Form 4: Cipher Mining Insiders Divest Over 1.2 Million Shares in July Transactions

Key insiders of Cipher Mining Inc., including Bitfury Top HoldCo B.V. and entities related to Valerijs Vavilovs, have reported the sale of 1.2 million shares of common stock in early July 2025.

Summary

• Bitfury Top HoldCo B.V., a 10% owner and director, reported the sale of 600,000 shares of Cipher Mining Inc. common stock on July 8, 2025, at a weighted average price of $6.08 per share.
• These shares were sold in multiple transactions ranging from $5.8599 to $6.21 per share.
• An additional 600,000 shares were sold on July 9, 2025, at a weighted average price of $6.17 per share, with transactions ranging from $6.00 to $6.3793 per share.
• Following these transactions, the reporting persons collectively beneficially own 95,367,437 shares of common stock.
• The reporting persons include Bitfury Top HoldCo B.V., V3 Holding Ltd, Bitfury Holding B.V., Valerijs Vavilovs, and Bitfury Group Ltd, all identified as directors and 10% owners.
• The beneficial ownership structure indicates that Valerijs Vavilovs is the sole owner of V3 Holding Limited, which is the majority owner of Bitfury Group Limited, which in turn is the sole owner of Bitfury Top HoldCo B.V., which is the sole owner of Bitfury Holding B.V.

Sentiment

Score: 4

Explanation: The sentiment is slightly negative due to significant insider selling, which can be perceived as a lack of confidence, although it's a routine disclosure without explicit negative commentary.

Negatives

• Significant insider selling by major shareholders and directors could be perceived negatively by the market, potentially signaling a lack of confidence in the company's near-term prospects or valuation.

Future Outlook

The document does not provide any forward-looking statements or guidance regarding the company's future performance or strategic direction.

Management Comments

• Stijn Ehren, Managing Director of Bitfury Top HoldCo B.V. and Bitfury Holding B.V., signed the filing.
• Valerijs Vavilovs, Director of Bitfury Group Limited and V3 Holding Limited, also signed the filing.

Industry Context

This Form 4 filing reports routine insider transactions and does not provide broader industry context or trends. It reflects specific ownership changes within Cipher Mining Inc.'s major shareholders.

Related Party Transactions

• The reported sales of common stock by Bitfury Top HoldCo B.V. and related entities are considered related party transactions, as these entities and individuals are significant shareholders and directors of Cipher Mining Inc.

Stakeholder Impact

• Shareholders may interpret the insider sales as a bearish signal, potentially leading to negative sentiment or downward pressure on the stock price.
• The transactions reflect a reduction in the beneficial ownership stake of key founding and major shareholders, which could influence investor confidence.

Key Dates

Keywords

Cipher Mining Inc., CIFR, Form 4, Insider Sales, Beneficial Ownership, Bitfury, Stock Transaction, Valerijs Vavilovs