Cipher Mining (CIFR) Climbs 9.3% as JPMorgan Expects Bitcoin Surge to $240,000

We recently published 10 Big Names Feasting on Gains Ahead of Thanksgiving. Cipher Mining Inc. (NASDAQ:CIFR) is one of the best-performing stocks on Wednesday.

Cipher Mining rallied for a 3rd straight day on Wednesday, jumping 9.30 percent to close at $19.15 apiece as investors took heart from an investment firm’s bullish long-term outlook for Bitcoin.

In a market note, JPMorgan said it projects Bitcoin prices to reach the $240,000 level over the long-term period, even after taking a 28 percent plunge this month from its highest level of $126,000 in October. As of writing, Bitcoin prices were up by 3.32 percent to $90,295 from the day prior.

Bitcoin remains Cipher Mining Inc.’s (NASDAQ:CIFR) largest revenue generator, even as the company gradually transitions into AI servicing.

As of the third quarter of the year, Cipher Mining Inc. (NASDAQ:CIFR) generated $71.7 million in revenues from its Bitcoin operations, marking a nearly 200 percent jump from the $24.1 million registered in the same period last year.

For the nine-month period, revenues from Bitcoin mining surged by 50 percent to $164 million from $109 million year-on-year.

In other recent developments, Cipher Mining Inc. (NASDAQ:CIFR) announced plans to officially redeem its outstanding warrants for $0.01 apiece until 5 PM on December 26, 2025. The warrants are only exercisable on a cashless basis.

Any warrants that remained unexercised by the deadline will then be void and no longer exercisable.

While we acknowledge the potential of CIFR as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.