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Cipher Mining Inc. (NASDAQ:CIFR) announced on November 26, 2025, that it will redeem all outstanding warrants to purchase shares of its common stock, with unexercised warrants being redeemed at $0.01 per warrant by the December 26, 2025 redemption date. The bitcoin mining and data center operator’s stock was trading at $18.25 as of 10:45 AM EST on November 26, representing a 4.20% gain from the previous close of $17.52.
The company has delivered impressive returns to investors, with a year-to-date gain of approximately 295% and a one-year return of around 226%.
Under the terms of the Warrant Agreement dated October 19, 2020, Cipher Mining has the right to redeem outstanding warrants when the common stock closing price reaches at least $18.00 per share for 20 trading days within any 30-day period.
The company confirmed this threshold was met during the trading period ending November 21, 2025. The redemption applies to warrants originally issued when the company was known as Good Works Acquisition Corp., with Continental Stock Transfer & Trust Company serving as the warrant agent.
The company’s Board of Directors has mandated that all warrant exercises must occur on a cashless basis, meaning holders can no longer pay the $11.50 per warrant exercise price in cash. Instead, exercising warrant holders will receive 0.2687 shares of common stock for each warrant surrendered.
Warrant holders have until 5:00 PM New York time on December 26, 2025 to exercise their warrants, after which any unexercised warrants will become void and holders will receive only the $0.01 redemption price.
Cipher Mining’s stock has experienced remarkable growth, with the share price ranging from a 52-week low of $1.86 to a high of $25.52. The company currently has a market capitalization of approximately $7.25 billion and maintains a healthy current ratio of 2.49, indicating strong liquidity with assets exceeding short-term obligations.
Analyst price targets for CIFR range from $13.00 to $50.00, with an average target of $27.25, suggesting potential upside from current levels.
The company recently completed significant financial transactions, including a $333 million private offering of 7.125% senior secured notes due 2030, bringing total notes to $1.733 billion in aggregate principal amount. Cipher Mining also secured a 10-year AI hosting agreement with Fluidstack worth approximately $830 million in contracted revenue, with potential to reach $2 billion over time.
While the company reported a negative profit margin of -34.16% for the trailing twelve months, analysts expect Cipher Mining to achieve profitability in the coming year, with revenue growth of 66% anticipated.
