats/Share
273
180d
Mkt capFD
8.68B USD
SharesFD
524.83M
Fiat reserve
628.26M USD
Total reserve
729.53M USD
Dilution
29.6%
Coverage
0.4 yr
BTC mix
0%
Analytics
BTC Coverage
Financials
US-GAAPAnnualAs of 2025-12-31
Balance Sheet
Total Assets$4.3B▲401.7%
Total Liabilities$3.5B▲1892.0%
Stockholders' Equity$805.5M▲18.1%
Cash & Equivalents$628.3M▲11149.1%
Total Debt$2.7B
Digital Assets$125.4M▲35.3%
Income Statement
Revenue$223.9M▲48.0%
Operating Income$-421.6M▼864.7%
Net Income$-822.2M▼1742.2%
Interest Expense$36.6M▲2040.5%
Cash Flow
Operating Cash Flow$-207.9M▼137.6%
Instruments
| Instrument | Term | Coupon | Principal | Outstanding | Conv. price | BTC Rating |
|---|---|---|---|---|---|---|
| CIFR-May30 | May '25 – May '30 | 1.75% | 172.50M USD | 172.50M USD | 4.45 USD | 0.0x |
| CIFR-Oct31 | Sep '25 – Oct '31 | 0% | 1.30B USD | 1.30B USD | 16.03 USD | 0.0x |
| Total | 1.47B USD | |||||
Recent Changes
Mon, Mar 23, 2026
Debt OutstandingIssuanceCIFR-RCF
0
No amounts drawn at closing
Form 8-K (revolving credit facility)Wed, Feb 11, 2026
Debt OutstandingIssuanceCIFR-BP31
2.00B
Form 8-K (Black Pearl senior secured notes)
Wed, Dec 31, 2025
BTC Holdings
1.5K→1.4K-67 BTC(-4.5%)
Form 10-K (2025)
Shares Outstanding
393.6M→405.0M+11.4M(+2.9%)
Form 10-K (2025)
Fiat Reserve
1.21B→628.3M-579.2M(-48.0%)USD
Form 10-K (2025)
Mon, Nov 24, 2025
Debt OutstandingIssuanceCIFR-BL30
1.40B→1.73B+333.0M(+23.8%)
Additional $333M tranche
Form 8-K (additional $333M senior secured notes)Thu, Nov 13, 2025
Debt OutstandingIssuanceCIFR-BL30
1.40B
Form 8-K (senior secured notes issuance)