Core Viewpoint - Cipher Mining Inc. (NASDAQ:CIFR) has shown strong performance, with a 13.78% increase in stock price following positive coverage from Morgan Stanley, which has set a price target of $38, indicating a 127% upside potential from its recent closing price [1][2]. Group 1: Company Performance - Cipher Mining's stock rose to $16.76 per share on Monday, reflecting investor optimism driven by Morgan Stanley's bullish outlook [1]. - The company is expected to benefit from the increasing demand for artificial intelligence power, as it can leverage its bitcoin mining and data center capabilities [2][3]. Group 2: Financial Activities - Cipher Mining plans to raise $2 billion through the issuance of senior secured notes with a yield rate of 6.125%, maturing in 2031 [3][4]. - The proceeds from the notes will be allocated to finance the Black Pearl Facility, reimburse prior equity contributions, fund debt service reserves, and cover offering-related fees and expenses [4]. Group 3: Upcoming Events - Cipher Mining is scheduled to announce its fourth quarter and full-year 2025 earnings results on February 24, with a conference call planned to discuss the outcomes [3].

Group 1 - Cipher Mining's stock rose by 13.75% following a bullish analyst note from Morgan Stanley, indicating strong market interest despite general cryptocurrency performance [2][3] - Morgan Stanley initiated coverage on three Bitcoin miners, recommending "overweight" ratings for Cipher Mining and TeraWulf, while giving an "underweight" rating to Mara [3] - Analysts are optimistic about Bitcoin miners transitioning into the data center segment, which is expected to provide reliable cash flows compared to the volatility of cryptocurrencies [5] Group 2 - The demand for AI-capable infrastructure is anticipated to exceed supply, presenting a significant opportunity for companies like Cipher Mining and TeraWulf, despite their smaller data center operations [6] - Cipher Mining's current market capitalization is $5.8 billion, with a trading range of $15.01 to $17.00 for the day [7][8] - The potential for data center operations is viewed as more promising than cryptocurrency mining, although these companies are still in the early stages of establishing themselves in this segment [8]

Core Viewpoint - TeraWulf's stock surged 16.52% to close at $16.65 after Morgan Stanley initiated coverage with an Overweight rating and a $37 price target, highlighting its strong position in AI-focused data centers and potential for infrastructure growth [1][4]. Company Performance - TeraWulf's trading volume reached 64.4 million shares, approximately 94% above its three-month average of 33.3 million shares, indicating heightened investor interest [2]. - Since its IPO in 1994, TeraWulf has experienced significant growth, with a 1,276% increase in its stock price [2]. Market Context - The S&P 500 rose by 0.45% to finish at 6,964, while the Nasdaq Composite increased by 0.90% to close at 23,239, reflecting a positive market sentiment [3]. - In the cryptocurrency mining sector, peers such as Mara Holdings and Riot Platforms showed mixed performance, with Mara closing at $8.06 (-2.18%) and Riot at $14.97 (+3.60%) [3]. Investment Implications - Morgan Stanley's coverage emphasizes TeraWulf's unique ability to redirect energy capacity from bitcoin mining to AI data center operations, distinguishing it from many crypto-focused peers [5]. - The positive analyst sentiment is further supported by Needham's reiterated Buy rating and TeraWulf's partnership with Google for large-scale AI infrastructure commitments, which investors are keenly observing for progress in converting power assets for data center use [5].

Core Viewpoint - Cipher Mining Inc. will provide a business update and release its fourth quarter and full year 2025 financial results on February 24, 2026, before U.S. markets open [1] Group 1: Financial Results Announcement - The company will host a conference call and webcast on February 24, 2026, at 8:00 a.m. Eastern Time to discuss the financial results [1] - The live webcast and replay of the conference call will be accessible from the investor relations section of Cipher's website [2] Group 2: Company Overview - Cipher focuses on the development and operation of industrial-scale data centers for bitcoin mining and high-performance computing (HPC) hosting [3] - The company aims to be a market leader in innovation within bitcoin mining growth, data center construction, and as a hosting partner for major HPC companies [3]

Core Viewpoint - Cango (CANG) is strategically pivoting from Bitcoin mining to providing compute power for the AI industry, having sold 4,451 BTC for approximately $305 million to fund this transition [1][2]. Group 1: Financial Moves - The proceeds from the Bitcoin sale were entirely used to repay a portion of a Bitcoin-collateralized loan [1]. - Cango's CEO indicated plans to selectively sell newly mined Bitcoin to support the expansion of its AI initiatives and manage liquidity more effectively [4]. Group 2: Leadership Changes - Cango appointed Jack Jin, formerly of Zoom, as its new CTO to assist in developing its AI business line [2]. Group 3: Mining Operations - Unlike other Bitcoin miners like Bitfarms, Cango intends to continue its mining operations while expanding its AI compute business [3]. - The company operates over 40 mining sites across four geographic regions and mined nearly 500 BTC in January, while also selling 550 BTC worth about $39 million during the same month [3]. Group 4: Market Performance - Following the news of the Bitcoin sale and strategic shift, Cango's shares fell nearly 3%, trading below $0.95, and have decreased approximately 38% over the past month [2].

Core Viewpoint - Cango has sold 4,451 bitcoin to repay debt, generating approximately $305 million, which will be used to enhance cash flows for operational growth [1] Group 1: Financial Actions - Cango sold 4,451 bitcoin at an average price of $68,524 per coin, totaling around $305 million [1] - The proceeds from the sale were utilized to repay a portion of a bitcoin-collateralized loan [1] Group 2: Strategic Shift - Cango is pivoting towards an integrated energy and AI/HPC platform, deploying modular GPU nodes at existing grid-connected sites to provide inference services for small and medium enterprises [2] - The appointment of Jack Jin as Chief Technology Officer for the AI business line is aimed at leading this transition, leveraging his experience in architecting large-scale GPU clusters [3] Group 3: AI and HPC Integration - Cango's AI roadmap includes the deployment of containerized nodes for rapid inference availability, aligning with industry trends where bitcoin miners are diversifying into AI/HPC to mitigate cryptocurrency mining volatility [3] - Despite the strategic pivot, Cango remains committed to its mining operations, seeking an optimal balance between hashrate scale and operational efficiency [4]

Company Overview - Cipher Mining Inc. is engaged in the cryptocurrency mining industry, focusing on developing and operating bitcoin mining data centers, aiming for efficient and sustainable mining solutions [1] Stock Performance and Analyst Ratings - On February 9, 2026, Morgan Stanley upgraded Cipher Mining's stock from Underweight to Overweight, with the stock priced at $14.73 at the time of the upgrade [2] - The stock opened at $13.66 and last traded at $14.03, reflecting a notable increase from its previous close of $12.70 [2] - Analysts from Rosenblatt Securities raised their price target to $33.00 with a "buy" rating, while Citigroup and JMP Securities expressed optimism with an "outperform" rating and price targets of $30.00 [3] Stock Volatility and Market Activity - Cipher Mining's stock has shown significant fluctuations, with a 15.98% increase, reflecting a $2.03 change, and trading within a range of $13.45 to $14.86 [4] - Over the past year, the stock reached a high of $25.52 and a low of $1.86, indicating its volatile nature [4] - The company's market capitalization is approximately $5.82 billion [4] Trading Volume and Investor Interest - The trading volume for CIFR today is notably high, with 31,185,318 shares traded, suggesting growing investor interest and confidence in the company's future prospects [5]

Market Overview - Futures are trading lower after a significant rally on Friday, where major indices surged following a three-day sell-off that nearly caused a market meltdown [2] - The Dow Jones Industrial Average reached a new all-time high, closing at 50,115, up 2.47%, while the S&P 500 and Nasdaq also saw gains of 1.97% and 2.18% respectively [2] - The Russell 2000, representing small-cap companies, surged 3.60% to close at 2,670 [2] Treasury Bonds - Treasury yields remained largely unchanged as traders awaited confirmation of the rally's sustainability [3] - Short-term debt was sold off as investors shifted towards riskier assets, leading to a slight steepening of the yield curve [3] - The 30-year bond closed at 4.85%, while the benchmark 10-year note was at 4.21% [3] Oil and Gas - Oil prices increased amid rising geopolitical tensions between the U.S. and Iran, with Brent crude closing at $68.05, up 0.64%, and West Texas Intermediate at $63.55, up 0.41% [4] - Natural gas prices fell by 2.48% to $3.42 due to profit-taking and expectations of warmer weather [4] Economic Outlook - Attention will shift to economic data as fourth-quarter earnings season concludes, particularly following surprising January layoff figures [5] - Market technicians will monitor trading patterns for potential follow-through from the recent rally and anticipate continued sector rotation [5]

Core Viewpoint - The Bitcoin mining industry is experiencing significant transformations as companies pivot away from Bitcoin mining due to declining profitability and rising operational costs, with a notable shift towards artificial intelligence (AI) and high-performance computing (HPC) operations. Group 1: Industry Trends - Bitcoin mining, once a lucrative venture, has become less profitable due to multiple halvings, increased power costs, and a recent crash in Bitcoin prices [2] - High-profile exits from Bitcoin mining operations are being observed, with companies like Bit Digital planning to shut down their Bitcoin mining activities entirely [3] Group 2: Company Developments - Bitfarms Ltd. has announced its transition from a Bitcoin mining company to focusing on AI and HPC operations, indicating a strategic redomicile from Canada to the United States [4][5] - The company will operate under the new name Keel Infrastructure and will trade under the ticker "KEEL" on both Nasdaq and the Toronto Stock Exchange [5] - CEO Ben Gagnon emphasized that the company is now an infrastructure-first owner and developer for HPC/AI data centers across North America, marking a clear departure from its previous Bitcoin-centric business model [6]

Core Viewpoint - Iren is transitioning from Bitcoin mining to AI infrastructure supported by Microsoft, which is reshaping its long-term strategy [1] Company Overview - Iren's stock closed at $41.83, reflecting a 5.13% increase, although it remains 22% below the previous week's closing price [2][6] - The company has a market capitalization of $13 billion and has seen a 71% growth since its IPO in 2021 [2][3] - Trading volume reached 74.3 million shares, significantly above the three-month average of 40.5 million shares [3] Financial Performance - Iren reported a gross margin of 31.17% [2] - The company experienced a Q2 earnings miss, leading to investor reassessment of its stock [2][6] Market Context - The S&P 500 and Nasdaq Composite saw gains of 1.97% and 2.18%, respectively, indicating a positive market trend [4] - Peers in the cryptocurrency mining sector, such as Mara Holdings and Riot Platforms, also experienced significant stock increases [5] Investor Sentiment - Investors are concerned about Iren's pivot to AI and are closely monitoring the execution of its Microsoft-backed cloud expansion [2][6] - Despite securing 95% of the financing for its Microsoft contract, including a $1.9 billion prepayment, investor confidence remains shaky due to the absence of new AI deals [6][7]