TLDR
- Cipher Mining mined 251 bitcoin in September 2025 and sold 158 BTC as part of its treasury management strategy.
- The company completed deployment of its Black Pearl Phase I facility, reaching 23.6 EH/s hashrate with 114,000 operational mining rigs.
- Cipher Mining holds approximately 1,500 bitcoin and maintains a strong liquidity position with a current ratio of 4.18.
- CFO Ed Farrell is retiring on October 14, 2025, with Greg Mumford from Keefe, Bruyette & Woods taking over the role.
- The stock experienced a 10.22% climb driven by bullish options activity and higher-than-usual call volume, with the company now valued at $6.1 billion.
Cipher Mining climbed 10.22% as the company reported September production figures and completed a major facility deployment. The stock now trades near its 52-week high of $16.12.
The company mined approximately 251 bitcoin in September 2025. This production included an estimated 7 BTC equivalent from power sales and roughly 19 BTC from joint venture data centers.
Cipher Mining sold 158 BTC during the month as part of its treasury management approach. The company ended September holding approximately 1,500 bitcoin.
Bitcoin was priced at $114,212 at month-end. The cryptocurrency mining firm has delivered a 588% return over the past six months.
The stock’s recent jump was fueled by bullish options market activity. Call volume exceeded typical levels, reflecting positive investor sentiment.
Cipher Mining’s market capitalization now stands at $6.1 billion. The company maintains a current ratio of 4.18, indicating strong short-term financial stability.
Black Pearl Phase I Goes Fully Operational
The company completed deployment of its Black Pearl Phase I facility. This achievement brought Cipher Mining’s self-mining hashrate to its target of 23.6 EH/s.
The facility now operates 114,000 mining rigs. Latest-generation miners at Black Pearl Phase I contribute approximately 10.1 EH/s to the company’s total hashrate.
Cipher Mining’s fleet efficiency reached 16.8 J/TH at month-end. The company has fully executed all previously outlined mining plans.
Construction is underway at the Barber Lake facility. The company is now focusing resources on the high-performance computing side of its business.
Leadership Transition and Analyst Upgrades
CFO Ed Farrell will retire on October 14, 2025. Greg Mumford, previously with Keefe, Bruyette & Woods, will take over the CFO position.
The leadership change influenced options market dynamics. Demand for downside protection increased following the announcement.
Cipher Mining recently issued $1.3 billion in convertible notes due in 2031. Initial purchasers exercised their option to buy an additional $200 million.
Multiple analysts have raised price targets for the stock. Canaccord Genuity increased its target to $16, citing the Barber Lake project’s value.
Needham raised its target to $15, highlighting the Fluidstack lease backed by Google. H.C. Wainwright set a target of $17, reflecting the company’s expanding business prospects beyond bitcoin mining.
The average trading volume stands at 38,550,695 shares. The stock’s year-to-date price performance shows a gain of 226.09%.
