Cipher Digital shares are higher in active trading as investors re-price the company as a hyperscale/HPC data center platform rather than a pure-play bitcoin miner, with buying interest tied to its expanding long-term leasing footprint and improved liquidity runway. The setup has been supported by the company’s March 25 business update detailing a third data center campus lease and the closing of a new revolving credit facility, which investors often view as validation from lenders and a way to fund growth without immediate equity issuance. (investors.cipherdigital.com)

On March 25, Cipher said it executed its third data center campus lease: a 15-year initial term with an investment-grade hyperscale tenant, under which Cipher will develop and deliver a new high-performance computing (HPC) data center at an existing site. In the same release, Cipher announced it closed a revolving credit facility providing up to $200 million of committed capacity plus an accordion option of up to $50 million; the facility has scheduled maturity in March 2030, is priced at SOFR plus 1.25% to 1.75% with step-down mechanics, and was undrawn at close. (investors.cipherdigital.com)

Traders will likely focus on timelines and milestones for converting contracted capacity into delivered, revenue-generating sites, as well as any incremental lease signings or updates on financing and buildout cadence. On the calendar, CIFR is expected to report earnings on May 4, 2026, which could be a near-term volatility event if management updates guidance, capex timing, and funding needs for its HPC pipeline. (chartmill.com)