Recommendation: Buy
| Entry Date | Symbol | Recommendation | Entry Price (USD) | Target 1 (USD) | Target 2 (USD) | Holding Duration | Position Status | Return(%)* |
|---|---|---|---|---|---|---|---|---|
| 8 Jan, 26 | CIFR | Buy | USD 16.09 | USD 17.0 | USD 17.8 | Same day | Closed |
10.44%
|
*Return(%) represent the percentage change between the entry price and exit price of the recommendation.
Data Powered by EOD Historical Data (“EODHD”).
Cipher Mining Inc., together with its subsidiaries, engages in the development and operation of industrial scale bitcoin mining data centers in the United States. The company was incorporated in 2020 and is based in New York, New York. Cipher Mining Inc. operates as a subsidiary of Bitfury Holding B.V.
Significant Reduction in Net Loss: Q3 FY2025 net loss of USD 3.3 million compared with USD 86.8 million in Q3 FY2024, reflecting materially improved operating performance and favorable fair value movements
Improved Earnings Per Share: Q3 FY2025 loss per share of USD 0.01 versus USD 0.26 in Q3 FY2024
Increase in Long-Term Debt: Long-term borrowings rose to USD 1.02 billion in Q3 FY2025, compared with nil in Q3 FY2024, increasing financial leverage and future repayment obligations
Higher Depreciation and Amortization: Q3 FY2025 depreciation and amortization expense increased to USD 59.5 million from USD 28.6 million in Q3 FY2024
Cipher Mining remains highly exposed to bitcoin price volatility and regulatory risks while simultaneously executing a capital-intensive transition into HPC infrastructure, which introduces execution, financing, and tenant concentration risks
| Entry Price | Support* | Target 1** | Target 2** |
|---|---|---|---|
| 16.09 | 14.4 | 17.0 | 17.8 |
Data Source: REFINITIV, Analysis: StockNextt
*Support can be considered as an indicative stop-loss, and if prices move below that level on closing basis individuals may evaluate exiting the position depending on their risk appetite, previous holdings, and other factors considered. The support and resistance levels may need to be re-evaluated within 4-6 weeks’ time frame depending on the stock price movements from the date of recommendation on the stock.
**Target prices may vary by ±0.5% depending on market volatility.
Revenue Growth and Business Mix: Cipher Mining reported a sharp improvement in top-line performance, driven primarily by higher bitcoin mining revenues and the initial contribution from strategic HPC-related transactions. Revenue from bitcoin mining increased materially year-on-year, reflecting higher realized bitcoin prices and expanded operational scale.
Profitability and Earnings Trend: Despite revenue growth, the company continued to report a net loss in Q3 FY2025, although the magnitude of losses narrowed significantly compared to Q3 FY2024. Improved operating leverage and non-GAAP adjusted earnings highlighted underlying improvement in core operations.
Cost Structure and Operating Efficiency: Operating costs increased, mainly due to higher depreciation and amortization linked to capacity expansion and infrastructure investments. However, power cost optimization and fleet efficiency gains partially offset cost pressures, supporting improved unit economics.
Balance Sheet Strength and Liquidity: The balance sheet strengthened substantially, supported by a large increase in cash and cash equivalents following convertible note issuances. This enhanced liquidity provides flexibility to fund data center expansion and HPC initiatives while supporting ongoing mining operations.
Capital Structure and Financing Activity: Cipher significantly increased leverage through the issuance of long-dated convertible notes, materially increasing long-term borrowings. Equity dilution also continued through at-the-market issuances, reflecting the capital-intensive nature of the business model.
Operational Expansion and Capacity Development: Operationally, the company exceeded its Q3 FY2025 hashrate targets and continued to expand its self-mining capacity. Simultaneously, Cipher accelerated its strategic pivot toward HPC and AI data center hosting, diversifying beyond pure bitcoin mining.
Strategic Positioning: The execution of long-term hyperscaler leases and development of large-scale power-connected sites positions Cipher as a hybrid bitcoin mining and HPC infrastructure platform, enhancing long-term revenue visibility and strategic relevance.
Considering recent key business, financial updates, current trading levels, and key business risks, a ‘Buy’ recommendation has been given on Cipher Mining Inc. (NASDAQ: CIFR) at the current market price of USD 16.09, as on Jan 08,2026 at 8:07 am PST.
Data Powered by EOD Historical Data (“EODHD”).
Sector: Financial Services Industry: Capital Markets
| Company | Change (USD) | Price (USD) | Trailing PE (x) | Forward PE (x) | Price Sales TTM (x) | Price to Book Value (x) | Enterprise Value to Revenue (x) | Enterprise Value to EBITDA (x) |
|---|---|---|---|---|---|---|---|---|
| CIFR Cipher Mining Inc |
0.28 1.80% | 16.09 | - | 18.42 | 12.39 | 2.81 | 12.37 | 46.83 |
| MS Morgan Stanley |
-2.29 1.24% | 182.81 | 16.50 | 13.76 | 2.80 | 1.65 | ||
| CGXYY China Galaxy Securities Co Ltd ADR |
- -% | 31.98 | 144.44 | 86.21 | 4.25 | 7.96 | ||
| SCHW Charles Schwab Corp |
-1.56 1.48% | 103.61 | 22.86 | 17.39 | 6.14 | 4.28 | ||
| GS Goldman Sachs Group Inc |
-7.485 0.79% | 938.85 | 18.44 | 10.60 | 2.83 | 1.16 |
Data Powered by EOD Historical Data (“EODHD”).
Markets are trading in a highly volatile zone currently due to certain macro-economic issues and prevailing geopolitical tensions. Therefore, it is prudent to follow a cautious approach while investing.
Related Risks: This report may be looked at from high-risk perspective and recommendations are provided are for a short duration. Recommendations provided in this report are solely based on technical parameters, and the fundamental performance of the stocks has not been considered in the decision-making process. Other factors which could impact the stock prices include market risks, regulatory risks, interest rates risks, currency risks, social and political instability risks etc.
Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels as on January 8, 2026. The reference data in this report has been partly sourced from REFINITIV.
Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned has been achieved and is subject to the factors discussed above.
Note 4: StockNextt reports are prepared based on the stock prices captured either from REFINITIV or Trading View. Typically, REFINITIV or Trading View may reflect stock prices with a delay which could be a lag of 15-20 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.
Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.
Target: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Target 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Target 2 may act as the crucial resistance level for the stock.
Stop-loss: It is a level to protect further losses in case of unfavourable movement in the stock prices.
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