Cipher Mining Pivots to AI with Major Hosting Deal, Price Target Raised to $16 by Canaccord

Cipher Mining (CIFR) has announced a strategic pivot to artificial intelligence with a major hosting agreement for its Barber Lake facility, coupled with a $1.1 billion convertible note offering. Financial firm Canaccord Genuity has responded by reiterating its Buy rating and increasing the price target to $16 from $12, highlighting a potentially transformative period for the Bitcoin miner. The AI hosting deal with Google-backed Fluidstack positions CIFR within the growing trend of crypto miners diversifying into AI. This move, along with the favorable terms of the capital raise, strengthens the company's financial position and allows it to retain full ownership of key assets like Barber Lake. With additional capacity available and a significant development pipeline, further AI co-location agreements are anticipated.