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Cipher Mining Inc. (NASDAQ: CIFR) traded near $12.10 on Monday, up more than 5%, after Canaccord Genuity (NASDAQ: CF) raised its price target to $16 citing the company's pivot into artificial intelligence infrastructure.
Cipher signed a hosting agreement with Fluidstack, backed by Google (NASDAQ: GOOGL) to expand its Barber Lake facility into a large-scale compute hub.
The move places the company among miners diversifying into data center infrastructure, according to Canaccord's report.
Analysts led by Joseph Vafi said the deal was earlier and stronger than anticipated, underscoring firm demand for capacity.
The announcement came amid a wave of hyperscaler contracts, easing concerns that supply would outpace demand.
Cipher priced a $1.1 billion zero-coupon convertible note last week to fund the buildout of its Barber Lake facility while keeping full ownership of the site.
Management had earlier indicated it might consider selling a stake to reduce leverage.
"Stronger equity pricing and improved fundamentals have given Cipher the flexibility to fund growth without dilution," the Canaccord team wrote.
The firm maintained its buy rating, citing Barber Lake as a strategic anchor for future AI deals.
Cipher Stock Price Dynamics (Source: TradingView)
Technical analysis: Cipher stock is consolidating above its 20-day EMA at $10.94, with Supertrend support near $11.17 reinforcing the breakout from a yearlong cup-and-handle formation.
A push above $13.50 could trigger a retest of the $15.50 high, while a slip below $11 would expose the 50-day EMA at $8.66.
Momentum remains constructive, with positively aligned moving averages and an RSI holding in bullish territory without overextension.
For traders, $11 serves as the key pivot level.
Cipher's Google-backed hosting deal and zero-coupon note offering represent more than a short-term boost.
The company is moving beyond its identity as a bitcoin miner and positioning itself as a large-scale data infrastructure provider, while maintaining full control of Barber Lake.
Unlike peers that have sold stakes in core projects to raise cash, Cipher has preserved ownership and flexibility.
For investors, the stock now offers two distinct sources of value: exposure to Bitcoin's cyclical upside and the growing revenue potential of high-density compute facilities.
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