Cipher Digital Inc.
CIFR · Finance Services · 409.0M shares · +5%/yr ↑ shares · EDGAR filings ↗
Net buyback after stock comp: -$35M (gross $4M, SBC $38M)
Reference price $29.43 · est. market cap ~$12.0B — last insider sale, 2026-06-18 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D47Cipher Mining — bitcoin miner expanding into HPC/AI, heavy losses and cash burn.
Strengths
- Strong cash (86th pct); revenue +48%; HPC/AI buildout optionality
Risks
- Deep losses; large negative free cash flow; leverage (D/E 3.4, 90th)
- Crypto-price and capital-intensity dependence
Notable findings
- Restatement” Recent Developments Amended and Restated Charter On February 20, 2026, our board of directors approved an amendment to our Second Amended and Restated Certificate of Incorporation to change t 8-K ↗
- High leverageHigh leverage (debt/equity 3.37)
- Net lossNet loss (net margin -367.2%)
- Exec changeRecent 8-K item 5.02 8-K ↗
- Cash burnNegative free cash flow (-695.9M)
- Revenue declineRevenue -41.7% YoY
- Insider sellingInsider selling — 18 open-market sale(s) by 6 insider(s) (cluster of 6 insiders, ~$85M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
63.7%
Operating margin
-188.2%
Net margin
-367.2%
Return on equity
-102.1%
Return on assets
-19.2%
ROIC
-9.5%
Revenue growth (QoQ)
-41.7%
Debt / equity
3.4×
Current ratio
3.8×
Free cash flow
-$696M
EBITDA
-$223M
Tangible book value
$728M
Cash & investments
$628M
Cash runway
4q
Stock comp / revenue
23.6%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-22 | Page Tyler | Tax withheld | 725K | $28.14 |
| 2026-06-22 | Page Tyler | Option exercise | 1.4M | — |
| 2026-06-18 | GROSSMAN CARY M | Sell | 15K | $29.43 |
| 2026-06-16 | Iwaschuk William | Tax withheld | 92K | $26.03 |
| 2026-06-16 | Kelly Patrick Arthur | Tax withheld | 85K | $26.03 |
| 2026-06-16 | Newsome James E | Sell | 3.8K | $26.60 |
| 2026-06-16 | Page Tyler | Tax withheld | 170K | $26.03 |
| 2026-06-14 | Iwaschuk William | Option exercise | 167K | — |
| 2026-06-14 | Page Tyler | Option exercise | 333K | — |
| 2026-06-14 | Kelly Patrick Arthur | Option exercise | 167K | — |
| 2026-06-04 | V3 Holding Ltd | Sell | 222K | $26.10 |
| 2026-06-04 | V3 Holding Ltd | Sell | 978K | $25.35 |
| 2026-06-03 | V3 Holding Ltd | Sell | 1.1M | $26.28 |
| 2026-06-03 | V3 Holding Ltd | Sell | 29K | $28.10 |
| 2026-06-03 | Duda Thomas David | Grant | 8.3K | — |
| 2026-06-03 | Flatley Robert | Grant | 8.3K | — |
| 2026-06-03 | Long Caitlin | Grant | 8.3K | — |
| 2026-06-03 | Williams Wesley Hastie | Grant | 8.3K | — |
| 2026-06-03 | Newsome James E | Grant | 8.3K | — |
| 2026-06-03 | GROSSMAN CARY M | Grant | 8.3K | — |
| 2026-06-03 | V3 Holding Ltd | Sell | 625K | $27.17 |
| 2026-05-21 | Williams Wesley Hastie | Sell | 15K | $21.41 |
| 2026-05-12 | Page Tyler | Gift | 400K | — |
| 2026-05-12 | Kelly Patrick Arthur | Sell | 48K | $19.36 |
| 2026-05-11 | Newsome James E | Sell | 3.3K | $20.96 |
| 2026-05-06 | Williams Wesley Hastie | Sell | 28K | $22.26 |
| 2026-05-06 | GROSSMAN CARY M | Sell | 20K | $21.82 |
| 2026-03-31 | Iwaschuk William | Tax withheld | 14K | $12.87 |
| 2026-03-31 | Iwaschuk William | Option exercise | 30K | — |
| 2026-03-31 | Iwaschuk William | Tax withheld | 12K | $12.87 |
| 2026-03-31 | Iwaschuk William | Option exercise | 76K | — |
| 2026-03-31 | Iwaschuk William | Tax withheld | 40K | $12.87 |
| 2026-03-31 | Page Tyler | Option exercise | 113K | — |
| 2026-03-31 | Page Tyler | Tax withheld | 46K | $12.87 |
| 2026-03-31 | Page Tyler | Option exercise | 105K | — |
| 2026-03-31 | Page Tyler | Tax withheld | 54K | $12.87 |
| 2026-03-31 | Page Tyler | Option exercise | 255K | — |
| 2026-03-31 | Page Tyler | Tax withheld | 130K | $12.87 |
| 2026-03-31 | Kelly Patrick Arthur | Option exercise | 34K | — |
| 2026-03-31 | Kelly Patrick Arthur | Tax withheld | 12K | $12.87 |
| 2026-03-31 | Kelly Patrick Arthur | Option exercise | 30K | — |
| 2026-03-31 | Kelly Patrick Arthur | Tax withheld | 11K | $12.87 |
| 2026-03-31 | Kelly Patrick Arthur | Option exercise | 76K | — |
| 2026-03-31 | Kelly Patrick Arthur | Tax withheld | 37K | $12.87 |
| 2026-03-31 | Mumford Gregory J.D. | Option exercise | 17K | — |
| 2026-03-31 | Mumford Gregory J.D. | Tax withheld | 7.1K | $12.87 |
| 2026-03-31 | Iwaschuk William | Option exercise | 34K | — |
| 2026-03-25 | Page Tyler | Sell | 38K | $16.11 |
| 2026-03-23 | Kelly Patrick Arthur | Gift | 22K | — |
| 2026-03-23 | GROSSMAN CARY M | Sell | 30K | $14.54 |
| 2026-03-16 | Kelly Patrick Arthur | Sell | 36K | $14.98 |
| 2026-03-04 | Newsome James E | Sell | 45K | $15.74 |
| 2026-02-25 | Duda Thomas David | Grant | 3.9K | — |
| 2026-02-17 | Kelly Patrick Arthur | Sell | 36K | $15.52 |
| 2026-01-15 | Kelly Patrick Arthur | Sell | 36K | $17.76 |
| 2025-12-19 | Kelly Patrick Arthur | Tax withheld | 156K | $16.21 |
| 2025-12-19 | Newsome James E | Sell | 22K | $16.03 |
| 2025-12-19 | Williams Wesley Hastie | Sell | 50K | $16.08 |
| 2025-12-19 | Iwaschuk William | Option exercise | 306K | — |
| 2025-12-19 | Iwaschuk William | Tax withheld | 169K | $16.21 |
| 2025-12-19 | Iwaschuk William | Gift | 26K | — |
| 2025-12-19 | Page Tyler | Option exercise | 1.0M | — |
| 2025-12-19 | Page Tyler | Tax withheld | 520K | $16.21 |
| 2025-12-19 | Kelly Patrick Arthur | Option exercise | 306K | — |
| 2025-12-15 | Iwaschuk William | Tax withheld | 260K | $14.74 |
| 2025-12-15 | Iwaschuk William | Option exercise | 470K | — |
| 2025-12-15 | Iwaschuk William | Option exercise | 34K | — |
| 2025-12-15 | Iwaschuk William | Tax withheld | 19K | $14.74 |
| 2025-12-15 | Page Tyler | Option exercise | 1.6M | — |
| 2025-12-15 | Page Tyler | Tax withheld | 800K | $14.74 |
| 2025-12-15 | Page Tyler | Option exercise | 113K | — |
| 2025-12-15 | Page Tyler | Tax withheld | 58K | $14.74 |
| 2025-12-15 | Kelly Patrick Arthur | Sell | 36K | $15.08 |
| 2025-12-15 | Kelly Patrick Arthur | Option exercise | 470K | — |
| 2025-12-15 | Kelly Patrick Arthur | Tax withheld | 240K | $14.74 |
| 2025-12-15 | Kelly Patrick Arthur | Option exercise | 34K | — |
| 2025-12-15 | Kelly Patrick Arthur | Tax withheld | 17K | $14.74 |
| 2025-11-26 | Evans Holly Morrow | Sell | 15K | $18.74 |
| 2025-11-26 | GROSSMAN CARY M | Sell | 25K | $19.00 |
| 2025-11-17 | Kelly Patrick Arthur | Sell | 27K | $14.20 |
| 2025-11-12 | Williams Wesley Hastie | Sell | 19K | $17.51 |
| 2025-11-12 | Evans Holly Morrow | Sell | 16K | $17.39 |
| 2025-11-10 | Page Tyler | Gift | 238K | — |
| 2025-11-10 | Page Tyler | Tax withheld | 725K | $19.65 |
| 2025-11-09 | Page Tyler | Option exercise | 1.4M | — |
| 2025-11-04 | Iwaschuk William | Sell | 173K | $22.52 |
| 2025-10-16 | V3 Holding Ltd | Sell | 20K | $21.12 |
| 2025-10-16 | V3 Holding Ltd | Sell | 516K | $20.29 |
| 2025-10-15 | Kelly Patrick Arthur | Sell | 27K | $21.08 |
| 2025-10-15 | V3 Holding Ltd | Sell | 513K | $20.42 |
| 2025-10-15 | V3 Holding Ltd | Sell | 1.5M | $21.20 |
| 2025-10-15 | V3 Holding Ltd | Sell | 164K | $21.83 |
| 2025-10-14 | V3 Holding Ltd | Sell | 1.3M | $20.63 |
| 2025-10-14 | V3 Holding Ltd | Sell | 524K | $21.16 |
| 2025-10-10 | Page Tyler | Option exercise | 1.4M | — |
| 2025-10-10 | Page Tyler | Tax withheld | 725K | $16.97 |
| 2025-09-30 | Iwaschuk William | Tax withheld | 19K | $12.59 |
| 2025-09-30 | Iwaschuk William | Option exercise | 367K | — |
| 2025-09-30 | Iwaschuk William | Tax withheld | 203K | $12.59 |
| 2025-09-30 | Iwaschuk William | Option exercise | 34K | — |
| 2025-09-30 | Page Tyler | Option exercise | 167K | — |
| 2025-09-30 | Page Tyler | Tax withheld | 85K | $12.59 |
| 2025-09-30 | Page Tyler | Option exercise | 113K | — |
| 2025-09-30 | Page Tyler | Tax withheld | 58K | $12.59 |
| 2025-09-30 | Kelly Patrick Arthur | Option exercise | 367K | — |
| 2025-09-30 | Kelly Patrick Arthur | Tax withheld | 187K | $12.59 |
| 2025-09-30 | Kelly Patrick Arthur | Option exercise | 34K | — |
| 2025-09-30 | Kelly Patrick Arthur | Tax withheld | 17K | $12.59 |
| 2025-09-30 | FARRELL EDWARD J | Option exercise | 367K | — |
| 2025-09-30 | FARRELL EDWARD J | Tax withheld | 187K | $12.59 |
| 2025-09-30 | FARRELL EDWARD J | Option exercise | 26K | — |
| 2025-09-30 | FARRELL EDWARD J | Tax withheld | 13K | $12.59 |
| 2025-09-30 | V3 Holding Ltd | Sell | 2.0M | $12.39 |
| 2025-09-29 | V3 Holding Ltd | Sell | 1.8M | $12.03 |
| 2025-09-29 | V3 Holding Ltd | Sell | 188K | $12.52 |
| 2025-09-26 | V3 Holding Ltd | Sell | 1.4M | $11.53 |
| 2025-09-26 | V3 Holding Ltd | Sell | 186K | $12.20 |
| 2025-09-25 | V3 Holding Ltd | Sell | 47K | $13.52 |
| 2025-09-25 | V3 Holding Ltd | Sell | 1.7M | $11.87 |
| 2025-09-25 | V3 Holding Ltd | Sell | 1.8M | $12.80 |
| 2025-09-24 | V3 Holding Ltd | Sell | 833K | $14.35 |
| 2025-09-24 | V3 Holding Ltd | Sell | 67K | $15.11 |
| 2025-09-23 | V3 Holding Ltd | Sell | 899K | $14.01 |
| 2025-09-23 | V3 Holding Ltd | Sell | 900 | $14.71 |
| 2025-09-22 | V3 Holding Ltd | Sell | 192K | $13.71 |
| 2025-09-22 | V3 Holding Ltd | Sell | 698K | $12.59 |
| 2025-09-22 | V3 Holding Ltd | Sell | 10.0K | $14.15 |
| 2025-09-19 | V3 Holding Ltd | Sell | 51K | $12.75 |
| 2025-09-19 | V3 Holding Ltd | Sell | 849K | $12.35 |
| 2025-09-18 | V3 Holding Ltd | Sell | 900K | $11.79 |
| 2025-09-17 | V3 Holding Ltd | Sell | 119K | $12.37 |
| 2025-09-17 | V3 Holding Ltd | Sell | 781K | $11.68 |
| 2025-09-16 | V3 Holding Ltd | Sell | 726K | $11.13 |
| 2025-09-16 | V3 Holding Ltd | Sell | 174K | $11.54 |
| 2025-09-15 | V3 Holding Ltd | Sell | 900K | $10.80 |
| 2025-09-15 | Kelly Patrick Arthur | Sell | 45K | $10.80 |
| 2025-09-12 | V3 Holding Ltd | Sell | 21K | $10.90 |
| 2025-09-12 | V3 Holding Ltd | Sell | 879K | $10.59 |
| 2025-09-11 | V3 Holding Ltd | Sell | 900K | $10.26 |
| 2025-09-10 | V3 Holding Ltd | Sell | 861K | $9.97 |
| 2025-09-10 | V3 Holding Ltd | Sell | 39K | $10.27 |
| 2025-09-09 | V3 Holding Ltd | Sell | 180K | $9.16 |
| 2025-09-09 | V3 Holding Ltd | Sell | 420K | $8.34 |
| 2025-09-08 | V3 Holding Ltd | Sell | 600K | $7.48 |
| 2025-09-05 | V3 Holding Ltd | Sell | 600K | $7.38 |
| 2025-09-04 | V3 Holding Ltd | Sell | 700K | $7.60 |
| 2025-09-03 | V3 Holding Ltd | Sell | 600K | $8.30 |
| 2025-09-02 | V3 Holding Ltd | Sell | 600K | $8.13 |
| 2025-08-29 | V3 Holding Ltd | Sell | 591K | $7.42 |
| 2025-08-29 | V3 Holding Ltd | Sell | 9.2K | $8.05 |
| 2025-08-28 | V3 Holding Ltd | Sell | 600K | $7.11 |
| 2025-08-27 | V3 Holding Ltd | Sell | 500K | $7.07 |
| 2025-08-26 | V3 Holding Ltd | Sell | 700K | $6.81 |
| 2025-08-18 | GROSSMAN CARY M | Sell | 75K | $5.89 |
| 2025-08-18 | Newsome James E | Sell | 32K | $6.16 |
| 2025-08-15 | Kelly Patrick Arthur | Sell | 45K | $5.20 |
| 2025-07-30 | V3 Holding Ltd | Sell | 370K | $5.61 |
| 2025-07-29 | V3 Holding Ltd | Sell | 66K | $6.06 |
| 2025-07-28 | V3 Holding Ltd | Sell | 500K | $6.19 |
| 2025-07-25 | V3 Holding Ltd | Sell | 500K | $6.45 |
| 2025-07-24 | V3 Holding Ltd | Sell | 500K | $6.68 |
| 2025-07-23 | V3 Holding Ltd | Sell | 500K | $6.55 |
| 2025-07-15 | Bitfury Top HoldCo B.V. | Sell | 289K | $6.06 |
| 2025-07-14 | Bitfury Top HoldCo B.V. | Sell | 667K | $6.11 |
| 2025-07-11 | Bitfury Top HoldCo B.V. | Sell | 433K | $6.13 |
| 2025-07-10 | Bitfury Top HoldCo B.V. | Sell | 600K | $6.27 |
| 2025-07-09 | Bitfury Top HoldCo B.V. | Sell | 600K | $6.17 |
| 2025-07-08 | Bitfury Top HoldCo B.V. | Sell | 600K | $6.08 |
| 2025-07-02 | Bitfury Top HoldCo B.V. | Sell | 500K | $5.28 |
| 2025-07-01 | Bitfury Top HoldCo B.V. | Sell | 500K | $4.86 |
| 2025-06-30 | Page Tyler | Option exercise | 113K | — |
| 2025-06-30 | Page Tyler | Tax withheld | 58K | $4.78 |
| 2025-06-30 | FARRELL EDWARD J | Option exercise | 26K | — |
| 2025-06-30 | FARRELL EDWARD J | Tax withheld | 13K | $4.78 |
| 2025-06-30 | Kelly Patrick Arthur | Option exercise | 34K | — |
| 2025-06-30 | Kelly Patrick Arthur | Tax withheld | 17K | $4.78 |
| 2025-06-30 | Iwaschuk William | Option exercise | 34K | — |
| 2025-06-30 | Iwaschuk William | Tax withheld | 19K | $4.78 |
| 2025-06-16 | Page Tyler | Tax withheld | 170K | $3.93 |
| 2025-06-16 | FARRELL EDWARD J | Tax withheld | 79K | $3.93 |
| 2025-06-16 | Iwaschuk William | Tax withheld | 87K | $3.93 |
| 2025-06-16 | Kelly Patrick Arthur | Tax withheld | 80K | $3.93 |
| 2025-06-14 | Iwaschuk William | Option exercise | 167K | — |
| 2025-06-14 | Kelly Patrick Arthur | Option exercise | 167K | — |
| 2025-06-14 | Page Tyler | Option exercise | 333K | — |
| 2025-06-14 | FARRELL EDWARD J | Option exercise | 167K | — |
| 2025-06-04 | Williams Wesley Hastie | Grant | 60K | — |
| 2025-06-04 | GROSSMAN CARY M | Grant | 60K | — |
| 2025-06-04 | Newsome James E | Grant | 60K | — |
| 2025-06-04 | Evans Holly Morrow | Grant | 60K | — |
| 2025-06-04 | Long Caitlin | Grant | 60K | — |
| 2025-06-04 | Flatley Robert | Grant | 60K | — |
| 2025-03-31 | Iwaschuk William | Option exercise | 34K | — |
| 2025-03-31 | Page Tyler | Option exercise | 113K | — |
| 2025-03-31 | Page Tyler | Tax withheld | 58K | $2.30 |
| 2025-03-31 | FARRELL EDWARD J | Option exercise | 26K | — |
| 2025-03-31 | FARRELL EDWARD J | Tax withheld | 9.5K | $2.30 |
| 2025-03-31 | Kelly Patrick Arthur | Option exercise | 34K | — |
| 2025-03-31 | Iwaschuk William | Tax withheld | 14K | $2.30 |
| 2025-03-31 | Kelly Patrick Arthur | Tax withheld | 12K | $2.30 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-15 | Material agreementDebt obligationExhibits | filing ↗ |
| 2026-06-09 | OtherExhibits | filing ↗ |
| 2026-06-08 | Shareholder vote | filing ↗ |
| 2026-06-08 | Reg FDOtherExhibits | filing ↗ |
| 2026-05-05 | ResultsReg FDExhibits | filing ↗ |
| 2026-03-25 | Material agreementDebt obligationExhibits | filing ↗ |
| 2026-02-24 | Results5.03Reg FDExhibits | filing ↗ |
| 2026-02-11 | Exec/director changeReg FDExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-15 | 2026-06-15 | 0000950103-26-008994 ↗ |
| 8-K | 2026-06-09 | 2026-06-08 | 0000950103-26-008678 ↗ |
| 8-K | 2026-06-08 | 2026-06-02 | 0001819989-26-000032 ↗ |
| 8-K | 2026-06-08 | 2026-06-08 | 0000950103-26-008635 ↗ |
| 10-Q | 2026-05-05 | 2026-03-31 | 0001819989-26-000028 ↗ |
| 8-K | 2026-05-05 | 2026-05-05 | 0001819989-26-000025 ↗ |
| 8-K | 2026-03-25 | 2026-03-23 | 0000950103-26-004609 ↗ |
| 8-K | 2026-02-24 | 2026-02-20 | 0001819989-26-000007 ↗ |
| 10-K | 2026-02-24 | 2025-12-31 | 0001819989-26-000009 ↗ |
| 8-K | 2026-02-11 | 2026-02-11 | 0001819989-26-000002 ↗ |
| 8-K | 2026-02-11 | 2026-02-11 | 0000950103-26-001966 ↗ |
| 8-K | 2026-02-05 | 2026-02-04 | 0000950103-26-001659 ↗ |