Thames Capital Bets Big On Cipher Mining (CIFR) and Its Bitcoin Mining Peers

What happened

According to a Securities and Exchange Commission (SEC) filing dated October 28, 2025, Thames Capital Management LLC reported a new position in Cipher Mining (NASDAQ:CIFR). The fund acquired approximately 1,514,664 shares during Q3 2025, with the estimated trade valued at $19.07 million based on the average price for the period. This new holding comprises 2.72% of the fund's $700.84 million in reportable U.S. equity assets.

What else to know

This is a new position for the fund, amounting to 2.72% of 13F reportable assets after the trade.

Top five fund holdings after the filing:

GEV (NYSE): $33.47 million (4.8% of AUM) as of September 30, 2025

VRT (NYSE): $27.00 million (3.9% of AUM) as of September 30, 2025

HUT (NASDAQ): $25.08 million (3.6% of AUM) as of September 30, 2025

IREN (NASDAQ): $24.07 million (3.4% of AUM) as of September 30, 2025

RKT (NYSE): $21.43 million (3.1% of AUM) as of September 30, 2025

As of October 27, 2025, shares were priced at $20.54, up 262.90% over the past year and delivering 249.11 percentage points of upside versus the S&P 500.

Company overview

Company snapshot

Cipher Mining focuses on bitcoin mining operations.

Serves the digital asset and cryptocurrency market in the United States.

Cipher Mining is a U.S.-based bitcoin mining company. The company develops and grows a cryptocurrency mining business specializing in bitcoin, targeting the digital asset sector.

Foolish take

Thames Capital's new Cipher Mining stake was one of over two dozen new positions it added to its portfolio during the third quarter. It was the fourth largest new stock that Thames added.

Cipher Mining didn't make it into Thames Capital's top 10 holdings but it's close. It was the firm's 11th largest holding at the end of September.

Thames Capital is betting heavily on bitcoin miners, perhaps in anticipation of increased demand from artificial intelligence (AI) applications that require heaps of energy and processing power. It's top three holdings are all heavily focused on energy and digital infrastructure.

Cipher Mining took a step toward the AI space in September when it announced a $3 billion deal with Fluidstack. The AI cloud platform will receive 168 megawatts of critical IT load from Cipher Mining by next September. The initial 10-year term is expandable and extension options could raise total revenue realized to about $7 billion.

Glossary

13F reportable AUM: Assets under management that must be disclosed in quarterly SEC Form 13F filings by institutional investment managers.

Alpha: The excess return of an investment relative to a benchmark index, such as the S&P 500.

New position: When a fund or investor acquires shares of a company not previously held in their portfolio.

Fund holdings: The individual securities or assets owned by an investment fund.

Top five holdings: The five largest investments in a fund's portfolio, typically by market value.

Q3: The third quarter of a company's or fund's fiscal year, often covering July through September.

TTM: The 12-month period ending with the most recent quarterly report.

Bitcoin mining: The process of validating bitcoin transactions and creating new bitcoins using specialized computer hardware.

Cory Renauer has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Rocket Companies. The Motley Fool recommends Ge Vernova. The Motley Fool has a disclosure policy.