This Bitcoin Infrastructure Stock Is Up 182% and Now Controls 11% of a Portfolio

• New York City-based Aurelius Capital Management acquired 500,000 shares of Cipher Mining during the third quarter.

• The transaction represents 11.4% of the 13F reportable assets under administration.

• The new position was valued at $6.3 million as of Sept. 30, making it the fund’s third-largest position.

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On November 13, New York City-based Aurelius Capital Management revealed a new position at Cipher Mining Inc. (NASDAQ:CIFR)acquiring 500,000 shares valued at approximately $6.3 million.

Aurelius Capital Management initiated a new position in Cipher Mining Inc. (NASDAQ:CIFR)purchasing 500,000 shares during the third quarter, according to a Nov. 13 filing with the Securities and Exchange Commission. The holding, valued at $6.3 million at the end of the quarter, comprised 11.4% of the fund’s $55.2 million in reportable U.S. equity assets.

The new position now represents 11.4% of the total assets managed by 13F.

Main participations after the presentation:

• NASDAQ:BITF: $19 million (34.4% of assets under management)

• NASDAQ:CORZ: $8.4 million (15.3% of assets under management)

• NASDAQ:CIFR: $6.3 million (11.4% of assets under management)

• NASDAQ:WULF: $5.1 million (9.3% of assets under management)

• NASDAQ:RIOT: $4.5 million (8.2% of assets under management)

As of Friday, Cipher Mining shares were priced at $16.21, up 182% from last year and significantly outpacing the S&P 500’s gain of 16.5% in the same period.

Cipher Mining Inc. is a US-based technology company that specializes in bitcoin mining and leverages advanced infrastructure and power management to scale operations efficiently. The company seeks to grow by expanding its mining capacity and optimizing operational efficiency to remain competitive in the evolving digital asset sector. Cipher Mining’s strategic focus on profitable, high-volume production of bitcoin positions it to capitalize on growing institutional and market demand for digital assets.

This portfolio has actually leaned heavily toward a sector thesis, with the vast majority of its reported assets concentrated in publicly traded bitcoin miners and infrastructure operators. In that context, this position sits between the fund’s largest holding and other mining names, reinforcing a high-conviction view that scale and access to power will define the next phase of the cycle.

That thesis aligns with Cipher Mining’s most recent quarter. The company reported third-quarter revenue of $72 million and adjusted profits of $41 million, a stark contrast to the losses that defined previous crypto crises. More importantly, Cipher is no longer positioned as a pure bitcoin price lever. Management disclosed approximately $8.5 billion in long-term AI hosting lease payments, including a 15-year deal with Amazon Web Services to deliver 300 megawatts of capacity starting in 2026, and majority ownership in a planned 1 gigawatt site in West Texas. Ultimately, this certainly looks like a bet that crypto and AI infrastructure can justify a lasting capital allocation even after a strong run.

13F reportable assets: U.S. equity securities that institutional investment managers are required to disclose quarterly to the SEC.
Assets under management (AUM): The total market value of the investments managed by a fund or investment company.
Position: The amount of a particular security or asset owned by an investor or fund.
Started a new position: When an investor or fund purchases a security that they did not previously own.
Final Twelve Months (TTM): The 12-month period ending with the most recent quarterly report.
Overcoming: Achieve a return higher than that of a benchmark or comparable investment over a given period.
Net loss: When a company’s total expenses exceed its total revenues during a specific period.
Mining capacity: The total computing power that a company dedicates to cryptocurrency mining operations.
Operational efficiency: The ability to deliver products or services using the least amount of resources.
Institutional demand: Interest and investment in an asset class of large organizations such as funds, banks or endowments.
Digital asset sector: The industry focused on cryptocurrencies, tokens, and other blockchain-based assets.
Quarter final: The last day of a fiscal quarter, used as a reference point for financial reporting.

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Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

This Bitcoin Infrastructure Stock Is Up 182% and Now Controls 11% of a Portfolio was originally published by The Motley Fool