Form 4: Cipher Mining Co-President and COO Reports Routine Stock Transactions

Patrick Arthur Kelly, Co-President and COO of Cipher Mining Inc., reported the acquisition of common stock through restricted stock unit vesting and subsequent disposition of shares for tax withholding.

Summary

• Patrick Arthur Kelly, Co-President and COO of Cipher Mining Inc. (CIFR), reported transactions on June 30, 2025.
• Acquired 33,968 shares of Common Stock through the vesting of Restricted Stock Units (RSUs).
• Disposed of 17,341 shares of Common Stock at a price of $4.78 per share, primarily for tax withholding purposes.
• Following these transactions, Kelly beneficially owns 1,134,131 shares of Common Stock directly.
• Kelly also holds 1,813,446 Restricted Stock Units (RSUs) after the reported vesting.
• RSUs vest in equal quarterly installments over a three-year period on March 31, June 30, September 30, and December 15 of each year, contingent on continuous service.

Sentiment

Score: 5

Explanation: The document is a routine compliance filing (Form 4) detailing executive stock transactions related to compensation. It does not contain information that would significantly alter the perceived financial health or strategic direction of the company, thus maintaining a neutral sentiment.

Positives

• The vesting of Restricted Stock Units (RSUs) aligns the Co-President and COO's interests with shareholders by increasing his equity stake in the company.
• The RSU vesting schedule indicates a long-term retention strategy for key executives.

Negatives

• A portion of the vested shares (17,341 shares) was disposed of to cover tax obligations, which is a common practice but results in a reduction of direct shareholding.

Future Outlook

The document primarily reports past transactions related to executive compensation and does not provide specific forward-looking statements or guidance regarding the company's operational or financial performance.

Industry Context

This Form 4 filing is a routine disclosure of insider transactions, common across all publicly traded companies. It reflects standard executive compensation practices involving equity awards like Restricted Stock Units (RSUs), which are designed to align management incentives with shareholder value over time. Such filings are a standard part of corporate governance and transparency in the financial industry.

Stakeholder Impact

• Shareholders: The vesting of RSUs and subsequent disposition for taxes represents a minor, routine change in the outstanding share count and insider ownership, generally aligning executive interests with long-term company performance.

Next Steps

• Future Restricted Stock Unit (RSU) vesting installments are scheduled to occur quarterly on March 31, June 30, September 30, and December 15, subject to the reporting person's continuous service.

Key Dates

Keywords

Cipher Mining, CIFR, Form 4, Insider Transaction, Restricted Stock Units, RSU, Executive Compensation, Stock Vesting, Patrick Arthur Kelly