George Soros (the man who made $1 billion in a single day by shorting the British pound back in 1992) isn’t exactly who you’d expect to be dabbling in crypto. This is the guy who once called Bitcoin a “typical bubble” and warned it was a tool for dictators, criminals, and other unsavory internet weirdos. His words, not mine.

Back then, at the 2018 World Economic Forum in Davos, he went full grandpa-mode on digital assets. He said crypto was “based on a misunderstanding,” too volatile to ever function as a real currency, and vulnerable to state-sponsored manipulation. But as we all know about Soros: the man doesn’t stay out of a good trade for long. Just three months after calling crypto a bubble, Soros Fund Management got internal approval to begin trading digital assets. No press release. No CNBC interview. Just a quiet move while the market was trying to heal from Bitcoin’s 2017-2018 crash… when Bitcoin tripped from nearly $20,000 to just $3,200, an 84% plunge that left many calling it dead.

Then in 2021, the news became public. Dawn Fitzpatrick, who runs Soros Fund Management, told Bloomberg (probably accidentally) that, “We own some coins… not a lot.” She also noted the fund was more intrigued by crypto infrastructure than the tokens themselves. Meaning: if there’s money to be made, we’ll set aside our morals.

And now, in 2025, Soros just took that infrastructure bet to the next level. According to Q1 13F filings, Soros Fund Management bought 775,956 shares of Cipher Mining… a crypto penny stock trading for around $3. That position is worth about $3.3 million, which is pocket change for Soros, but it’s the message that matters… The man who once mocked Bitcoin is now placing a real-money bet on its future. Now Cipher Mining isn’t your average Bitcoin bros running GPU farms in someone’s garage. Cipher operates industrial-scale mining operations, with access to a massive 2.8 gigawatts of combined operating and pipeline power capacity.

The company’s claim to fame is ultra-cheap electricity. Cipher reports a power cost of just $0.027 per kilowatt-hour… one of the lowest in the industry. That’s basically free in energy terms, especially for crypto miners where margins live or die on electricity prices. Even better, Cipher is plugged into the Texas power market, where they game the grid. CEO Tyler Page explains they strategically curtail operations during the 5% of the time when energy prices spike, and mine full-speed the other 95% when prices are dirt cheap. It’s arbitrage, but with kilowatts.

And it goes way past Bitcoin. Cipher is making a push into high-performance computing, using their energy-efficient infrastructure to attract enterprise clients. It’s part of a broader shift to diversify beyond Bitcoin and ride the AI + data center boom. The company recently secured a $50 million investment from SoftBank, and struck a financial partnership with Fortress Investment Group to keep scaling. Don’t mistake this for Soros throwing some lunch money at a YOLO stock. It’s part of a pattern we’ve seen over the past few years: Wall Street legends dunking on crypto in public… then secretly buying in when it dips.

Warren Buffett called Bitcoin “rat poison squared.” Then BlackRock launched a Bitcoin ETF and Larry Fink started talking about “tokenizing everything.” Jamie Dimon compared it to “a pet rock.” Now JPMorgan has its own blockchain and digital token.

And now Soros, the same guy who once called crypto a threat to democracy (which, coming from him, is rich), is quietly backing a mining company that’s built for the post-halving future of Bitcoin. When guys like that flip the script, maybe it’s a signal. Even if it’s in a stock that’s down 65% since 2021.

Stock.News does not have positions in companies mentioned.