Cipher Mining Inc. (CIFR): ANSOFF Matrix Analysis [Jan-2025 Mis à jour]

Dans le paysage en évolution rapide de l'exploitation de la crypto-monnaie, Cipher Mining Inc. (CIFR) émerge comme une puissance stratégique, traduisant méticuleusement une trajectoire de croissance complète à travers quatre dimensions transformatrices. En tirant parti de la matrice Ansoff, la société dévoile un plan ambitieux qui transcende les paradigmes miniers traditionnels, le ciblage de l'excellence opérationnelle, l'expansion du marché, l'innovation technologique et la diversification stratégique. De l'optimisation des installations existantes à l'exploration des solutions révolutionnaires de la blockchain, l'exploitation de chiffre d'affaires est sur le point de redéfinir le paysage de l'infrastructure de crypto-monnaie avec son approche multiforme de la génération d'actifs numériques durable et efficace.

Cipher Mining Inc. (CIFR) - Matrice Ansoff: pénétration du marché

Développez la capacité d'exploration de bitcoin dans les installations existantes

Cipher Mining exploite actuellement 3 588 machines minières avec un taux de hachage total de 3,8 EXAHASH par seconde au quatrième trimestre 2022. La société prévoit d'augmenter sa capacité minière à 6,4 Exahash d'ici la fin de 2023.

Métrique	État actuel	Cible
Machines à exploitation	3,588	5,500
Taux de hachage	3.8 EH / S	6.4 eh / s

Optimiser les stratégies d'approvisionnement en énergie

Le coût d'électricité actuel de Cipher Mining est de 0,045 $ par kilowatt-heure. La société vise à réduire cela à 0,035 $ par kilowatt-heure grâce à des partenariats énergétiques stratégiques.

• Dépenses énergétiques actuelles: 4,2 millions de dollars par mois
• Réduction des coûts énergétiques projetés: 17,5%
• Économies annuelles estimées: 8,4 millions de dollars

Mettre en œuvre des technologies de refroidissement avancées

Investissement dans les technologies de refroidissement: 3,6 millions de dollars en 2022. Amélioration attendue de l'efficacité: réduction de 22% de la production de chaleur de l'équipement.

Technologie de refroidissement	Investissement	Gain d'efficacité
Refroidissement à l'immersion	2,1 millions de dollars	Réduction de 15%
Refroidissement à l'air avancé	1,5 million de dollars	Réduction de 7%

Développer des partenariats d'énergie renouvelable

Mélange d'énergie renouvelable actuelle: 42% de la consommation totale d'énergie. Cible: 65% à la fin de 2024.

• Contrats d'énergie renouvelable existants: 3 partenariats
• NOUVEAUX partenariats renouvelables projetés: 2-3
• Réduction estimée de l'empreinte carbone: 35%

Augmenter les efforts de marketing pour les investisseurs institutionnels

Budget marketing pour 2023: 1,2 million de dollars. Propriété institutionnelle actuelle: 22,4% du total des actions.

Catégorie d'investisseurs	Propriété actuelle	Propriété cible
Investisseurs institutionnels	22.4%	35%
Investisseurs de détail	77.6%	65%

Cipher Mining Inc. (CIFR) - Matrice Ansoff: développement du marché

Expansion sur les marchés miniers de la crypto-monnaie latino-américain

Au troisième trimestre 2023, la taille du marché de l'exploitation latino-américaine des crypto-monnaies a atteint 412 millions de dollars. Le Brésil a représenté 38% du potentiel de marché régional avec 67,3 Petahashs de capacité minière.

Pays	Potentiel d'exploitation	Coût énergétique ($ / kWh)
Brésil	67.3 Ph / s	0.087
Argentine	42.6 Ph / s	0.064
Venezuela	21,4 Ph / s	0.012

Régions cibles avec des énergies renouvelables à faible coût

Les coûts des énergies renouvelables en Amérique latine étaient en moyenne de 0,053 $ / kWh en 2023, contre 0,112 $ / kWh Global.

• Potentiel hydroélectrique du Brésil: 233,4 GW Capacité installée
• Potentiel d'énergie solaire du Chili: 1 575 MW Capacité installée
• Potentiel d'énergie éolienne de l'Argentine: 57,4 GW Capacité projetée

Environnements réglementaires favorables

Paysage réglementaire de l'extraction des crypto-monnaies en 2023:

Pays	Statut réglementaire	Taux d'imposition
Brésil	Réglementé	15%
Paraguay	Crypto-friendly	10%
El Salvador	Bitcoin légal	0%

Partenariats stratégiques avec les entreprises de services publics

Investissement moyen de partenariat pour services publics en Amérique latine: 3,2 millions de dollars par installation minière.

Opportunités d'extraction de crypto-monnaie

Marché minier de crypto-monnaie latino-américain Croissance projetée: 27,6% de TCAC de 2023-2028.

• Valeur marchande totale estimée à 892 millions de dollars d'ici 2028
• Le Venezuela offre des coûts d'électricité les plus bas à 0,012 $ / kWh
• Le Brésil mène une infrastructure minière régionale avec une capacité de 67,3 pH / s

Cipher Mining Inc. (CIFR) - Matrice Ansoff: développement de produits

Développer l'infrastructure de blockchain propriétaire et le logiciel de gestion des mines

Cipher Mining a investi 12,5 millions de dollars dans le développement de logiciels pour les infrastructures de blockchain en 2022. Le logiciel de gestion des mines propriétaire de la société prend actuellement en charge 3,2 EH / s de capacité de calcul.

Investissement logiciel	Support informatique	Calendrier de développement
12,5 millions de dollars	3.2 eh / s	2022 Exercice

Créer un matériel minier ASIC avancé avec une efficacité énergétique améliorée

L'intermédiaire de Cipher a développé des mineurs ASIC avec 38 J / TH Energy Efficacité, réduisant la consommation d'énergie de 22% par rapport au matériel de génération précédente.

• Efficacité énergétique: 38 J / Th
• Réduction de la consommation d'énergie: 22%
• Investissement matériel: 8,7 millions de dollars en R&D

Lancez les services d'optimisation des crypto-monnaies et des rendements

Les services d'allumage ont généré 4,3 millions de dollars de revenus au cours du quatrième trimestre 2022, avec 127 clients institutionnels participants.

Revenu	Clientèle	Lancement du service
4,3 millions de dollars	127 clients	Q4 2022

Développer des solutions de technologie de blockchain intégrée pour les clients d'entreprise

Le segment des solutions de blockchain d'entreprise a obtenu 17,6 millions de dollars en accords contractuels en 2022, avec 14 clients importants.

• Valeur totale du contrat: 17,6 millions de dollars
• Clients d'entreprise: 14
• Secteurs technologiques: services financiers, soins de santé, chaîne d'approvisionnement

Concevoir des configurations de plate-forme miniers personnalisées avec des capacités de calcul améliorées

Configurations de plate-forme miniers personnalisées a augmenté la capacité de calcul de 45%, atteignant le taux de hachage total du réseau total de 5,7 EH / s.

Augmentation de calcul	Taux de hachage total	Dépenses de R&D
Amélioration de 45%	5.7 eh / s	6,2 millions de dollars

Cipher Mining Inc. (CIFR) - Matrice Ansoff: diversification

Investissez dans les startups de la technologie blockchain et les projets d'infrastructure de crypto-monnaie

Cipher Mining Inc. a alloué 15,2 millions de dollars aux investissements en démarrage de la technologie blockchain au troisième trimestre 2023. La société a identifié 7 projets potentiels d'infrastructure de blockchain avec une valeur d'investissement potentielle totale de 42,6 millions de dollars.

Catégorie d'investissement	Fonds alloués	Projets potentiels
Blockchain Infrastructure	15,2 millions de dollars	7 projets

Explorez le développement de la plate-forme de trading et d'investissement des crypto-monnaies

Cipher Mining projeté des coûts de développement de 3,7 millions de dollars pour une plate-forme de négociation de crypto-monnaie propriétaire. Évaluation actuelle du marché des plateformes de trading des crypto-monnaies estimées à 24,6 milliards de dollars.

• Budget de développement de la plate-forme: 3,7 millions de dollars
• Time de lancement de la plate-forme estimée: Q2 2024
• Base d'utilisateurs initiale projetée: 50 000 commerçants

Développer des solutions minières neutres en carbone

Cipher Mining a engagé 22,5 millions de dollars dans l'infrastructure minière neutre en carbone. L'investissement en énergies renouvelables représente 37% du total des dépenses en capital pour 2023.

Investissement de neutralité en carbone	Montant total	Pourcentage de CAPEX
Projets d'énergie renouvelable	22,5 millions de dollars	37%

Créer des services de conseil pour les clients institutionnels

Cipher Mining a établi une division de conseil avec un budget initial de 1,9 million de dollars. Ciblant les clients institutionnels avec un flux de revenus potentiel de 6,4 millions de dollars par an.

• Coûts de démarrage de la division de conseil: 1,9 million de dollars
• Revenus annuels projetés: 6,4 millions de dollars
• Target des clients institutionnels: 25 institutions financières

Se développer dans la garde de la crypto-monnaie et les solutions de stockage sécurisées

Investissement dans une infrastructure de stockage d'actifs numériques sécurisée estimée à 8,3 millions de dollars. Marché pour les services de garde de crypto-monnaie prévus pour atteindre 1,2 milliard de dollars d'ici 2025.

Investissement de la solution de stockage	Allocation actuelle	Projection de marché
Stockage des actifs numériques sécurisés	8,3 millions de dollars	1,2 milliard de dollars (2025)

Cipher Mining Inc. (CIFR) - Ansoff Matrix: Market Penetration

Cipher Mining Inc. is driving deeper into its existing markets-Bitcoin mining and, increasingly, high-performance computing (HPC) infrastructure hosting-by maximizing current asset performance and deploying new capacity.

Increase utilization rate at existing sites like Bear and Chief

The operational mining capacity across all wholly-owned sites, including Bear and Chief, grew to 477 megawatts in the third quarter of 2025, up from 423 megawatts in the second quarter of 2025.

The joint venture (JV) sites, which include Alborz, Bear, and Chief, have a combined total power capacity of 120 megawatts.

For the third quarter of 2025, Cipher Mining's 49% ownership stake in these JV sites contributed roughly 9% of its overall Bitcoin production.

The Odessa site, a wholly-owned facility, utilized approximately 207 megawatts to generate about 11.3 exahash per second of hash rate during the third quarter of 2025.

Secure more power purchase agreements (PPAs) to lower average mining costs

The all-in electricity cost per Bitcoin mined saw an increase in the third quarter of 2025 to $34,189, which was a 25% increase from the $27,324 reported in the second quarter of 2025.

In the second quarter of 2025, the average power cost rose to $0.031 per kilowatt hour, up from $0.027 per kilowatt hour in the prior quarter.

Cipher Mining maintained a competitive all-in weighted average power cost of $0.031 per kilowatt hour as of the second quarter of 2025.

Optimize ASIC fleet performance to boost hash rate efficiency

Cipher Mining achieved a total self-mining hash rate of approximately 23.6 exahash per second (EH/s) by the end of September 2025.

This September 2025 hash rate represented a 40% increase from the 16.8 EH/s reported at the end of the second quarter of 2025.

The month-end fleet efficiency for September 2025 stood at 16.8 joules per terahash (J/TH).

This efficiency level is an improvement from the 19.2 J/TH reported for July 2025 and the 18.9 J/TH reported for May 2025.

The efficiency at the Odessa site specifically was observed to be roughly 17.6 tools per terahash in the third quarter of 2025.

Aggressively purchase and deploy new-generation miners to capture greater Bitcoin block rewards

As of September 2025, Cipher Mining reported having 114,000 deployed mining rigs.

The latest-generation miners deployed at the Black Pearl Phase I facility were delivering approximately 10.1 EH/s of self-mining hashrate in September 2025.

Black Pearl Phase I, which constitutes 150 MW of the total 300 MW site capacity, reached full completion in September 2025.

The company had a stated 2025 expansion target of reaching 35 EH/s with a fleet efficiency of roughly 15 J/TH.

Offer flexible hosting services to third-party miners during peak demand

Cipher Mining is executing a strategic pivot, with AI/HPC hosting representing 67% of its operating and contracted gross capacity as of the third quarter of 2025.

The company has executed major contracts in the HPC space:

• A 15-year lease agreement with Amazon Web Services valued at approximately $5.5 billion in contract revenue.
• A 10-year AI hosting agreement with Fluidstack and Google projecting approximately $3.0 billion in revenue.

These AI hosting contracts collectively represent approximately $8.5 billion in total lease payments.

The company is developing a 1-gigawatt (GW) site named "Colchis," with a targeted energization date in 2028.

Cipher Mining reports a total pipeline of 3.2 GW of site capacity available for future development spanning from 2025 to 2029 and beyond.

The company completed a convertible offering in Q3 2025, raising gross proceeds of approximately $1.3 billion.

The following table summarizes key operational metrics as of the end of the third quarter of 2025:

Metric	Value (Q3 2025 End)	Comparison Point
Total Operational Mining Capacity (MW)	477 MW	Up from 423 MW in Q2 2025
Total Self-Mining Hashrate (EH/s)	23.6 EH/s	Up 40% from 16.8 EH/s in Q2 2025
Fleet Efficiency (J/TH)	16.8 J/TH	Improved from 18.9 J/TH in May 2025
Deployed Mining Rigs	114,000	Up from 75,000 in May 2025
All-in Electricity Cost per BTC	$34,189	Up 25% from $27,324 in Q2 2025

Finance: review Q4 2025 PPA renewal schedule by December 15th.

Cipher Mining Inc. (CIFR) - Ansoff Matrix: Market Development

You're looking at how Cipher Mining Inc. takes its existing core business-industrial-scale data center operation-and pushes it into new markets, which in their case is heavily focused on the burgeoning High-Performance Computing (HPC) and Artificial Intelligence (AI) hosting space, alongside geographic expansion.

Establish new, large-scale mining facilities in low-cost US energy markets.

Cipher Mining Inc. has been aggressively building out its physical footprint within the US, targeting areas where power is both abundant and cost-effective for their energy-intensive operations. This isn't just about adding more Bitcoin rigs; it's about securing capacity for future HPC contracts, which management views as the best use of their site pipeline. By the end of the third quarter of 2025, the company boosted its total mining capacity across its five wholly owned sites-Odessa, Alborz, Bear, Chief, and Black Pearl-from 423 megawatts to 477 megawatts. This expansion helped them achieve a fleet efficiency of 16.8 joules per terahash in Q3 2025. The Black Pearl facility, for instance, saw its Phase I become operational, contributing 150 MW of a planned 300 MW site. Furthermore, they are developing a massive new site, 'Colchis,' in West Texas through a joint venture where Cipher expects to hold approximately 95% equity, aiming for a 1-gigawatt capacity with a targeted energization in 2028.

Here's a look at the operational scale achieved by the end of September 2025:

Metric	Value (September 2025)	Unit
Total Self-Mining Hashrate	23.6	Exahashes per second (EH/s)
Deployed Mining Rigs	114,000	Units
Fleet Efficiency	16.8	Joules per Terahash (J/TH)
Total Contracted AI/HPC Capacity (as of Q3 2025)	544	Gross MW

Explore international expansion into regions with stranded energy resources.

While the immediate, quantifiable growth in 2025 has been focused squarely on domestic US infrastructure, particularly in Texas to service hyperscalers, the strategic framework of Market Development inherently includes exploring new geographic territories. Cipher Mining Inc.'s stated goal is to be a market leader in data center construction. The company has a pipeline of 3.2 GW of future site capacity spanning from 2025 to 2029 and beyond. While the search results confirm massive US-based development, any specific, concrete financial or statistical data regarding international facility establishment or energy contracts for new markets outside the US is not present in the latest public filings reviewed.

Partner with utility companies to provide grid balancing services in new states.

The move into large-scale HPC hosting naturally requires deep collaboration with energy providers, which is a form of market development within the energy sector itself. A key example of this is the Colchis joint venture in West Texas, which includes a fully executed 1-GW Direct Connect Agreement with American Electric Power (AEP). Under this agreement, AEP will construct the necessary dual interconnection facility, targeting energization in 2028. This type of agreement is foundational for managing large, consistent power loads and often involves demand response or grid support mechanisms, which is functionally similar to providing grid balancing services in the context of a major power user.

The shift in focus is clear:

• AI/HPC now represents 67% of operating and contracted gross capacity.
• Bitcoin mining operations represent 33% of operating and contracted gross capacity.

Target institutional investors for direct Bitcoin mining investment products.

To fund these massive infrastructure plays, Cipher Mining Inc. has successfully tapped institutional capital markets, which is a key strategy for developing the market for their securities and future products. As of late November 2025, the company had 481 institutional owners and shareholders filing required SEC forms. Major institutions hold significant stakes; for example, BlackRock, Inc. held over 21.89 million shares as of a July 2025 filing, and Vanguard Group Inc. held over 20.11 million shares as of a July 2025 filing. The share price on November 26, 2025, was $19.15 per share. This institutional appetite supported significant capital raises to fund the pivot to HPC.

You should note the recent financing activities that demonstrate this market access:

• Completed a convertible offering, raising gross proceeds of approximately $1.3 billion.
• Announced a proposed offering of $333 Million of Additional Senior Secured Notes on November 20, 2025.

The company is actively engaging this market, with its CEO participating in upcoming investor and industry conferences as of late October 2025. Finance: draft 13-week cash view by Friday.

Cipher Mining Inc. (CIFR) - Ansoff Matrix: Product Development

You're looking at Cipher Mining Inc.'s push into new offerings, moving beyond just mining to become a full-spectrum digital infrastructure provider. This is where the company bets on its engineering and real estate assets to generate revenue streams less tied to the day-to-day volatility of Bitcoin production. Honestly, the numbers from their Q3 2025 results show this strategy is gaining serious traction.

Develop proprietary software for advanced energy management and trading

Cipher Mining Inc. has developed proprietary software applications to optimize its data center operations. While specific revenue figures tied directly to selling this energy management software aren't public, the focus is clearly on internal efficiency. This technology supports their goal of achieving best-in-class electricity costs. For context on operational scale, Cipher Mining Inc. reported Q3 2025 revenue of $72 million, with non-GAAP adjusted earnings of $41 million. The company's operational efficiency in mining, which this software supports, was reported at 16.8 joules per terahash (J/TH) by the end of Q3 2025.

Offer high-performance computing (HPC) services using existing infrastructure

This is where the new product development is showing up in the financials right now. Cipher Mining Inc. is actively pivoting, with HPC now representing 67% of its operating and contracted gross capacity. You can see the immediate financial impact from these new products:

• Secured a 15-year lease agreement with Amazon Web Services for space and power for AI workloads, valued at approximately $5.5 billion in contract revenue.
• Executed a 10-year AI hosting agreement with Fluidstack & Google, projecting approximately $3.0 billion in minimum contracted revenue over the initial term.
• The company completed a convertible offering that raised gross proceeds of approximately $1.3 billion to fund this expansion.
• Revenue in Q3 2025 grew 65% quarter-over-quarter to $72 million, driven in part by these strategic moves into HPC hosting.

Here's the quick math: those two major HPC deals alone represent a potential $8.5 billion in contracted revenue over their respective terms, which is a massive shift from the $49 million revenue reported in Q1 2025. What this estimate hides is the timing; revenue growth from these contracts is anticipated to begin as early as August 2026.

Pilot a proprietary liquid-cooling technology to improve miner efficiency

Improving efficiency is a constant product focus, even if it's through pilots or upgrades to existing hardware infrastructure. Cipher Mining Inc. has a history of setting aggressive efficiency targets. For instance, the company had a 2025 target fleet efficiency of roughly 15 J/TH, up from an end-of-2024 expectation of 18.6 J/TH. The actual Q3 2025 efficiency came in at 16.8 J/TH, showing they are moving toward that next-gen goal. The deployment of the latest-generation miners at Black Pearl Phase I contributed to the total self-mining hashrate reaching approximately 23.6 EH/s by the end of Q3 2025.

Launch a managed Bitcoin yield product for corporate treasuries

While Cipher Mining Inc. hasn't announced a formal product named a 'managed Bitcoin yield product,' their treasury management strategy shows they are actively optimizing their Bitcoin holdings for returns beyond simple holding. In Q1 2025, their treasury strategy outperformed Simply Holding Bitcoin by 16%. This suggests they are already executing sophisticated management strategies that could be productized. At the end of September 2025, the company held approximately 1,500 BTC in its treasury. The disciplined approach involves systematically selling a portion to cover operating expenses and strategically holding the rest based on long-term value belief.

Metric	Bitcoin Mining Context (Q3 2025)	HPC/AI Hosting Context (Q3 2025)
Revenue Contribution	33% of operating and contracted gross capacity	67% of operating and contracted gross capacity
Total Self-Mining Hashrate	23.6 EH/s (End of Q3 2025)	N/A
Fleet Efficiency	16.8 J/TH (End of Q3 2025)	N/A
Key Contract Value	N/A	$5.5 billion (AWS, 15 years) and $3.0 billion (Fluidstack/Google, 10 years)

Finance: draft sensitivity analysis on the $1.3 billion convertible note proceeds utilization by Monday.

Cipher Mining Inc. (CIFR) - Ansoff Matrix: Diversification

You're looking at Cipher Mining Inc.'s aggressive move beyond pure Bitcoin mining into the high-performance computing (HPC) and Artificial Intelligence (AI) hosting space. This is a classic diversification play, using existing power infrastructure expertise to capture a new, high-demand market segment. Honestly, the numbers coming out of Q3 2025 show this pivot is already well underway.

Invest in renewable energy generation projects to secure long-term power.

Cipher Mining Inc. continues to build out its energy backbone, which directly supports both mining and the new HPC focus. As of Q3 2025, the company increased its total mining site power capacity from 423 megawatts to 477 megawatts across its five mining sites: Odessa, Alborz, Bear, Chief, and Black Pearl. Furthermore, the development pipeline includes the Stingray project, which is slated to energize in Q4 2026 with 100 MW of approved power capacity on 250 acres. The company also announced the formation of a joint entity for the Colchis site, targeting 1 gigawatt (GW) of capacity expected to energize in 2028, supported by a 1-GW Direct Connect Agreement with American Electric Power (AEP).

Develop a data center business focused on AI and machine learning workloads.

This is where the diversification is most evident. Cipher Mining's strategic transformation means AI/HPC now accounts for 67% of its operating and contracted gross capacity, compared to 33% for Bitcoin mining operations as of Q3 2025. The company secured a 15-year data center campus lease with Amazon Web Services (AWS) valued at approximately $5.5 billion to provide turnkey space and power for AI workloads. This AWS contract involves delivering 300 MW of gross capacity in 2026. Additionally, the $3 billion, 10-year hosting agreement with Fluidstack, which has a $1.4 billion backstop from Google, covers 300 MW at the Barber Lake project. A subsequent agreement with Fluidstack added an additional 39 MW of critical IT load, bringing the total contracted revenue across that partnership to approximately $3.8 billion over the initial 10-year term. In total, AI hosting contracts represent approximately $8.5 billion in lease payments. The company raised gross proceeds of approximately $1.3 billion via a convertible offering to fund these expansions. Expected construction costs are in the $9-10 million-per-megawatt range, with anticipated margins of 85% to 90%.

Here's a quick look at the capacity split as of the Q3 2025 update:

Metric	Bitcoin Mining Operations	AI/HPC Hosting Operations
Operating/Contracted Gross Capacity Mix	33%	67%
Total Power Capacity (MW)	Up to 477 MW total site capacity	Committed capacity includes 300 MW (AWS) + 300 MW (Fluidstack)
Key Project Site	Black Pearl (Phase I complete)	Barber Lake (300 MW capacity)
Financing Raised for Initiatives	Funded by prior orders/cash flow	Approximately $1.3 billion in convertible notes

Launch a proprietary Bitcoin custody and self-mining service for high-net-worth clients.

While Cipher Mining Inc. remains committed to Bitcoin mining, its focus has shifted to monetizing power via HPC hosting. The company achieved a total self-mining hashrate of approximately 23.6 EH/s by the end of September 2025, with a fleet efficiency of 16.8 J/TH. In September 2025, Cipher produced approximately 2511 BTC and sold approximately 158 BTC, ending the month with a balance of approximately 1,500 BTC. The company's cash and cash equivalents grew to approximately $1.2 billion in Q3 2025, up from $63 million in Q2 2025.

The company's strategic direction emphasizes leveraging its power pipeline for hosting contracts, as shown by the following operational milestones:

• Black Pearl Phase I, representing 150 MW, reached full completion with latest-generation rigs deployed.
• The self-mining hashrate from Black Pearl Phase I reached approximately 10.1 EH/s by September 2025.
• The company's total power capacity across five sites reached 477 MW in Q3 2025.
• The total development pipeline across all sites stands at 3.2 GW.

Acquire a minority stake in a promising Web3 infrastructure company.

Specific financial details regarding the acquisition of a minority stake in a Web3 infrastructure company were not publicly detailed in the Q3 2025 updates, so we focus on the confirmed infrastructure expansion figures.