Recommendation: Buy
| Entry Date | Symbol | Recommendation | Entry Price (USD) | Target 1 (USD) | Target 2 (USD) | Holding Duration | Position Status | Return(%)* |
|---|---|---|---|---|---|---|---|---|
| 30 Mar, 26 | CIFR | Buy | USD 13.74 | USD 14.45 | USD 15.2 | Same day | Closed |
9.02%
|
*Return(%) represent the percentage change between the entry price and exit price of the recommendation.
Data Powered by EOD Historical Data (“EODHD”).
Cipher Digital Inc., together with its subsidiaries, develops and operates industrial-scale data centers for bitcoin mining and high-performance compute (HPC) hosting in the United States. It develops HPC data center facilities across various sites for hyperscaler tenants; operates power at one bitcoin mining data center; and maintains a pipeline across various sites. The company was formerly known as Cipher Mining Inc. and change its name to Cipher Digital Inc. in February 2026. The company was founded in 2021 and is headquartered in New York, New York.
Strengthened Liquidity Position: FY25 cash and cash equivalents USD 628.3 million increased substantially from FY24 USD 5.6 million
Expansion in Bitcoin Holdings: FY25 bitcoin holdings USD 125.4 million increased from FY24 USD 92.7 million
Elevated Working Capital Deployment: FY25 total current assets USD 2,652.9 million increased from FY24 USD 168.2 million, reflecting heavy investment requirements and capital absorption
Growth in Operating Costs and Depreciation Base: FY25 expansion in asset base (USD 4,291.9 million vs USD 855.4 million) implies higher future depreciation and operating expenses, pressuring margins relative to FY24
Cipher Digital’s key investment risk lies in its execution of large-scale HPC data center developments, where delays in construction, cost overruns, tenant concentration, or a slowdown in AI-driven demand could materially impact cash flow realization and balance sheet stability
| Entry Price | Support* | Target 1** | Target 2** |
|---|---|---|---|
| 13.74 | 12.5 | 14.45 | 15.2 |
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.
Strategic Transformation and Business Evolution: During FY25, Cipher Digital Inc. underwent a significant strategic transformation, transitioning from a bitcoin mining-centric model to a vertically integrated developer and operator of high-performance computing (HPC) data centers. This shift reflects management’s focus on capturing long-duration, stable cash flows through hyperscaler leasing arrangements. The rebranding to Cipher Digital further reinforces its positioning as a next-generation compute infrastructure platform aligned with rising artificial intelligence (AI) demand.
Expansion of Data Center Portfolio and Capacity: The Company materially expanded its data center footprint, establishing a portfolio of approximately 4.2 GW across 10 sites at various stages of development and interconnection. It is currently developing around 600 MW of HPC data center capacity across key projects such as Barber Lake and Black Pearl, while maintaining a broader pipeline of ~3.4 GW across multiple sites. This expansion underscores Cipher’s ability to secure power and scale infrastructure in a constrained energy environment.
Execution of Long-Term Hyperscaler Contracts: FY25 marked a pivotal year in commercial execution, with the Company securing two major HPC lease agreements totaling 600 MW. These include a 10-year lease with Fluidstack (backstopped by Google) and a 15-year lease with Amazon Web Services. These agreements provide strong revenue visibility, long-term contracted cash flows, and validation of Cipher’s capability to deliver hyperscale-ready infrastructure.
Capital Raising and Balance Sheet Strengthening: Cipher significantly strengthened its financial position during FY25 through multiple high-yield bond issuances totaling approximately USD 3.73 billion. These financings fully funded key HPC developments and enabled execution of large-scale projects without over-reliance on corporate-level leverage. Consequently, total assets expanded sharply to USD 4,291.9 million in FY25 compared to USD 855.4 million in FY24, reflecting accelerated capital deployment and project buildout.
Operational Performance and Revenue Trends: Operationally, FY25 revenue generation remained primarily tied to bitcoin mining activities, with Q4 FY25 revenue reported at USD 60 million. However, profitability remained under pressure, with an adjusted net loss of USD 55 million during the quarter, reflecting elevated operating costs, depreciation, and ongoing investment in HPC infrastructure. The business remains in a transitional phase where legacy mining revenues are gradually being replaced by contracted infrastructure income streams.
Portfolio Optimization and Asset Rationalization: The Company undertook active portfolio optimization during the year, including divestment of its 49% stake in three joint venture mining sites and select mining equipment for approximately USD 40 million. Additionally, bitcoin mining operations at certain sites were curtailed or repositioned to support HPC conversion. These actions highlight management’s focus on simplifying operations and reallocating capital toward higher-return infrastructure assets.
Operational Capabilities and Competitive Positioning: Cipher continued to strengthen its operational capabilities through in-house expertise in power sourcing, engineering, construction, and data center operations. Its power-first strategy and early-stage site origination have enabled it to secure attractive locations with scalable power capacity. This positions the Company competitively in a supply-constrained data center market, particularly as AI-driven compute demand accelerates globally.
Considering recent key business, financial updates, current trading levels, and key business risks, a ‘Buy’ recommendation has been given to Cipher Digital Inc. (NASDAQ: CIFR) at the closing market price of USD 13.74, as on Mar 27, 2026
Data Powered by EOD Historical Data (“EODHD”).
Sector: Technology Industry: Information Technology Services
| 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 |
2.83 10.74% | 29.18 | - | 85.47 | 34.90 | 9.70 | 44.45 | 54.24 |
| IBM International Business Machines |
-13.25 5.05% | 249.10 | 32.79 | 20.83 | 3.32 | 8.50 | 4.06 | 20.10 |
| ACN Accenture plc |
-28.03 17.97% | 127.98 | 16.00 | 14.29 | 1.66 | 3.84 | 1.65 | 9.80 |
| INFY Infosys Ltd ADR |
-1.13 9.66% | 10.57 | 25.55 | 22.78 | 4.20 | 8.01 | 4.10 | 15.87 |
| FJTSY Fujitsu Ltd ADR |
- -% | 20.48 | 23.27 | 14.97 | 0.01 | 3.26 | 1.74 | 11.45 |
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 March 30, 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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