The Alpha Ledger – Fundamental Snapshot: November 3, 2025

Key fundamentals and technical drivers for tomorrow's Active Book.

The Alpha Ledger highlights the strongest stocks that clear our structural Momentum Dynamics Gatekeeper. This snapshot distills the fundamental and technical profiles of tomorrow’s Active Book, offering a concise view of market positioning, risk, and opportunity. These reviews are prepared only after the Ledger has been distributed and therefore have no influence on its composition.

CIFR: Liquidity in Motion, Valuation in Heat

Cipher Mining has crossed from quiet infrastructure story to high velocity equity narrative. The market now prices it not as a miner but as a levered liquidity engine on Bitcoin’s reflexive rally. Market capitalization stands near $8.95 billion with only $158.85 million in sales, a 56.35 price to sales multiple that defines sentiment over substance. Net income remains negative at $-154 million, yet enterprise value nearly matches market cap, showing minimal debt friction. Management operates inside a low debt structure (0.25 debt to equity) with a clean runway, which extends the speculative window without forced issuance. The share base, however, has already expanded dramatically from 21 million in 2020 to 350 million in 2024, embedding prior dilution into the float.

Liquidity defines the flow. Volume intensity and institutional accumulation (up 51.42 percent) counterbalance insider selling. Technical posture is fully extended: RSI near 67, SMA200 up 239 percent, and SMA50 momentum at 62 percent. These metrics describe reflexivity more than stability, the price leads consensus rather than converging with it. Analysts cluster around $6–$8 targets, far below the $22.76 spot, revealing a consensus lag rather than conviction. Sentiment dominates the curve, valuation discipline has left the room.

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CIFR Bull Thesis