SCHEDULE: Bitfury Entities Reduce Cipher Mining Stake to 16.7%
Beneficial Ownership Amendment
Bitfury Top HoldCo and related entities have significantly reduced their beneficial ownership in Cipher Mining Inc. through recent open market sales, now holding 16.7% of common stock.
Summary
- Bitfury Top HoldCo B.V. and its affiliates, including Bitfury Holding B.V., Bitfury Group Ltd, V3 Holding Ltd, and Valerijs Vavilovs, filed Amendment No. 17 to their Schedule 13D.
- The filing reports a reduction in beneficial ownership of Cipher Mining Inc. common stock.
- As of October 2, 2025, Valerijs Vavilovs and V3 Holding Ltd beneficially own 65,852,537 shares, representing 16.7% of the outstanding common stock.
- Bitfury Top HoldCo B.V. and Bitfury Group Ltd beneficially own 30,443,382 shares, representing 7.7% of the outstanding common stock.
- Bitfury Holding B.V. beneficially owns 4,821,560 shares, representing 1.2% of the outstanding common stock.
- The beneficial ownership percentages are based on 393,282,654 shares of Common Stock outstanding as of August 6, 2025.
- Since September 25, 2025, Bitfury Top HoldCo B.V. sold a total of 5,585,182 shares of Common Stock in open market transactions.
- Sales included 2,000,000 shares on September 30, 2025, at a volume-weighted average price of $12.3871 per share.
- Another 2,000,000 shares were sold on September 29, 2025, at a volume-weighted average price of $12.0785 per share.
- An additional 1,585,182 shares were sold on September 26, 2025, at a volume-weighted average price of $11.6049 per share.
Sentiment
Score: 4
Explanation: The sentiment is slightly negative due to the significant reduction in beneficial ownership by a major investor through open market sales. While not directly impacting company operations, such sales can create downward pressure on the stock and signal a potential decrease in long-term commitment from a key stakeholder.
Negatives
- Significant open market sales by a major beneficial owner (Bitfury Top HoldCo B.V.) could signal a decrease in confidence or a strategic divestment, potentially leading to negative market sentiment.
- The reduction in a large institutional stake might remove a source of long-term support for the stock.
Future Outlook
No forward-looking statements or guidance regarding Cipher Mining Inc.'s future operations or financial performance are provided by the reporting persons in this filing.
Industry Context
Cipher Mining Inc. operates in the cryptocurrency mining industry. The reduction in a significant shareholder's stake could be influenced by various factors, including broader market conditions for cryptocurrencies, the company's specific performance, or the reporting persons' portfolio rebalancing strategies. However, this filing does not provide specific industry context for the sales.
Stakeholder Impact
- Shareholders: May experience increased selling pressure on the stock and a potential decline in share price due to the significant divestment by a major beneficial owner.
- Investors: May view the sales as a signal of reduced confidence from a historically significant investor, influencing their investment decisions.
Key Dates
| Date | Description |
|---|---|
| 2021-09-23 | Initial Schedule 13D filing date by Reporting Persons. |
| 2022-04-12 | Amendment No. 1 to Schedule 13D filed. |
| 2023-11-09 | Amendment No. 2 to Schedule 13D filed. |
| 2024-01-24 | Amendment No. 3 to Schedule 13D filed. |
| 2024-02-26 | Amendment No. 4 to Schedule 13D filed. |
| 2024-05-16 | Amendment No. 5 to Schedule 13D filed. |
| 2024-06-13 | Amendment No. 6 to Schedule 13D filed. |
| 2024-06-28 | Amendment No. 7 to Schedule 13D filed. |
| 2024-09-04 | Amendment No. 8 to Schedule 13D filed. |
| 2024-09-10 | Amendment No. 9 to Schedule 13D filed. |
| 2024-11-12 | Amendment No. 10 to Schedule 13D filed. |
| 2025-07-10 | Amendment No. 11 to Schedule 13D filed. |
| 2025-07-22 | Amendment No. 12 to Schedule 13D filed. |
| 2025-08-06 | Date as of which 393,282,654 shares of Common Stock were outstanding, as disclosed in Issuer's Form 10-Q. |
| 2025-08-07 | Date Issuer's Quarterly Report on Form 10-Q was filed with the SEC. |
| 2025-08-11 | Amendment No. 13 to Schedule 13D filed. |
| 2025-09-08 | Amendment No. 14 to Schedule 13D filed. |
| 2025-09-17 | Amendment No. 15 to Schedule 13D filed. |
| 2025-09-25 | Amendment No. 16 to Schedule 13D filed; sales reported in this amendment occurred after this date. |
| 2025-09-26 | Bitfury Top HoldCo sold 1,585,182 shares of Common Stock at a VWAP of $11.6049. |
| 2025-09-29 | Bitfury Top HoldCo sold 2,000,000 shares of Common Stock at a VWAP of $12.0785. |
| 2025-09-30 | Date of event requiring filing of this statement; Bitfury Top HoldCo sold 2,000,000 shares of Common Stock at a VWAP of $12.3871. |
| 2025-10-02 | Date of signing of Amendment No. 17 and Joint Filing Agreement. |
Recommendation
holdThe filing reports substantial open market sales by a major beneficial owner, which typically exerts downward pressure on the stock and can be perceived negatively. However, without additional information regarding the underlying reasons for these sales (e.g., portfolio rebalancing, specific concerns about the company, or broader market outlook) or any changes to Cipher Mining Inc.'s operational fundamentals, a 'hold' recommendation is prudent. Investors should monitor market reaction and await further disclosures before making definitive buy or sell decisions.
Keywords
Cipher Mining, CMIR, Bitfury, beneficial ownership, Schedule 13D, stock sales, institutional investor, crypto mining, shareholder stake
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