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Cipher Mining (NASDAQ:CIFR) stocks rose 3.8% after reports saying the company is looking into a possible sale after it received takeover interest.
The Bitcoin miner is said to be working with advisers to understand potential buyer interest, a Bloomberg report said, citing people familiar with the matter.
Shares in the company have soared 69.5% since the start of the year.
Bitcoin miners could become takeover targets as increasing demand for artificial intelligence require major data centers.
"Industry stakeholders, led by hyperscalers, are rushing to invest in new data centers capable of delivering AI processing needs," SA analyst Global X ETFs.
Talks are still in the early stages and there can be no certainty whether the company will eventually decide to pursue a sale, the report said.
The Bitcoin miner had launched its IPO in 2021.