CIFR Cipher Mining Inc. - Common Stock
$15.04
Price · Aug 19, 2026
Fundamentals as of Aug 4, 2026
52W Range
$5–$30
39% of range
Analyst Rating
BUY
25 analysts
Price Target
$32
+114% upside
P/E (TTM)
-7.0
ROE
-105.8%
Net Profit Margin
-367.2%
CIFR Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$15.04
Market Cap
$6.09B
P/E (TTM)
-7.0
EPS (TTM)
$-2.15
Revenue (TTM)
$224M
Div Yield
—
ROE
-105.8%
Debt/Equity
3.5
52W Range
$5 – $30
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$224M
2022-12-31
→
2025-12-31
EPS
$-2.15
2021-12-31
→
2025-12-31
Free Cash Flow
$-696M
2021-12-31
→
2025-12-31
Margins
-367.2%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
CIFR
Peer Median
P/E (TTM)
-7.0
41.7
P/S (TTM)
27.2
10.8
P/B
7.6
11.3
EV / EBITDA
-37.1
—
Price / FCF
-8.8
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
CIFR
Peer Median
Operating Margin
-188.2%
—
Net Profit Margin
-367.2%
-0.93%
ROA
-31.9%
0.93%
ROE
-105.8%
-19.7%
ROIC
-11.7%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
CIFR
Peer Median
Debt / Equity
3.5
—
Current Ratio
3.8
2.1
Quick Ratio
0.9
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
CIFR
Peer Median
Revenue YoY
48.0%
—
Revenue CAGR 3Y
319.3%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
CIFR
Peer Median
CIFR Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
25 analysts
- Strong Buy 6 24.0%
- Buy 17 68.0%
- Hold 2 8.0%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
17 analysts · 2026-08-13
Median
$30.00
← Below all targets
$15.04
Low
$22.00
High
$69.00
Median target
$30.00
+99.5%
Mean target
$32.18
+113.9%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-0.15%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $-0.65 | $-0.24 | -0.41% |
| March 31, 2026 | $-0.28 | $-0.24 | -0.04% |
| Dec. 31, 2025 | $-0.37 | $-0.10 | -0.27% |
| Sept. 30, 2025 | $-0.09 | $-0.02 | -0.07% |
| June 30, 2025 | $-0.12 | $-0.07 | -0.05% |
| March 31, 2025 | $-0.11 | $-0.06 | -0.05% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| CIFR | $5.98B | -6.9 | 48.0% | -367.2% | -105.8% | — |
| DBX | $6.75B | 14.9 | -1.1% | 20.2% | -32.8% | 80.1% |
| RIOT | $4.71B | -6.5 | 71.9% | -102.4% | -21.6% | — |
| QBTS | $9.38B | -23.6 | 178.5% | -1444.1% | -45.9% | 82.6% |
| CORZ | — | — | — | — | — | — |
| PEGA | $10.17B | 28.0 | 16.6% | 22.5% | 55.7% | 75.9% |
| RNG | — | 60.2 | 4.8% | — | — | — |
| ZETA | — | -145.4 | 29.7% | -2.4% | -4.3% | — |
| ACIW | $4.91B | 22.1 | 10.4% | 12.9% | 15.6% | — |
| KVYO | — | -295.2 | 31.6% | -2.6% | -2.8% | 74.7% |
| PLTR | $425.03B | 282.1 | 56.2% | 36.3% | 26.2% | 82.4% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 15
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Revenue | $224M | $151M | $127M | $3M | |
| Cost of Revenue | $81M | $62M | $50M | $748.0K | |
| SG&A Expense | $36M | $33M | $28M | $71M | |
| Operating Income | $-422M | $-44M | $-20M | $-37M | |
| Interest Expense | · | · | $2M | $137.0K | |
| Interest Income | $19M | $3M | $164.0K | $215.0K | |
| Other Non-op | $-406M | $-3M | $-17.0K | · | |
| Pretax Income | $-826M | $-44M | $-22M | $-37M | |
| Income Tax | $-3M | $318.0K | $4M | $2M | |
| Net Income | $-822M | $-45M | $-26M | $-39M | |
| EPS (Basic) | $-2.15 | $-0.14 | $-0.10 | $-0.16 | |
| EPS (Diluted) | $-2.15 | $-0.14 | $-0.10 | $-0.16 | |
| Shares (Basic) | 381,602,904 | 323,103,303 | 252,439,461 | 248,227,458 | |
| Shares (Diluted) | 381,602,904 | 323,103,303 | 252,439,461 | 248,227,458 | |
| EBITDA | $-223M | $-44M | $-20M | $-37M |
Balance Sheet 26
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Cash & Equivalents | $628M | $6M | $74M | $12M | |
| Receivables | · | · | · | $98.0K | |
| Prepaid Expense | $8M | $3M | $4M | $7M | |
| Current Assets | $2.65B | $168M | $155M | $48M | |
| PP&E (Net) | · | · | $244M | $191M | |
| PP&E (Gross) | · | · | $303M | $195M | |
| Accum. Depreciation | · | · | $59M | $4M | |
| Intangibles | $77M | $9M | $8M | $596.0K | |
| Other Non-current Assets | $562M | $4M | $0 | · | |
| Total Assets | $4.29B | $855M | $566M | $418M | |
| Accounts Payable | $40M | $23M | · | $14M | |
| Accrued Liabilities | $90M | $70M | $22M | $19M | |
| Short-term Debt | $38M | $32M | $0 | · | |
| Current Liabilities | $699M | $132M | $34M | $40M | |
| Capital Leases | $9M | $10M | $6M | $4M | |
| Deferred Tax | $0 | $4M | $5M | $2M | |
| Total Liabilities | $3.46B | $173M | $75M | $76M | |
| Long-term Debt | $2.71B | $0 | · | · | |
| Total Debt | $2.79B | $32M | · | · | |
| Common Stock | $412.0K | $361.0K | $296.0K | $251.0K | |
| Paid-in Capital | $1.81B | $863M | · | · | |
| Retained Earnings | $-1.00B | $-181M | $-137M | $-111M | |
| Treasury Stock | $7.0K | $11.0K | $5.0K | $4.0K | |
| Stockholders' Equity | $806M | $682M | $491M | $343M | |
| Liabilities + Equity | $4.29B | $855M | $566M | $418M | |
| Shares Outstanding | 404,963,061 | 350,783,817 | 290,957,862 | 247,551,958 |
Cash Flow 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| D&A | $199M | $102M | $59M | $4M | |
| Stock-based Comp | $53M | $42M | $38M | $42M | |
| Deferred Tax | $-4M | $-937.0K | $3M | $2M | |
| Amort. of Intangibles | $600.0K | $500.0K | $0 | · | |
| Other Non-cash | $367M | · | · | · | |
| Operating Cash Flow | $-208M | $-88M | $-94M | $-21M | |
| CapEx | $488M | $139M | $20M | $39M | |
| Investing Cash Flow | $-337M | $-192M | $53M | $-174M | |
| Stock Issued | $195M | $222M | $132M | · | |
| Stock Repurchased | $90M | $28M | $4M | $3M | |
| Net Stock Activity | $106M | $198M | $132M | $-3M | |
| Financing Cash Flow | $3.19B | $214M | $116M | $-3M | |
| Net Change in Cash | $2.64B | $-66M | $74M | $-198M | |
| Taxes Paid | $555.0K | · | · | · | |
| Free Cash Flow | $-696M | $-227M | $-115M | $-61M | |
| Levered FCF | · | · | $-117M | $-61M |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Operating Margin | -188.2% | -28.9% | -15.9% | -1232.2% | |
| Net Margin | -367.2% | -29.5% | -20.3% | -1285.9% | |
| Pretax Margin | -368.7% | -29.3% | -17.5% | -1225.3% | |
| EBITDA Margin | -99.4% | -28.9% | -15.9% | -1232.2% | |
| ROA | -31.9% | -6.3% | -5.2% | -10.1% | |
| ROE | -105.8% | -6.6% | -6.2% | -10.8% | |
| ROIC | -11.7% | -6.2% | -4.8% | -11.5% |
Liquidity & Solvency 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Current Ratio | 3.8 | 1.3 | 4.6 | 1.2 | |
| Quick Ratio | 0.9 | 0.0 | 2.5 | 0.3 | |
| Debt / Equity | 3.5 | 0.0 | · | · | |
| LT Debt / Equity | 3.4 | · | · | · | |
| Interest Coverage | · | · | -10.1 | -273.1 |
Efficiency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.2 | 0.3 | 0.0 | |
| Receivables Turnover | · | · | · | 62.0 |
Growth Rates 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Revenue YoY | 48.0% | 19.3% | 4076.6% | · | |
| Revenue CAGR 3Y | 319.3% | · | · | · |
Valuation (TTM) 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Revenue TTM | $224M | $151M | $127M | $3M | |
| Net Income TTM | $-822M | $-45M | $-26M | $-39M | |
| Market Cap | $5.98B | $1.63B | $1.20B | $139M | |
| Enterprise Value | $8.14B | $1.65B | · | · | |
| P/E | -6.9 | -33.1 | -41.3 | -3.5 | |
| P/S | 26.7 | 10.8 | 9.5 | 45.6 | |
| P/B | 7.4 | 2.4 | 2.4 | 0.4 | |
| P / Tangible Book | 8.2 | 2.4 | 2.5 | 0.4 | |
| P / Cash Flow | -28.7 | -18.6 | -12.8 | -6.6 | |
| P / FCF | -8.6 | -7.2 | -10.5 | -2.3 | |
| EV / EBITDA | -36.6 | -37.9 | · | · | |
| EV / FCF | -11.7 | -7.3 | · | · | |
| EV / Revenue | 36.3 | 10.9 | · | · | |
| Earnings Yield | -14.6% | -3.0% | -2.4% | -28.6% |
Income Statement 15
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $25M | $35M | $60M | $72M | $44M | $49M | $42M | $24M | $37M | $48M | $43M | $30M | $31M | $22M | |
| Cost of Revenue | $15M | $18M | $24M | $27M | $15M | $15M | $18M | $15M | $14M | $15M | $13M | $13M | $16M | $8M | |
| SG&A Expense | $16M | $12M | $10M | $8M | $9M | $9M | $9M | $9M | $8M | $6M | $7M | $7M | $9M | $5M | |
| Operating Income | $-79M | $-115M | $-301M | $-38M | $-45M | $-38M | $17M | $-91M | $-16M | $47M | $15M | $-19M | $-12M | $-4M | |
| Interest Expense | · | · | · | · | · | · | · | · | $372.0K | $400.0K | · | $627.0K | $485.0K | $401.0K | |
| Interest Income | $36M | $32M | $19M | $457.0K | $296.0K | $190.0K | $357.0K | $1M | $1M | $786.0K | $52.0K | $11.0K | $25.0K | $76.0K | |
| Other Non-op | $-7M | $-15M | $-410M | $3M | $1M | $-156.0K | $-1M | $-4.0K | $727.0K | $-2M | $1.0K | $-6.0K | $-12.0K | · | |
| Pretax Income | $-267M | $-114M | $-738M | $-4M | $-45M | $-39M | $16M | $-91M | $-15M | $45M | $15M | $-20M | $-13M | $-4M | |
| Income Tax | $367.0K | $407.0K | $-4M | $-303.0K | $917.0K | $144.0K | $-2M | $-4M | $528.0K | $6M | $4M | $-1M | $615.0K | $70.0K | |
| Net Income | $-268M | $-114M | $-734M | $-3M | $-46M | $-39M | $18M | $-87M | $-15M | $40M | $11M | $-19M | $-13M | $-5M | |
| EPS (Basic) | $-0.65 | $-0.28 | $-1.91 | $-0.01 | $-0.12 | $-0.11 | $0.04 | $-0.26 | $-0.05 | $0.13 | $0.04 | $-0.07 | $-0.05 | $-0.02 | |
| EPS (Diluted) | $-0.65 | $-0.28 | $-1.91 | $-0.01 | $-0.12 | $-0.11 | $0.04 | $-0.26 | $-0.05 | $0.13 | $0.04 | $-0.07 | $-0.05 | $-0.02 | |
| Shares (Basic) | 409,382,093 | 405,112,315 | -747,155,587 | 393,191,623 | 375,052,248 | 360,514,620 | -620,571,975 | 332,680,037 | 314,353,742 | 296,641,499 | -497,131,635 | 251,789,350 | 249,127,664 | 248,654,082 | |
| Shares (Diluted) | 409,382,093 | 405,112,315 | -747,155,587 | 393,191,623 | 375,052,248 | 360,514,620 | -628,328,455 | 332,680,037 | 314,353,742 | 304,397,979 | -497,131,635 | 251,789,350 | 249,127,664 | 248,654,082 | |
| EBITDA | $-79M | $-96M | · | $-38M | $-45M | $-38M | · | $-91M | $-16M | $47M | · | $-18M | $-12M | $-6M |
Balance Sheet 26
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $832M | $715M | $628M | $1.21B | $63M | $23M | $6M | $25M | $123M | $89M | $74M | $3M | $2M | $4M | |
| Receivables | · | · | · | · | · | · | · | · | · | · | · | · | · | $281.0K | |
| Prepaid Expense | $34M | $30M | $8M | $4M | $7M | $3M | $3M | $3M | $4M | $3M | · | $4M | $2M | $4M | |
| Current Assets | $4.13B | $3.89B | $2.65B | $1.42B | $220M | $155M | $168M | $152M | $309M | $250M | · | $54M | $42M | $36M | |
| PP&E (Net) | · | · | · | · | · | · | · | · | $239M | $239M | · | $258M | $268M | $263M | |
| PP&E (Gross) | · | · | · | · | · | · | · | · | $334M | $314M | · | $301M | $297M | $278M | |
| Accum. Depreciation | · | · | · | · | · | · | · | · | $95M | $76M | · | $43M | $29M | $15M | |
| Intangibles | $77M | $77M | $77M | $9M | $9M | $9M | $9M | $26M | $9M | $8M | · | · | · | · | |
| Other Non-current Assets | $553M | $554M | $562M | $553M | $5M | $5M | $4M | $210.0K | $203.0K | · | · | · | · | · | |
| Total Assets | $7.50B | $6.39B | $4.29B | $2.84B | $1.02B | $914M | $855M | $775M | $776M | $677M | · | $416M | $417M | $413M | |
| Accounts Payable | $289M | $198M | $40M | $12M | $15M | $30M | $23M | · | · | · | · | · | · | $11M | |
| Accrued Liabilities | $357M | $205M | $90M | $38M | $30M | $66M | $70M | $41M | $18M | $19M | · | $25M | $23M | $17M | |
| Short-term Debt | $94M | $355M | $38M | $0 | $0 | $35M | $32M | · | · | · | · | · | · | · | |
| Current Liabilities | $1.38B | $1.25B | $699M | $570M | $53M | $139M | $132M | $59M | $36M | $31M | · | $39M | $39M | $33M | |
| Capital Leases | $38M | $6M | $9M | $9M | $9M | $10M | $10M | $10M | $9M | $6M | · | $4M | $4M | $4M | |
| Deferred Tax | · | · | $0 | $4M | $3M | $4M | $4M | $7M | $11M | $10M | · | $1M | $3M | $2M | |
| Total Liabilities | $6.91B | $5.65B | $3.46B | $2.06B | $270M | $179M | $173M | $103M | $85M | $76M | · | $74M | $74M | $68M | |
| Long-term Debt | $5.45B | $4.38B | $2.71B | $1.02B | $167M | · | $0 | · | · | · | · | · | · | · | |
| Total Debt | $5.64B | $5.09B | · | $1.02B | $167M | $35M | · | · | · | · | · | · | · | · | |
| Common Stock | $424.0K | $413.0K | $412.0K | $395.0K | $388.0K | $371.0K | $361.0K | $356.0K | $336.0K | $313.0K | · | $259.0K | $254.0K | $253.0K | |
| Paid-in Capital | $1.95B | $1.83B | $1.81B | · | · | · | $863M | · | · | · | · | · | · | · | |
| Retained Earnings | $-1.39B | $-1.12B | $-1.00B | $-269M | $-266M | $-220M | $-181M | $-199M | $-112M | $-97M | · | $-148M | $-131M | $-118M | |
| Treasury Stock | $9.0K | $7.0K | $7.0K | $2.0K | $2.0K | $1.0K | $11.0K | $8.0K | $7.0K | $6.0K | · | $5.0K | $4.0K | $4.0K | |
| Stockholders' Equity | $562M | $714M | $806M | $783M | $749M | $735M | $682M | $672M | $691M | $601M | $491M | $343M | $343M | $345M | |
| Liabilities + Equity | $7.50B | $6.39B | $4.29B | $2.84B | $1.02B | $914M | $855M | $775M | $776M | $677M | · | $416M | $417M | $413M | |
| Shares Outstanding | 414,253,564 | 405,266,365 | 404,963,061 | 393,602,553 | 386,758,546 | 370,857,699 | 350,783,817 | 347,800,186 | 328,616,426 | 306,543,330 | · | 254,558,178 | 250,413,891 | 248,906,007 |
Cash Flow 15
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $19M | $19M | $52M | $60M | $44M | $43M | $36M | $29M | $20M | $17M | $17M | $16M | $14M | $12M | |
| Stock-based Comp | $31M | $27M | $25M | $8M | $10M | $9M | $10M | $10M | $13M | $8M | $10M | $11M | $9M | $9M | |
| Deferred Tax | $0 | $0 | $-4M | $464.0K | $-228.0K | $-635.0K | $-2M | $-4M | $193.0K | $5M | $4M | $-1M | $584.0K | $53.0K | |
| Amort. of Intangibles | $200.0K | $200.0K | $11.0K | $200.0K | $200.0K | $200.0K | $-47.0K | $200.0K | $200.0K | $147.0K | $0 | $0 | $0 | $0 | |
| Other Non-cash | · | $160M | · | · | · | · | · | · | · | · | · | · | · | · | |
| Operating Cash Flow | $-244M | $92M | $-54M | $-50M | $-56M | $-47M | $-29M | $-7M | $-25M | $-27M | $-48M | $-71M | $-39M | $-10M | |
| CapEx | $410M | $554M | $226M | $206M | $31M | $100M | $47M | $77M | $8M | $8M | $-12M | $4M | $11M | $18M | |
| Investing Cash Flow | $-323M | $-474M | $-205M | $-21M | $-93M | $-17M | $3M | $-133M | $-31M | $-31M | $15M | $72M | $36M | $3M | |
| Stock Issued | $129M | $0 | $77M | $32M | $52M | $34M | $-3M | $62M | $97M | $66M | $121M | $9M | · | · | |
| Stock Repurchased | $45M | $4M | $82M | $3M | $3M | $1M | $17M | $4M | $4M | $3M | $678.0K | $2M | $633.0K | $481.0K | |
| Net Stock Activity | · | $-4M | · | · | · | $33M | · | · | · | $63M | · | · | · | $-481.0K | |
| Financing Cash Flow | $880M | $1.96B | $1.70B | $1.22B | $189M | $82M | $6M | $57M | $91M | $60M | $116M | $366.0K | $53.0K | $-481.0K | |
| Net Change in Cash | $313M | $1.58B | $1.44B | $1.14B | $40M | $18M | $-20M | $-83M | $34M | $3M | $83M | $2M | $-2M | $-8M | |
| Free Cash Flow | · | $-462M | · | · | · | $-72M | · | · | · | $-35M | · | · | · | $-7M | |
| Levered FCF | · | · | · | · | · | · | · | · | · | $-35M | · | · | · | $-8M |
Profitability 7
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -316.2% | -328.9% | · | -52.5% | -103.8% | -77.8% | · | -379.2% | -43.9% | 97.2% | · | -60.0% | -37.1% | -28.2% | |
| Net Margin | -1077.1% | -328.1% | · | -4.6% | -105.1% | -79.6% | · | -359.9% | -41.5% | 82.9% | · | -58.4% | -40.7% | -30.1% | |
| Pretax Margin | -1075.7% | -327.0% | · | -5.0% | -103.0% | -79.3% | · | -375.7% | -40.1% | 94.5% | · | -62.1% | -38.7% | -29.8% | |
| EBITDA Margin | -316.2% | -274.3% | · | -52.5% | -103.8% | -77.8% | · | -379.2% | -43.9% | 97.2% | · | -60.0% | -37.1% | -28.2% | |
| ROA | -6.3% | -3.1% | · | -0.18% | -5.1% | -4.9% | · | -14.6% | -2.6% | 7.3% | · | -4.3% | -3.4% | -1.7% | |
| ROE | -40.8% | -15.8% | · | -0.45% | -6.4% | -5.8% | · | -17.1% | -3.0% | 8.4% | · | -4.9% | -3.9% | -1.9% | |
| ROIC | -1.3% | -2.0% | · | -1.9% | -5.0% | -5.0% | · | -13.0% | -2.4% | 6.8% | · | -5.0% | -3.5% | -1.8% |
Liquidity & Solvency 5
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.0 | 3.1 | · | 2.5 | 4.2 | 1.1 | · | 2.6 | 8.5 | 8.1 | · | 1.4 | 1.1 | 1.1 | |
| Quick Ratio | 0.6 | 0.6 | · | 2.1 | 1.2 | 0.2 | · | 0.4 | 3.4 | 2.9 | · | 0.1 | 0.0 | 0.1 | |
| Debt / Equity | 10.0 | 7.1 | · | 1.3 | 0.2 | 0.0 | · | · | · | · | · | · | · | · | |
| LT Debt / Equity | 9.7 | 6.1 | · | 1.3 | 0.2 | · | · | · | · | · | · | · | · | · | |
| Interest Coverage | · | · | · | · | · | · | · | · | -43.5 | 117.0 | · | -29.0 | -23.9 | -15.4 |
Efficiency 2
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.1 | · | 0.0 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | |
| Receivables Turnover | · | · | · | · | · | · | · | · | · | · | · | · | · | 155.8 |
Valuation (TTM) 14
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $175M | $199M | · | $188M | $153M | $158M | · | $139M | $146M | $132M | · | · | · | · | |
| Net Income TTM | $-431M | $-202M | · | $-175M | $-187M | $-101M | · | $-81M | $-7M | $4M | · | $23M | $12M | $8M | |
| Market Cap | $10.15B | $5.22B | · | $4.96B | $1.85B | $853M | · | $1.35B | $1.36B | $1.58B | · | $593M | $716M | $580M | |
| Enterprise Value | $14.95B | $9.59B | · | $4.77B | $1.95B | $865M | · | · | · | · | · | · | · | · | |
| P/E | -23.1 | -24.8 | · | -25.2 | -8.9 | -7.9 | · | -15.5 | -103.8 | -515.0 | · | 23.3 | 57.2 | 77.7 | |
| P/S | 58.0 | 26.2 | · | 26.3 | 12.0 | 5.4 | · | 9.7 | 9.3 | 12.0 | · | · | · | · | |
| P/B | 18.1 | 7.3 | · | 6.3 | 2.5 | 1.2 | · | 2.0 | 2.0 | 2.6 | · | 1.7 | 2.1 | 1.7 | |
| P / Tangible Book | 20.9 | 8.2 | · | 6.4 | 2.5 | 1.2 | · | 2.1 | 2.0 | 2.7 | · | 1.7 | 2.1 | 1.7 | |
| P / Cash Flow | · | 57.0 | · | · | · | -18.1 | · | · | · | -59.3 | · | · | · | 53.6 | |
| P / FCF | · | -11.3 | · | · | · | -11.9 | · | · | · | -45.7 | · | · | · | -81.3 | |
| EV / EBITDA | -190.4 | -100.3 | · | -126.8 | -43.2 | -22.7 | · | · | · | · | · | · | · | · | |
| EV / FCF | · | -20.7 | · | · | · | -12.0 | · | · | · | · | · | · | · | · | |
| EV / Revenue | 85.5 | 48.2 | · | 25.3 | 12.7 | 5.5 | · | · | · | · | · | · | · | · | |
| Earnings Yield | -4.3% | -4.0% | · | -4.0% | -11.3% | -12.6% | · | -6.5% | -0.96% | -0.19% | · | 4.3% | 1.8% | 1.3% |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Revenue | $224M | $151M | $127M | $3M | — |
| Operating Margin % | -188.2% | -28.9% | -15.9% | -1232.2% | — |
| Net Income | $-822M | $-45M | $-26M | $-39M | $-72M |
| Diluted EPS | $-2.15 | $-0.14 | $-0.10 | $-0.16 | $-0.33 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | 3.5 | 0.0 | — | — | — |
| Current Ratio | 3.8 | 1.3 | 4.6 | 1.2 | 448.0 |
| Quick Ratio | 0.9 | 0.0 | 2.5 | 0.3 | 420.3 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-696M | $-227M | $-115M | $-61M | $-37M |
Latest News Recent headlines mentioning this company
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- Cipher Digital (CIFR) Reaffirms Focus on AI Infrastructure
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Institutional owners (13F) 558 filers · $9.2B total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 160 (+47 vs prior Q) | 35 (-33 vs prior Q) | 173 (+28 vs prior Q) | 133 (+21 vs prior Q) | +95.1M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| V3 Holding Ltd | $756,396,144 | 30,873,312 | 8.22% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $591,038,637 | 24,124,026 | 6.42% | Shares |
| UBS Group AG | $560,022,421 | 22,858,058 | 6.08% | Call option |
| VANGUARD GROUP INC | $447,725,766 | 30,333,724 | 4.86% | Shares |
| D. E. Shaw & Co., Inc. | $434,639,800 | 17,740,400 | 4.72% | Call option |
| VANGUARD CAPITAL MANAGEMENT LLC | $404,104,176 | 16,494,048 | 4.39% | Shares |
| D. E. Shaw & Co., Inc. | $355,429,071 | 14,507,309 | 3.86% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $342,414,450 | 13,976,100 | 3.72% | Call option |
| Value Aligned Research Advisors, LLC | $272,572,129 | 11,125,393 | 2.96% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $224,946,972 | 7,652,698 | 2.44% | Shares |
| STATE STREET CORP | $209,862,027 | 8,565,797 | 2.28% | Shares |
| CITADEL ADVISORS LLC | $194,997,950 | 7,959,100 | 2.12% | Call option |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $151,618,250 | 6,188,500 | 1.65% | Put option |
| JANE STREET GROUP, LLC | $150,932,250 | 6,160,500 | 1.64% | Call option |
| Capital International Investors | $145,314,792 | 5,931,216 | 1.58% | Shares |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND | $135,455,600 | 5,528,800 | 1.47% | Shares |
| JANE STREET GROUP, LLC | $133,329,000 | 5,442,000 | 1.45% | Put option |
| CITADEL ADVISORS LLC | $126,047,600 | 5,144,800 | 1.37% | Put option |
| TWO SIGMA INVESTMENTS, LP | $117,000,240 | 4,775,520 | 1.27% | Shares |
| Avala Global LP | $108,126,218 | 4,413,315 | 1.17% | Shares |
| Capital Research Global Investors | $106,453,015 | 4,345,021 | 1.16% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $97,808,974 | 3,992,203 | 1.06% | Shares |
| JANE STREET GROUP, LLC | $96,376,875 | 3,933,750 | 1.05% | Shares |
| Atreides Management, LP | $87,867,021 | 3,586,409 | 0.95% | Shares |
| Driehaus Capital Management LLC | $86,933,889 | 3,548,322 | 0.94% | Shares |
| CITIGROUP INC | $83,246,100 | 3,397,800 | 0.90% | Call option |
| Alpine Fox Capital LLC | $82,614,000 | 3,372,000 | 0.90% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $73,786,087 | 3,011,677 | 0.80% | Shares |
| CITIGROUP INC | $73,500,000 | 3,000,000 | 0.80% | Put option |
| Point72 Asset Management, L.P. | $69,652,961 | 2,842,978 | 0.76% | Shares |
| Connor, Clark & Lunn Investment Management Ltd. | $58,944,207 | 2,405,886 | 0.64% | Shares |
| Walleye Trading LLC | $57,043,350 | 2,328,300 | 0.62% | Call option |
| VANGUARD FIDUCIARY TRUST CO | $55,654,372 | 2,271,607 | 0.60% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $53,673,767 | 2,190,766 | 0.58% | Shares |
| CITIGROUP INC | $52,951,948 | 2,161,304 | 0.58% | Shares |
| Caption Management, LLC | $52,814,650 | 2,155,700 | 0.57% | Call option |
| Two Seas Capital LP | $49,980,000 | 2,040,000 | 0.54% | Shares |
| 140 Summer Partners LP | $49,762,342 | 2,031,116 | 0.54% | Shares |
| Caption Management, LLC | $39,285,750 | 1,603,500 | 0.43% | Put option |
| JENNISON ASSOCIATES LLC | $39,194,100 | 1,599,759 | 0.43% | Shares |
| Toroso Investments, LLC | $38,439,630 | 2,604,311 | 0.42% | Shares |
| MILLENNIUM MANAGEMENT LLC | $37,181,102 | 1,517,596 | 0.40% | Shares |
| Graham Capital Management, L.P. | $36,998,455 | 1,510,141 | 0.40% | Shares |
| Clearbridge Investments, LLC | $36,874,062 | 1,505,064 | 0.40% | Shares |
| Capital World Investors | $36,250,127 | 1,479,597 | 0.39% | Shares |
| FRONTIER CAPITAL MANAGEMENT CO LLC | $35,562,657 | 1,451,537 | 0.39% | Shares |
| Two Seas Capital LP | $35,441,700 | 1,446,600 | 0.39% | Call option |
| MOORE CAPITAL MANAGEMENT, LP | $35,076,601 | 1,431,698 | 0.38% | Shares |
| BARCLAYS PLC | $34,296,130 | 1,399,842 | 0.37% | Shares |
| Merewether Investment Management, LP | $33,601,750 | 1,371,500 | 0.37% | Shares |
| Parallax Volatility Advisers, L.P. | $32,070,500 | 1,309,000 | 0.35% | Call option |
| Rivermont Capital Management LP | $30,435,713 | 1,242,274 | 0.33% | Shares |
| GOLDMAN SACHS GROUP INC | $28,488,551 | 1,162,798 | 0.31% | Shares |
| BARCLAYS PLC | $28,290,150 | 1,154,700 | 0.31% | Call option |
| WOLVERINE ASSET MANAGEMENT LLC | $28,050,050 | 1,144,900 | 0.30% | Put option |
| Yaupon Capital Management LP | $26,740,844 | 1,091,463 | 0.29% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $26,530,242 | 1,082,867 | 0.29% | Shares |
| Qube Research & Technologies Ltd | $26,386,451 | 1,076,998 | 0.29% | Shares |
| Point72 Asset Management, L.P. | $26,227,250 | 1,070,500 | 0.28% | Call option |
| Squarepoint Ops LLC | $24,243,632 | 989,536 | 0.26% | Shares |
| TIGER GLOBAL MANAGEMENT LLC | $22,711,500 | 927,000 | 0.25% | Shares |
| SUMMIT PARTNERS PUBLIC ASSET MANAGEMENT, LLC | $22,125,950 | 903,100 | 0.24% | Call option |
| D. E. Shaw & Co., Inc. | $21,025,900 | 858,200 | 0.23% | Put option |
| EXCHANGE TRADED CONCEPTS, LLC | $20,945,687 | 854,926 | 0.23% | Shares |
| Engle Capital Management, L.P. | $18,896,434 | 771,283 | 0.21% | Shares |
| VAN ECK ASSOCIATES CORP | $18,481,796 | 754,359 | 0.20% | Shares |
| Covalis Capital LLP | $18,401,387 | 751,077 | 0.20% | Shares |
| CITADEL ADVISORS LLC | $18,135,488 | 740,224 | 0.20% | Shares |
| Walleye Trading LLC | $16,885,400 | 689,200 | 0.18% | Put option |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | $16,829,000 | 686,905 | 0.18% | Shares |
| Shannon River Fund Management LLC | $16,364,310 | 667,931 | 0.18% | Shares |
| Trivest Advisors Ltd | $16,223,900 | 662,200 | 0.18% | Shares |
| IMC-Chicago, LLC | $16,075,748 | 656,153 | 0.17% | Shares |
| Swiss National Bank | $15,934,800 | 650,400 | 0.17% | Shares |
| PEAK6 LLC | $15,846,600 | 646,800 | 0.17% | Call option |
| BIT Capital GmbH | $15,615,908 | 637,384 | 0.17% | Shares |
| WOLVERINE TRADING, LLC | $15,559,500 | 1,230,000 | 0.17% | Call option |
| GROUP ONE TRADING LLC | $15,148,742 | 618,316 | 0.16% | Shares |
| MILLENNIUM MANAGEMENT LLC | $15,028,300 | 613,400 | 0.16% | Call option |
| GOLDMAN SACHS GROUP INC | $14,700,000 | 600,000 | 0.16% | Call option |
| GOLDMAN SACHS GROUP INC | $14,700,000 | 600,000 | 0.16% | Put option |
| THAMES CAPITAL MANAGEMENT LLC | $14,590,681 | 595,538 | 0.16% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $14,435,400 | 589,200 | 0.16% | Shares |
| HighTower Advisors, LLC | $14,422,331 | 588,667 | 0.16% | Shares |
| SAMLYN CAPITAL, LLC | $14,421,190 | 588,620 | 0.16% | Shares |
| BANK OF AMERICA CORP /DE/ | $13,561,313 | 553,523 | 0.15% | Shares |
| Arosa Capital Management LP | $13,475,000 | 550,000 | 0.15% | Call option |
| TORTOISE CAPITAL ADVISORS, L.L.C. | $13,347,012 | 544,776 | 0.15% | Shares |
| Hel Ved Capital Management Ltd | $13,203,050 | 538,900 | 0.14% | Shares |
| JPMORGAN CHASE & CO | $13,176,933 | 515,284 | 0.14% | Shares |
| BlackRock, Inc. | $12,918,532 | 527,287 | 0.14% | Shares |
| Value Aligned Research Advisors, LLC | $12,725,300 | 519,400 | 0.14% | Call option |
| MANE GLOBAL CAPITAL MANAGEMENT LP | $12,315,660 | 502,680 | 0.13% | Shares |
| Alphadyne Asset Management LP | $12,051,550 | 491,900 | 0.13% | Put option |
| ALGERT GLOBAL LLC | $11,832,422 | 482,956 | 0.13% | Shares |
| Maridea Wealth Management LLC | $11,795,108 | 481,433 | 0.13% | Shares |
| WOLVERINE ASSET MANAGEMENT LLC | $11,529,602 | 470,596 | 0.13% | Shares |
| UBS Group AG | $11,405,902 | 465,547 | 0.12% | Shares |
| CANADA PENSION PLAN INVESTMENT BOARD | $11,348,400 | 463,200 | 0.12% | Shares |
| LuminArx Capital Management LP | $11,224,919 | 2,000,000 | 0.12% | Shares |
Company insiders 19 insiders · 5 officers · 15 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Tyler Page | Chief Executive Officer | June 30, 2026 M | 9,196,725 | 0 | 0 | $0 |
| ZEIDMAN FRED S | CEO | March 10, 2021 G | 195,000 | 0 | 0 | $0 |
| Gregory J.D. Mumford | Chief Financial Officer | June 30, 2026 M | 20,207 | 0 | 0 | $0 |
| William Iwaschuk | Co-President and CLO | June 30, 2026 M | 1,601,691 | 0 | 0 | $0 |
| Patrick Arthur Kelly | Co-President and COO | June 30, 2026 M | 1,601,970 | 0 | 0 | $0 |
| Cary M Grossman | Director | June 18, 2026 S | 143,829 | 0 | 4 | $-1,789,050 |
| James E Newsome | Director | June 16, 2026 S | 128,530 | 0 | 4 | $-1,230,636 |
| Thomas David Duda | Director | June 3, 2026 A | 25,979 | 0 | 0 | $0 |
| Robert Flatley | Director | June 3, 2026 A | 147,171 | 0 | 0 | $0 |
| Caitlin Long | Director | June 3, 2026 A | 235,080 | 0 | 0 | $0 |
| Wesley Hastie Williams | Director | June 3, 2026 A | 123,708 | 0 | 1 | $-328,645 |
| Holly Morrow Evans | Director | Nov. 12, 2025 S | 210,512 | 0 | 1 | $-282,918 |
| Robert R B Dykes | Director | May 2, 2024 A | 167,080 | 0 | 0 | $0 |
| Douglas Clark Wurth | Director | March 10, 2021 G | 195,000 | 0 | 0 | $0 |
| Paul Fratamico | Director | March 10, 2021 G | 47,500 | 0 | 0 | $0 |
| Tahira Rehmatullah | Director | March 10, 2021 G | 47,500 | 0 | 0 | $0 |
| David I Pauker | Director | March 10, 2021 G | 47,500 | 0 | 0 | $0 |
| John J Lendrum III | Director | March 10, 2021 G | 47,500 | 0 | 0 | $0 |
| Edward J Farrell | — | Sept. 30, 2025 M | 1,482,622 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 2 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Bitfury Top HoldCo B.V., Bitfury Holding B.V., Bitfury Group Ltd, V3 Holding Ltd, Vavilovs Valerijs ×13 filings | June 4, 2026 | 14.60% | Amendment | — | SEC |
| Bitfury Holding B.V., Bitfury Top HoldCo B.V., Bitfury Group Limited, V3 Holding Limited, Valerijs Vavilovs ×11 filings | Nov. 12, 2024 | — | Initial filing | — | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
ETF ownership Held by 76 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| DECO · SSGA Active Trust | 8.89% | 79,096 NS | April 30, 2026 | N-PORT |
| HECO · SSGA Active Trust | 8.81% | 405,639 NS | April 30, 2026 | N-PORT |
| TEKX · SSGA Active Trust | 7.27% | 24,881 NS | April 30, 2026 | N-PORT |
| BLOX · Tidal Trust II | 6.15% | 928,037 NS | April 30, 2026 | N-PORT |
| BKCH · Global X Funds | 4.68% | 770,787 NS | May 31, 2026 | N-PORT |
| LFGY · Tidal Trust II | 4.48% | 316,409 NS | April 30, 2026 | N-PORT |
| CEPI · ETF Opportunities Trust | 4.05% | 213,988 NS | April 30, 2026 | N-PORT |
| CRPT · First Trust Exchange-Traded Fund VI… | 3.91% | 189,492 NS | May 31, 2026 | N-PORT |
| IBLC · iShares Trust | 3.57% | 156,311 SH | Aug. 8, 2026 | Daily |
| GPTY · Tidal Trust II | 2.79% | 144,784 NS | April 30, 2026 | N-PORT |
| TCAI · Tortoise Capital Series Trust | 2.41% | 220,782 NS | May 31, 2026 | N-PORT |
| SATO · Invesco Exchange-Traded Fund Trust … | 1.73% | 7,162 SH | Aug. 8, 2026 | Daily |
| FINX · Global X Funds | 1.70% | 140,312 NS | May 31, 2026 | N-PORT |
| FNY · First Trust Exchange-Traded AlphaDE… | 0.55% | 159,830 NS | April 30, 2026 | N-PORT |
| AIPO · Tidal Trust II | 0.53% | 167,552 NS | May 31, 2026 | N-PORT |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.49% | 363,644 SH | Aug. 8, 2026 | Daily |
| MMSC · First Trust Exchange-Traded Fund VI… | 0.41% | 9,061 NS | May 31, 2026 | N-PORT |
| IWO · iShares Trust | 0.38% | 3,085,054 SH | Aug. 8, 2026 | Daily |
| FSCC · Federated Hermes ETF Trust | 0.38% | 44,114 NS | May 31, 2026 | N-PORT |
| BBSC · J.P. Morgan Exchange-Traded Fund Tr… | 0.30% | 123,955 NS | April 30, 2026 | N-PORT |
| ANEW · ProShares Trust | 0.29% | 944 NS | May 31, 2026 | N-PORT |
| VBK · VANGUARD INDEX FUNDS | 0.26% | 5,148,231 SH | Aug. 8, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.25% | 1,954,855 SH | Aug. 8, 2026 | Daily |
| DWAS · Invesco Exchange-Traded Fund Trust … | 0.24% | 63,833 SH | Aug. 8, 2026 | Daily |
| AFSM · First Trust Exchange-Traded Fund VI… | 0.24% | 9,963 NS | May 31, 2026 | N-PORT |
| VFMO · VANGUARD WELLINGTON FUND | 0.22% | 176,234 SH | Aug. 8, 2026 | Daily |
| IWM · iShares Trust | 0.19% | 8,631,201 SH | Aug. 8, 2026 | Daily |
| IGV · iShares Trust | 0.19% | 1,477,092 SH | Aug. 8, 2026 | Daily |
| ITWO · ProShares Trust | 0.19% | 15,277 NS | May 31, 2026 | N-PORT |
| ISCG · iShares Trust | 0.19% | 104,036 SH | Aug. 8, 2026 | Daily |
| FNX · First Trust Exchange-Traded AlphaDE… | 0.19% | 141,052 NS | April 30, 2026 | N-PORT |
| GINN · Goldman Sachs ETF Trust | 0.18% | 15,829 NS | May 31, 2026 | N-PORT |
| RSSL · Global X Funds | 0.17% | 140,567 NS | April 30, 2026 | N-PORT |
| BKSE · BNY Mellon ETF Trust | 0.17% | 7,928 NS | April 30, 2026 | N-PORT |
| FAD · First Trust Exchange-Traded AlphaDE… | 0.16% | 43,953 NS | April 30, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.15% | 1,406,484 NS | May 31, 2026 | N-PORT |
| DFAS · Dimensional ETF Trust | 0.12% | 976,396 NS | April 30, 2026 | N-PORT |
| GSSC · Goldman Sachs ETF Trust | 0.12% | 50,818 NS | May 31, 2026 | N-PORT |
| UWM · ProShares Trust | 0.11% | 11,959 NS | May 31, 2026 | N-PORT |
| VB · VANGUARD INDEX FUNDS | 0.11% | 8,912,981 SH | Aug. 8, 2026 | Daily |
| ISCB · iShares Trust | 0.09% | 14,867 SH | Aug. 8, 2026 | Daily |
| VGT · VANGUARD WORLD FUND | 0.09% | 6,245,644 SH | Aug. 8, 2026 | Daily |
| GTOS · Invesco Actively Managed Exchange-T… | 0.09% | 101,000 | Aug. 8, 2026 | Daily |
| URTY · ProShares Trust | 0.08% | 12,089 NS | May 31, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.08% | 3,473,219 SH | Aug. 8, 2026 | Daily |
| ESML · iShares Trust | 0.08% | 125,564 SH | Aug. 8, 2026 | Daily |
| FTEC · FIDELITY COVINGTON TRUST | 0.08% | 794,203 NS | April 30, 2026 | N-PORT |
| WSML · iShares Trust | 0.06% | 20,660 SH | Aug. 8, 2026 | Daily |
| SMLF · iShares Trust | 0.05% | 124,808 SH | Aug. 8, 2026 | Daily |
| DXUV · Dimensional ETF Trust | 0.05% | 11,955 NS | April 30, 2026 | N-PORT |