Form 4: Cipher Mining Insiders Divest Over 950,000 Shares in Mid-July 2025

Key insiders, including Bitfury Top HoldCo B.V. and related entities, reported sales of 956,155 shares of Cipher Mining Inc. common stock across two transactions in mid-July 2025.

Summary

• Bitfury Top HoldCo B.V., identified as a Director and 10% Owner of Cipher Mining Inc. (CIFR), reported two significant sales of common stock.
• On July 14, 2025, 667,010 shares were sold at a weighted average price of $6.1053 per share, with prices ranging from $6.00 to $6.3801.
• On July 15, 2025, an additional 289,145 shares were sold at a weighted average price of $6.0622 per share, with prices ranging from $6.00 to $6.1952.
• The total number of shares sold across both transactions was 956,155.
• Following these transactions, the reporting persons' indirect beneficial ownership of Cipher Mining Inc. common stock decreased to 93,378,292 shares.
• The reporting persons include Bitfury Top HoldCo B.V., V3 Holding Ltd, Bitfury Holding B.V., Valerijs Vavilovs, and Bitfury Group Ltd, all of whom are linked through a chain of ownership, with Valerijs Vavilovs being the ultimate beneficial owner through V3 Holding Limited and Bitfury Group Limited.

Sentiment

Score: 3

Explanation: The sentiment is negative due to significant insider selling by a major beneficial owner and director group. While the sales are part of a pre-planned trading arrangement (Rule 10b5-1(c)), the sheer volume of shares divested can still be interpreted as a bearish signal by the market.

Negatives

• Significant insider selling by a 10% owner and director group can be perceived negatively by the market, potentially signaling a lack of confidence in the company's near-term prospects or a strategic shift by the selling entities.
• The sales occurred at prices ranging from $6.00 to $6.3801, which might be seen as the insiders taking profits or reducing exposure.

Risks

• Potential negative market reaction to the insider sales, which could put downward pressure on Cipher Mining Inc.'s stock price.
• Reduced alignment of interests between the selling insiders and public shareholders if the sales are interpreted as a long-term divestment strategy.

Future Outlook

NA

Industry Context

NA

Related Party Transactions

• The reported sales of 956,155 shares of Cipher Mining Inc. common stock were executed by Bitfury Top HoldCo B.V. and its related entities (V3 Holding Ltd, Bitfury Holding B.V., Bitfury Group Ltd, and Valerijs Vavilovs), all of whom are identified as 10% owners and/or directors of Cipher Mining Inc. These transactions constitute related party dealings as they involve significant shareholders and individuals with direct relationships to the company's governance.

Stakeholder Impact

• Shareholders: May experience negative sentiment and potential downward pressure on stock price due to the perception of reduced insider confidence.
• Investors: Will likely scrutinize the reasons behind the sales and may adjust their investment theses for Cipher Mining Inc. accordingly.

Key Dates

Recommendation

Keywords

Cipher Mining, CIFR, SEC Form 4, insider trading, stock sale, beneficial ownership, Bitfury, Valerijs Vavilovs, institutional selling