🚨 Another Bitcoin Miner Signs Landmark AI Infra Deal

$CIFR open +3% before fading to flat, still the best performing major miner in an otherwise weak tape.

Despite miss on revenue and EPS, the market rewards two key moves:

1) Tactical pivot to redeploy idle Bitcoin mining rigs at Black Pearl, set to energize this month, avoiding infrastructure delays that hurt $RIOT last quarter

2) Landmark joint venture with Fortress Credit Advisors: Fortress will fund Barber Lake’s $3.2B build. Cipher contributes land and interconnect, retaining up to 49% of the economics, likely around 40%, with no additional capex.

Meanwhile SoftBank, now a 3% equity holder after a $50M PIPE in January, remains in active lease talks.

(In an interesting wrinkle, Fortress was previously owned by SoftBank, adding a curious connection to the evolving partnership.)