Form 4: Cipher Mining COO Sells Shares Under 10b5-1 Plan

Patrick Arthur Kelly, Co-President and COO of Cipher Mining Inc., sold 26,580 shares of common stock for a weighted average price of $14.20 per share pursuant to a pre-arranged trading plan.

Summary

• Patrick Arthur Kelly, Co-President and COO of Cipher Mining Inc. (CIFR), reported a sale of common stock.
• The transaction involved 26,580 shares of common stock.
• The shares were sold on November 17, 2025.
• The weighted average sale price was $14.20 per share, with individual trades ranging from $13.60 to $14.88.
• The sale was executed under a Rule 10b5-1 trading plan adopted on May 12, 2025.
• Following this transaction, Kelly beneficially owns 1,187,339 shares of common stock directly.

Sentiment

Score: 5

Explanation: The sale was pre-planned under a Rule 10b5-1 plan, which generally mitigates negative sentiment associated with insider selling, as it is not a discretionary sale based on immediate company performance or outlook.

Positives

• The sale was conducted under a pre-arranged Rule 10b5-1 trading plan, indicating a scheduled transaction rather than a reaction to immediate company news.

Negatives

• An insider sale, even if planned, reduces the direct ownership stake of a key executive in the company.

Future Outlook

NA

Industry Context

This Form 4 filing reports a routine insider transaction for Cipher Mining Inc.'s Co-President and COO. Such transactions are common across all industries, particularly when executives utilize Rule 10b5-1 plans for personal financial planning, and do not inherently reflect broader industry trends in the cryptocurrency mining sector.

Stakeholder Impact

• Shareholders: A minor reduction in direct insider ownership, but the pre-planned nature of the sale under a 10b5-1 plan suggests it's for personal financial management rather than a signal about the company's future prospects.

Key Dates

Recommendation

The reported sale by Cipher Mining's Co-President and COO is a pre-scheduled transaction under a Rule 10b5-1 plan, adopted several months prior. This type of insider selling is typically for personal financial planning and does not usually signal a change in the company's fundamental outlook or warrant a change in investment recommendation. Investors should monitor future company performance and broader market conditions rather than reacting solely to this routine insider sale.

Keywords

Cipher Mining, CIFR, Insider Trading, Form 4, Patrick Arthur Kelly, 10b5-1 Plan, Stock Sale, Executive Compensation, Beneficial Ownership