Stock Market Today: Cipher Mining Slides on Bitcoin Weakness Despite Google-Backed AI Hosting Agreement

Cipher Mining (NASDAQ: CIFR) closed at $11.64, down 17.7%. Trading volume surged to about 153 million shares, roughly 4.1 times its three-month average.

Indexes finished lower. The S&P 500 (SNPINDEX: ^GSPC) fell 0.5% to 6,604.72, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) declined 0.5% to 22,384.70, as losses in technology stocks pressured the market.

Among Bitcoin mining peers, Riot Platforms (NASDAQ: RIOT) dropped 7% to $16.74, and Hut 8 Corp (NASDAQ: HUT) slid 7.9% to $34.88. The declines reflected weakness in Bitcoin (CRYPTO: BTC), which fell 3.4% to $109,534.50, pulling down crypto-related equities across the sector.

Cipher's loss came even after it announced a 10-year artificial intelligence (AI) hosting agreement with Fluidstack, valued at about $3 billion, with extensions that could bring the total near $7 billion. Alphabet (NASDAQ: GOOGL) (NASDAQ: GOOG) will guarantee $1.4 billion of lease obligations under the deal and receive warrants representing roughly 5.4% equity in Cipher. While the agreement highlights Cipher's expansion into high-performance computing, today's trading showed the stock's continued sensitivity to swings in Bitcoin.

Market data sourced from Google Finance and Yahoo! Finance on Thursday, Sept. 25, 2025.

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Daily Stock News has no position in any of the stocks mentioned. This article was generated with GPT-5, OpenAI's large-scale language generation model and has been reviewed by The Motley Fool's AI quality control systems. The Motley Fool has positions in and recommends Alphabet and Bitcoin. The Motley Fool has a disclosure policy.