Tyler Page: Thanks, Courtney. Morning, everyone, and thank you for joining us today. I am Tyler Page, CEO of Cipher Mining Inc., and I am pleased to welcome you to our fourth quarter and full year 2025 business update call. 2025 was a defining year for Cipher. Over the past twelve months, we completed a deliberate and disciplined transformation of the company from a Bitcoin miner with sourcing and development expertise into a digital infrastructure company purpose-built to deliver hyperscale compute. During ...

美股上市公司 Cipher Digital（CIFR）公布第四季度财报，营收 6000 万美元，低于市场预期的 8440 万 美元；调整后每股亏损 0.14 美元，高于预期亏损 0.06 美元，当季调整后净亏损 5500 万美元。公司原名 Cipher Mining，已更名为 Cipher Digital，宣布业务重心由比特币挖矿转向高性能计算（HPC）数据中心 建设。（CoinDesk） （来源：吴说） 来源：市场资讯 ...

在业务布局方面，公司已成功锁定总计600兆瓦的高性能计算数据中心合约容量，涵盖两份重要租约： 一份是与亚马逊(AMZN.US)AWS签订的15年期300兆瓦租约，另一份是与Fluidstack和谷歌(GOOGL.US) 达成的10年期300兆瓦合作协议。 智通财经APP获悉，比特币矿企Cipher Mining(CIFR.US)周二发布最新财报。数据显示，公司2025财年 营收达2.2394亿美元，同比增长48%，但仍较预期低0.257亿美元，全年非GAAP净利润2223.6万美元， 合每股收益为0.06美元，较市场预期低0.28美元。 值得关注的是，公司已正式由Cipher Mining更名为Cipher Digital，彰显其战略重心从比特币挖矿向高性 能计算(HPC)数据中心开发的重大转型。 为支持高性能计算数据中心建设，公司已完成三轮债券发行，累计募资37.3亿美元。Cipher表示，目前 各数据中心项目进展顺利：Barber Lake数据中心项目按计划推进，约95%的长周期设备已落实，所有既 定设计节点均已达成;Black Pearl数据中心项目也如期推进，目前工程、采购与施工活动正有序开展。 另外 ...

（来源：吴说） Canaan Inc（CAN）宣布，以发行 8.064 亿股 A 类普通股（相当于 5380 万美国存托股份）收购 Cipher Mining（CIFR）在 ABC Projects（Alborz LLC、Bear LLC、Chief Mountain LLC）49% 股权，交易金额 3975 万美元，股份附带 6 个月锁定期。（CoinDesk） 来源：市场资讯 ...

来源：市场资讯 （来源：吴说） 吴说获悉，嘉楠科技（Canaan）宣布以约 3975 万美元对价收购 Cipher Mining（NASDAQ: CIFR）在 Alborz、Bear 与 Chief Mountain 三个矿场项目（ABC Projects）中的 49% 股权，相关项目位于美国德克 萨斯州西部，总电力容量 120 MW，当前运行算力约 4.4 EH/s。Canaan 同时购入 6840 台 Avalon A15Pro 矿机。 ...

Core Insights - Canaan Inc. has acquired a 49% equity interest in multiple operational mining projects from Cipher Mining, totaling approximately 4.4 EH/s in West Texas, enhancing its position in the crypto mining sector [1] - The acquisition includes 6,840 Avalon A15Pro mining rigs and was valued at around US$39.75 million, funded through the issuance of Class A ordinary shares [1] - The strategic partnership with WindHQ LLC aims to leverage expertise in wind energy and power infrastructure, enhancing operational efficiency within the ERCOT market [1] Financial and Operational Highlights - The ABC Projects currently operate with a total power capacity of 120 MW and an average fleet efficiency of approximately 25.7 J/TH, with potential for upgrades [1] - The average power rates for the projects are highly competitive, at sub-3 cents per kWh, benefiting from long-term power agreements and off-grid wind power integration [1] - The transaction was structured to maintain financial flexibility, with shares issued at US$0.7394 per ADS, subject to a six-month lock-up period [1] Strategic Implications - This acquisition is part of Canaan's broader energy strategy, transitioning to a systematic upstream development model focused on direct U.S. power applications [1] - The company aims to build a robust project pipeline capable of securing substantial load by the end of 2026, potentially at gigawatt scale [1] - The integration of bitcoin mining with AI-HPC colocation is expected to enhance return on invested capital and deepen relationships with power partners [1]

Cipher Mining Inc. (NASDAQ:CIFR) is one of the best stocks to buy and hold for the next 6 months. On February 9, Morgan Stanley initiated coverage of Cipher Mining Inc. (NASDAQ:CIFR) with an Overweight rating and a $38 price target. Strong Analyst Support and Funding Boost Cipher Mining Inc. (CIFR)’s Outlook According to the investment bank, Cipher Mining is one of the Bitcoin mining companies well-positioned to benefit from a pivot to data centers. The investment bank expects Bitcoin companies with esta ...

Core Viewpoint - Cipher Mining Inc. (NASDAQ:CIFR) is identified as a promising investment opportunity with significant upside potential, particularly due to its established data centers that may attract infrastructure investors seeking stable cash flows [1]. Group 1: Investment Potential - Morgan Stanley initiated coverage of Cipher Mining with an Overweight rating and a price target of $38, indicating strong confidence in the company's future performance [1]. - The firm believes that Bitcoin companies with established data centers, like Cipher Mining, will likely appeal to investors focused on long-term, stable cash flows, especially if they secure long-term leases with creditworthy counterparties [1]. Group 2: Business Model Comparison - Morgan Stanley compared Cipher Mining's business model to that of data center REITs such as Equinix and Digital Realty, noting that Bitcoin companies' data centers may not achieve the same valuation multiples due to limited growth potential [2]. - The report suggests that data centers developed by Bitcoin companies should ideally be owned by REIT-like investors who can accurately assess the value of long-term, low-risk contracted cash flows [2]. Group 3: Company Overview - Cipher Mining operates as a Bitcoin mining ecosystem in the U.S. and is involved in developing a cryptocurrency business [3].

Core Viewpoint - Activist investor Starboard Value suggests that Riot Platforms can significantly increase its share value by transitioning its focus from bitcoin mining to AI and high-performance computing (HPC), estimating a potential share price between $23.55 and $52.60 [1] Group 1: Performance Comparison - Riot Platforms has underperformed compared to AI/HPC peers such as TeraWulf, Core Scientific, Hut 8, and Cipher Mining since January 2024 [2] - Immediate execution on large-scale data center deals is deemed necessary to close the valuation gap with peers [2] Group 2: Strategic Initiatives - The January 16 deal with AMD is highlighted as a proof of concept, involving an initial 25 MW of critical IT load expandable to 200 MW, projected to generate $311 million in revenue over ten years with an estimated 80% EBITDA margin [3] - The retrofit cost for this deal is noted to be $3.6 million per MW [3] Group 3: Financial Projections - Annual EBITDA from AI/HPC operations could reach approximately $1.627 billion if Riot successfully manages all 1.7 GW of power in the AI/HPC market [4] - A price target range of $23.55 to $53 is derived using a 12.5x to 20.0x EBITDA multiple, adjusted for $1.005 billion in net cash, excluding potential value from bitcoin mining operations and other assets [4] Group 4: Operational Improvements - Recent operational improvements include an increase in mining uptime to 86% in Q3 2025 and the settlement of a lawsuit with Rhodium to free up 125 MW of capacity [5] - Stock-based compensation is expected to decrease significantly over the next two years, which is crucial for transitioning to a "best-in-class" data center company [5] Group 5: Market Sentiment - Market analysts are closely monitoring the sector as miners leverage power assets for high-performance computing, with J.P. Morgan recently rerating mining stocks based on power capacity potential [6]

Core Insights - Cipher Mining Inc. (NASDAQ:CIFR) is recognized as one of the best Bitcoin and blockchain stocks to invest in [1][2] - The company has appointed Drew Armstrong as Head of Strategic Initiatives and Lee Bratcher as Head of Policy and Government Affairs, enhancing its leadership team with industry expertise [2] - Morgan Stanley analyst Stephen Byrd has initiated coverage of Cipher Mining with an Overweight rating and a price target of $38, indicating strong potential due to rising valuations in the bitcoin-to-datacenter conversion market [3] Financial Performance - Cipher Mining generated $72 million in revenue and $41 million in non-GAAP adjusted profitability in the previous quarter [4] - The company has established a 15-year partnership with Amazon Web Services to develop a campus data center focused on AI workloads [4] - Cipher Mining is also developing a 1-gigawatt facility in West Texas through a joint venture, acquiring majority ownership [4] Strategic Developments - The appointment of Lee Bratcher, who has experience in energy regulation, is expected to strengthen the company's policy and government affairs strategy [2] - The leadership changes are part of a broader strategy to enhance the company's position in the cryptocurrency and blockchain sectors [2]