The latest data point for CIFR shows a P/B Ratio of 12.66 in Q1'26. This represents a significant increase from the 8.61 recorded in the previous quarter, Q4'25. From Q2'23 to Q2'25, the P/B Ratio remained relatively stable, fluctuating within a narrow range between 1.54 and 2.73. However, a major inflection point occurred in Q3'25, where the ratio surged to 11.48, signaling a dramatic shift in market valuation relative to book value. Despite some volatility in the subsequent quarters, the overall trend has moved sharply upward, reaching a period high in Q1'26.