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Cipher Digital rebrands as it pivots from bi
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Cipher Digital rebrands as it pivots from bi
Cipher Digital rebrands as it pivots from bitcoin mining to HPC, shares slide
Cipher Digital rebrands as it pivots from bitcoin mining to HPC, shares slide
Revenue and adjusted EPS come in below estimates as company leans into large scale data center buildout.
By James Van Straten|Edited by Sheldon Reback
Feb 24, 2026, 1:07 p.m.
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Cipher is switching focus from bitcoin mining to high-performance computing (Shutterstock modified by CoinDesk)
What to know:
- Cipher Digital fell short of analysts' revenue and EPS estimates in the fourth quarter.
- The company, formerly Cipher Mining, rebranded to reflect a pivot from bitcoin production to high-performance computing.
- The shares fell 5% in pre-market trading.
Cipher Digital (CIFR) shares fell about 5% in premarket trading after the company reported fourth-quarter results that missed Wall Street expectations and highlighted its shift away from bitcoin BTC$63,042.06 mining and toward high-performance computing (HPC) data centers.
The company, formerly known as Cipher Mining, reported fourth-quarter revenue of $60 million, below analyst estimates of $84.4 million. Adjusted earnings per share came in at a loss of $0.14, wider than the forecast loss of $0.06. Cipher posted an adjusted net loss of $55 million for the quarter.
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Management pointed to 2025 as a transformative year as it pivots away from bitcoin mining and toward long-term HPC infrastructure. During the quarter, Cipher secured 600 megawatts of contracted capacity, including a 15-year, 300 megawatt (MW) lease with Amazon Web Services and a 10-year, 300 MW lease with Fluidstack and Google.
The company also raised $3.73 billion through three senior secured bond offerings to finance construction at its Barber Lake and Black Pearl data center projects, both of which remain on schedule.
Cipher divested its 49% stakes in three mining joint ventures for about $40 million in stock, further simplifying its structure as it transitions to a data center-focused business model.
Cipher MiningBitcoin NewsAI
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