Form 4: Cipher Mining COO Sells $560K in Stock Under 10b5-1 Plan

Cipher Mining's Co-President and COO, Patrick Arthur Kelly, sold 26,581 shares of common stock for a weighted average price of $21.08 per share, pursuant to a Rule 10b5-1 trading plan.

Summary

• Patrick Arthur Kelly, Co-President and COO of Cipher Mining Inc. (CIFR), reported a sale of common stock.
• The transaction involved the disposition of 26,581 shares of common stock.
• The shares were sold on October 15, 2025, at a weighted average price of $21.08 per share.
• Individual sales prices ranged from $19.95 to $21.99 per share.
• The sale was executed pursuant to a Rule 10b5-1 trading plan adopted by Mr. Kelly on May 12, 2025.
• Following this transaction, Mr. Kelly beneficially owns 1,213,919 shares of Cipher Mining Inc. common stock.

Sentiment

Score: 4

Explanation: The sale of shares by a high-ranking executive, even under a pre-planned 10b5-1 trading plan, represents a reduction in insider ownership. While the 10b5-1 plan mitigates immediate negative sentiment by indicating a pre-scheduled transaction rather than a reaction to new information, it still reflects an insider reducing their stake.

Negatives

• The Co-President and COO reduced his direct beneficial ownership in the company by 26,581 shares.

Future Outlook

The filing does not contain any forward-looking statements or guidance regarding the company's future outlook.

Management Comments

• The sales reported were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on May 12, 2025.

Industry Context

This filing reports an individual insider transaction and does not provide broader industry context or trends.

Stakeholder Impact

• Shareholders may view the reduction in insider ownership with caution, although the pre-planned nature of the sale (10b5-1 plan) suggests it is not based on new, undisclosed negative information.

Key Dates

Recommendation

The sale of shares by a Co-President and COO, while notable, was conducted under a pre-arranged Rule 10b5-1 trading plan. This suggests the transaction is part of a personal financial strategy rather than a reaction to new company-specific developments. Without additional context or a pattern of significant insider selling, this single transaction does not warrant a strong buy or sell recommendation, but rather a 'hold' as investors monitor future insider activity and company performance.

Keywords

Cipher Mining, CIFR, Insider Transaction, Form 4, Stock Sale, Patrick Arthur Kelly, COO, 10b5-1 Plan