$CIFR

It's proxy season and we're deep in the work, researching and voting every position we own. We've been on record for years criticizing governance at Bitcoin miners. The sector has a bad habit of dressing up discretionary pay as performance-based, handing out restricted stock units (RSUs) with no performance hurdles, and calling it alignment. Cipher Digital ($CIFR) has been on that list, but the last two proxies show a company genuinely maturing. At last year's annual meeting, 28.2% of shareholders voted against FY2024 executive compensation, a meaningful protest vote by institutional standards, where opposition above 20% typically triggers serious scrutiny. This year shareholders are being asked to approve FY2025 pay, and the program looks materially better: For FY2025, the company used