Cipher Digital Stock Plunges 36% Despite Shift Towards Data Center Leasing

Cipher Digital (CIFR) stock has been on a wild ride over the past year, falling 36.2% in the last three months but still holding onto a 54.1% gain over the past 12 months.

This performance is somewhat at odds with the broader market, which saw only a 15.5% gain during that same period.

The company has been shifting its focus from Bitcoin mining to leasing data centers to hyperscale tenants, and it's already seeing results: revenue fell to $25 million in the second quarter of 2026, but this is largely due to the shutdown of bitcoin mining at Black Pearl.

In fact, management expects the three signed leases to produce about $793 million of net operating income a year on average from October 2026 through September 2036.