What is Cipher Mining (CIFR)'s mNAV?

Cipher Mining's mNAV is currently 164.52×. mNAV divides CIFR's market capitalisation by the value of the Bitcoin it holds, so 164.52× means the market values the company at 164.52× the worth of its Bitcoin treasury (53.7M USD).

Is Cipher Mining (CIFR) overvalued versus its Bitcoin?

At 164.52×, Cipher Mining (CIFR) trades at a 16352% premium to the Bitcoin it holds. Whether that is rich or cheap is best read against its own history: over the past year its mNAV has ranged 37.42×–262.41×.

How much Bitcoin does Cipher Mining (CIFR) hold?

Cipher Mining holds 646 BTC, worth 53.7M USD at current prices. Its most recent purchase was 86 BTC on Oct 7, 2025.

Cipher Mining

Name: Cipher Mining (CIFR) mNAV time series
Creator: mNAV

CIFR

Market valuation vs the Bitcoin it holds

164.52×

live

Premium

a 16352% premium to Bitcoin NAV

Cipher Mining trades at 164.52× its Bitcoin NAV — you pay $164.52 for every $1 of Bitcoin it holds, a 53.7M USD pile.

Live · last updated Oct 7, 2026

BTC held

646 BTC

Bitcoin treasury

Bitcoin NAV

53.7M USD

at today's BTC price

Market cap

8.84B USD

Fully diluted

Share price

14.6 USD

USD

Last BTC buy

86 BTC

Oct 7, 2025

mNAV over time

Last 12 months · diluted

Today's 164.52× sits in a 52-week range of 37.42× to 262.41×.

mNAV · 52-week range

37.42×–262.41×

37.42×now 164.52×262.41×

About Cipher Mining

Cipher Mining (CIFR) owns 646 BTC. At today's price that Bitcoin is worth 53.7M USD. The market caps the whole company at 8.84B USD — 164.52× its Bitcoin. Put plainly: you pay $164.52 for every $1 of Bitcoin it holds, a 16352% premium for everything that isn't the Bitcoin. It bought in at an average of 30.8K USD per coin.

Company facts

Country: USAsource
Headquarters: New York, New Yorksource
Incorporated: Delawaresource
Business: HPC data center developer (formerly pure-play bitcoin miner)source
Fiscal year end: December 31source
Auditor: CBIZ CPAs P.C. (San Francisco, CA)source
Website: cipherdigital.com ↗source
Investor relations: IR site ↗source
Social: X ↗LinkedIn ↗source

Each fact links to the filing or official page it was taken from.

Cipher Mining (CIFR) mNAV — frequently asked

What is Cipher Mining (CIFR)'s mNAV?: Cipher Mining's mNAV is currently 164.52×. mNAV divides CIFR's market capitalisation by the value of the Bitcoin it holds, so 164.52× means the market values the company at 164.52× the worth of its Bitcoin treasury (53.7M USD).
Is Cipher Mining (CIFR) overvalued versus its Bitcoin?: At 164.52×, Cipher Mining (CIFR) trades at a 16352% premium to the Bitcoin it holds. Whether that is rich or cheap is best read against its own history: over the past year its mNAV has ranged 37.42×–262.41×.
How much Bitcoin does Cipher Mining (CIFR) hold?: Cipher Mining holds 646 BTC, worth 53.7M USD at current prices. Its most recent purchase was 86 BTC on Oct 7, 2025.

Related datapoints

Companies with a similar mNAV

Full Cipher Mining dashboard →Live treasury terminal Bitcoin treasuries by mNAV What is mNAV?CIFR investor relations ↗