Cipher Digital (CIFR) shares rose more than 6% on Tuesday despite reporting fourth-quarter results that missed Wall Street expectations and highlighted its shift away from bitcoin BTC$64,075.34 mining and toward high-performance computing (HPC) data centers.

Heading into earnings, 60.9 million shares in Cipher had been shorted, equivalent to 19% of the float.

The company, formerly known as Cipher Mining, reported fourth-quarter revenue of $60 million, below analyst estimates of $84.4 million. Adjusted earnings per share came in at a loss of $0.14, wider than the forecast loss of $0.06. Cipher posted an adjusted net loss of $55 million for the quarter.

Management pointed to 2025 as a transformative year as it pivots away from bitcoin mining and toward long-term HPC infrastructure. During the quarter, Cipher secured 600 megawatts of contracted capacity, including a 15-year, 300 megawatt (MW) lease with Amazon Web Services and a 10-year, 300 MW lease with Fluidstack and Google.

Wall Street bank KBW said Cipher’s exit from legacy mining joint ventures, which contributed minimal EBITDA, is a positive step that underscores management’s pivot toward a HPC-focused colocation strategy.

Still, analyst Stephen Glagola noted that some investors had been positioned for a potential HPC lease announcement alongside the results, particularly after Cipher’s prior AWS update in its third-quarter release and ongoing marketing of its Stingray and Reveille sites.

The company also raised $3.73 billion through three senior secured bond offerings to finance construction at its Barber Lake and Black Pearl data center projects, both of which remain on schedule.

Cipher divested its 49% stakes in three mining joint ventures for about $40 million in stock, further simplifying its structure as it transitions to a data center-focused business model.

Read more: Canaan buys Cipher’s 49% of West Texas mining venture for $39.75 million in stock
(UPDATE 3.45PM UTC: Updates the share price move throughout and added analyst reaction, short interest data)