Form 4: Bitfury Top HoldCo B.V. Sells Cipher Mining Inc. Shares in Multiple Transactions

Bitfury Top HoldCo B.V., along with related entities, sold a total of 269,013 shares of Cipher Mining Inc. common stock in multiple transactions on December 5th and 6th, 2024.

Summary

• Bitfury Top HoldCo B.V. sold 91,982 shares of Cipher Mining Inc. common stock on December 5, 2024, at a weighted average price of $7.23 per share.
• On December 6, 2024, Bitfury Top HoldCo B.V. sold an additional 177,031 shares at a weighted average price of $7.38 per share.
• These transactions reduced Bitfury Top HoldCo's indirect holdings to 98,120,557 shares.
• The sales were executed in multiple transactions with prices ranging from $7.20 to $7.250165 on December 5th and $7.354220 to $7.40 on December 6th.
• Bitfury Holding B.V. holds 4,821,560 shares, and Bitfury Top HoldCo is the sole owner of Bitfury Holding B.V. and holds 43,911,544 shares.
• V3 Holding Limited directly holds 49,387,453 shares, and Valerijs Vavilovs is the sole owner of V3 and the majority owner of Bitfury Group Limited.
• Due to these relationships, Valerijs Vavilovs, V3, Bitfury Top HoldCo, BGL, and Bitfury Holding B.V. may be deemed to share beneficial ownership of the shares.

Sentiment

Score: 5

Explanation: The document is a neutral report of share sales by a major shareholder. It doesn't indicate positive or negative sentiment, but rather a factual transaction.

Negatives

• Bitfury Top HoldCo B.V. reduced its holdings in Cipher Mining Inc. by selling 269,013 shares.

Risks

• The sale of shares by a major shareholder like Bitfury Top HoldCo could potentially exert downward pressure on the stock price.
• The complex ownership structure involving multiple entities could lead to further sales or changes in ownership.

Management Comments

• Stijn Ehren, Managing Director of Bitfury Top HoldCo B.V., signed the filing on behalf of the company.
• Stijn Ehren, Managing Director of Bitfury Holding B.V., also signed the filing on behalf of that company.
• Valerijs Vavilovs, Director of Bitfury Group Limited, signed the filing on behalf of the company.
• Valerijs Vavilovs, Director of V3 Holding Limited, signed the filing on behalf of the company.
• Valerijs Vavilovs also signed the filing in his personal capacity.

Industry Context

This filing reflects insider trading activity, which is a common occurrence in publicly traded companies. The sale of shares by a major shareholder is a notable event that investors often monitor closely.

Comparison to Industry Standards

• Form 4 filings are standard practice for reporting changes in beneficial ownership by insiders in publicly traded companies, such as Cipher Mining Inc.
• The reported transactions are similar to those of other major shareholders in comparable companies, where sales are often executed in multiple transactions at varying prices.
• The level of detail provided in the filing, including the weighted average prices and price ranges, is consistent with SEC requirements for transparency.

Stakeholder Impact

• The sale of shares by Bitfury Top HoldCo B.V. could potentially impact the share price of Cipher Mining Inc., affecting shareholders.
• The transactions may also be of interest to other stakeholders, such as employees and creditors, who monitor the financial health of the company.

Key Dates

Keywords

Cipher Mining Inc., Bitfury Top HoldCo B.V., share sale, insider trading, beneficial ownership, V3 Holding Ltd, Valerijs Vavilovs, Bitfury Holding B.V., Bitfury Group Ltd