Cipher Mining's (CIFR) $3B HPC deal should have been a catalyst, but the stock went sideways as a $1.3B convertible raise stole the spotlight. Here’s why institutions rushed in, and what it means for shareholders.

In 2025, $IREN, $APLD, and $CIFR led the Bitcoin mining sector, each delivering >200% 1-year returns. But the bigger story sits beneath the leaderboard: the market clearly favored certain types of companies over the past year.

Institutions increased positions in Bitcoin miners during first 9 months of 2025, with $IREN, $APLD, $CIFR, and $RIOT leading gains in holder numbers and capital flows.

HPC/AI exposure drove miner valuations in 2025. The next phase will separate execution from narratives, and that's where re-ratings will diverge. $IREN $APLD $CIFR $WULF $HUT

Hyperscaler contracts have moved from a sideshow to the main story for public miners, but the announcements are scattered across press releases and 8-Ks. We've built a single tracker that surfaces every deal and the economics that matter.