Form 4: Cipher Mining CEO Tyler Page Reports Routine Stock Transactions Following RSU Vesting

Cipher Mining Inc. CEO Tyler Page reported the acquisition of 333,333 common shares through Restricted Stock Unit (RSU) vesting and the subsequent disposition of 170,167 shares to cover tax obligations.

Summary

• Tyler Page, Chief Executive Officer and Director of Cipher Mining Inc. (CIFR), reported transactions involving the company's common stock.
• On June 14, 2025, Mr. Page acquired 333,333 shares of common stock through the exercise/conversion of Restricted Stock Units (RSUs).
• Following this acquisition, his direct beneficial ownership of common stock was 5,806,193 shares.
• On June 16, 2025, Mr. Page disposed of 170,167 shares of common stock at a price of $3.93 per share, likely to cover tax liabilities associated with the RSU vesting.
• After the disposition, his direct beneficial ownership of common stock was 5,636,026 shares.
• The reported transactions were made pursuant to a contract, instruction, or written plan for the purchase or sale of equity securities intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).
• The RSUs vest in equal installments on June 14, 2024, June 14, 2025, and June 14, 2026, subject to Mr. Page's continuous service.

Sentiment

Score: 6

Explanation: The sentiment is neutral to slightly positive. While there's a disposition of shares, it's a common and expected event related to RSU vesting and tax obligations, rather than a discretionary sale. The acquisition of shares through vesting aligns management incentives with shareholders.

Positives

• The acquisition of 333,333 shares through RSU vesting represents the fulfillment of long-term incentive compensation, aligning management's interests with shareholders.
• The CEO continues to hold a significant direct beneficial ownership of 5,636,026 shares after the transactions, demonstrating continued stake in the company.

Negatives

• The disposition of 170,167 shares, while likely for tax purposes, represents a reduction in the CEO's direct shareholding.

Future Outlook

NA

Industry Context

NA

Stakeholder Impact

• Shareholders: The report indicates a routine compensation event for the CEO, which is generally expected. The CEO maintains a significant stake in the company.
• Employees: The RSU vesting structure is a common form of long-term incentive compensation for executives.

Next Steps

• Future RSU vesting installments are scheduled for June 14, 2026, subject to continuous service.

Key Dates

Keywords

Cipher Mining Inc., CIFR, Tyler Page, SEC Form 4, Insider Trading, Restricted Stock Units, RSU Vesting, Common Stock, Executive Compensation, Share Ownership