Cipher Mining (NASDAQ: CIFR) rebranded Cipher Digital, as announced in its Q4 2025 Earnings call. The firm reported $60 million in revenue and a $55 million adjusted net loss for the fourth quarter on Tuesday as the miner continues to transition to an AI/HPC data center developer.
The rebranding from Cipher Mining signals a strategic shift away from pure-play bitcoin mining toward securing cash flows through purpose-built facilities for hyperscalers. Management confirmed plans to liquidate the remainder of the Bitcoin treasury in 2026 to fund this infrastructure transition per the Q4 earnings call. The builder previously sold a portion of its holdings last year.
Yesterday, Bitdeer sold its entire Bitcoin treasury in transition for AI/HPC operations.
Cipher Digital also announced Monday the sale of minority stake in three joint venture mining sites to Canaan (NASADQ: CAN). The $39.75 million all-stock transaction includes Cipher’s 49% stake in projects Alborz, Bear, and Chief alongside select mining machines at the Black Pearl site. This divestiture provides capital-light exposure to the mining sector while clearing space for new development.
Cipher Digital secured 600 megawatts of gross capacity across two leases to anchor its new business model. Amazon Web Services signed a 15-year, 300-megawatt agreement at the Barber Lake facility in November last year. A separate 10-year, 300-megawatt colocation agreement with Fluidstack accounts for the remaining capacity.
In September, Google backstopped the lease obligations for the Fluidstack agreement to support project financing. The technology giant received warrants for an equity stake in Cipher Digital as part of the transaction.
The infrastructure transition requires capital. Cipher Digital raised $3.73 billion across three debt offerings to finance construction at the Barber Lake and Black Pearl facilities. The builder secured a $1.4 billion offering and a $333 million upsize, both priced at 7.125%, for Barber Lake.
The third offering consists of $2.0 billion in senior secured notes at 6.125% earmarked for Black Pearl. Development at Barber Lake remains on track with 95% of long-lead equipment secured. Engineering, procurement, and construction activities are underway at Black Pearl.
