₿$73,459.79▼ 0.12%
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
1,116 BTC
180d
Stock PriceUpdated 11h ago
$23.65▼ 3.82%
180d
Total financing
5.21B USD
180d
mNAV
159.56x▼ 3.70%
180d
Leverage
5477.2%
180d
BTC Risk
98.39%0.0x
Sats/Share
202
180d
Mkt capFD
13.08B USD
SharesFD
553.09M
Fiat reserve
715.20M USD
Total reserve
797.18M USD
Dilution
35.2%
Coverage
0.3 yr
BTC mix
0%
Analytics
BTC Coverage
FinancialsUnverified
US-GAAPQuarterlyAs of 2026-03-31
Balance Sheet
Total Assets$6.4B▲125.1%
Total Liabilities$5.7B▲174.8%
Stockholders' Equity$714.2M▼8.8%
Cash & Equivalents$715.2M▼40.8%
Total Debt$4.7B▲362.5%
Digital Assets$76.2M▼55.3%
Income Statement
Revenue$34.8M▼51.4%
Operating Income$-114.6M▼204.6%
Net Income$-114.3M▼3382.1%
Interest Expense$59.2M
Cash Flow
Operating Cash Flow$91.5M▲159.6%
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, May 4, 2026
Shares Outstanding
405.9M→409.0M+3.1M(+0.8%)
Form 10-Q (Q1 2026)
Wed, Apr 8, 2026
Shares Outstanding
405.3M→405.9M+646.6K(+0.2%)
Record date for 2026 annual meeting
Form DEF 14A (2026 annual meeting proxy)Tue, Mar 31, 2026
BTC Holdings
1.4K→1.1K-317 BTC(-22.1%)
Includes 85 BTC pledged as collateral for trading strategies
Form 10-Q (Q1 2026)Shares Outstanding
405.1M→405.3M+147.0K(+0.0%)
Form 10-Q (Q1 2026)
Fiat Reserve
628.3M→715.2M+86.9M(+13.8%)USD
Form 10-Q (Q1 2026)
Mon, Mar 23, 2026
Debt OutstandingIssuanceCIFR-RCF
0
No amounts drawn at closing
Form 8-K (revolving credit facility)Mon, Feb 23, 2026
Shares Outstanding
405.0M→405.1M+156.3K(+0.0%)
10-K cover-page count between FY2025 balance-sheet date and DEF 14A record date
Form 10-K (2025)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)
Debt Outstandingexercisecipher-mining-warrant-aug-2021
8.5M→0-8.5M(-100.0%)
Form 10-K (2025)
Fiat Reserve
1.21B→628.3M-579.2M(-48.0%)USD
Form 10-K (2025)