SCHEDULE: Cipher Mining Major Shareholder Reduces Stake
Beneficial Ownership Amendment
Key reporting persons, including V3 Holding and Bitfury Top HoldCo, have significantly reduced their beneficial ownership in Cipher Mining Inc. through open market sales.
Summary
- Bitfury Top HoldCo B.V. and V3 Holding Ltd, along with their affiliates, have significantly reduced their beneficial ownership in Cipher Mining Inc. through open market sales.
- Since August 11, 2025, V3 Holding Ltd sold a total of 4,700,000 shares of Common Stock across multiple transactions.
- Bitfury Top HoldCo B.V. sold a total of 200,000 shares of Common Stock during the same period.
- The total shares sold by the reporting persons amount to 4,900,000 shares.
- As of September 8, 2025, Bitfury Top HoldCo B.V. beneficially owns 48,533,104 shares, representing 12.3% of the class.
- V3 Holding Ltd and Valerijs Vavilovs each beneficially own 86,042,259 shares, representing 21.9% of the class.
- Bitfury Holding B.V. beneficially owns 4,821,560 shares, representing 1.2% of the class.
- The beneficial ownership percentages are based on 393,282,654 shares of Common Stock outstanding as of August 6, 2025.
Sentiment
Score: 3
Explanation: The filing indicates substantial open market sales by major reporting persons, including V3 Holding Ltd and Bitfury Top HoldCo B.V., reducing their beneficial ownership in Cipher Mining Inc. This insider selling, totaling 4.9 million shares, typically signals a negative outlook or strategic divestment by key stakeholders, which can exert downward pressure on the stock price and investor confidence.
Negatives
- Significant open market sales by major reporting persons, including V3 Holding Ltd and Bitfury Top HoldCo B.V., indicate a reduction in their stake, which can be perceived negatively by the market.
- The sales occurred at varying prices, with volume-weighted average prices ranging from $6.6913 to $8.3014 per share, suggesting a strategic divestment over time.
Future Outlook
NA
Industry Context
Large block sales by significant shareholders can impact market perception, especially in volatile sectors like cryptocurrency mining, where investor sentiment is often sensitive to major stakeholder actions. Such divestments might signal a shift in strategic focus or a perceived peak in valuation by the selling entities.
Stakeholder Impact
- Shareholders may perceive the significant insider selling as a negative signal, potentially leading to decreased investor confidence and downward pressure on the stock price.
Key Dates
| Date | Description |
|---|---|
| 2021-09-23 | Initial Schedule 13D filed with the SEC. |
| 2022-04-12 | Amendment No. 1 to Schedule 13D filed. |
| 2023-11-09 | Amendment No. 2 to Schedule 13D filed. |
| 2024-01-24 | Amendment No. 3 to Schedule 13D filed. |
| 2024-02-26 | Amendment No. 4 to Schedule 13D filed. |
| 2024-05-16 | Amendment No. 5 to Schedule 13D filed. |
| 2024-06-13 | Amendment No. 6 to Schedule 13D filed. |
| 2024-06-28 | Amendment No. 7 to Schedule 13D filed. |
| 2024-09-04 | Amendment No. 8 to Schedule 13D filed and Date of Event Which Requires Filing of This Statement. |
| 2024-09-10 | Amendment No. 9 to Schedule 13D filed. |
| 2024-11-12 | Amendment No. 10 to Schedule 13D filed. |
| 2025-07-10 | Amendment No. 11 to Schedule 13D filed. |
| 2025-07-22 | Amendment No. 12 to Schedule 13D filed. |
| 2025-08-06 | Date as of which 393,282,654 shares of Common Stock were outstanding, as disclosed in the Issuer's Quarterly Report on Form 10-Q. |
| 2025-08-07 | Issuer's Quarterly Report on Form 10-Q filed with the SEC. |
| 2025-08-11 | Amendment No. 13 to Schedule 13D filed with the SEC. |
| 2025-08-26 | V3 sold 600,000 shares and Bitfury Top HoldCo sold 100,000 shares. |
| 2025-08-27 | V3 sold 500,000 shares. |
| 2025-08-28 | V3 sold 600,000 shares. |
| 2025-08-29 | V3 sold 600,000 shares. |
| 2025-09-02 | V3 sold 600,000 shares. |
| 2025-09-03 | V3 sold 600,000 shares. |
| 2025-09-04 | V3 sold 600,000 shares and Bitfury Top HoldCo sold 100,000 shares. |
| 2025-09-05 | V3 sold 600,000 shares. |
| 2025-09-08 | Amendment No. 14 to Schedule 13D filed with the SEC and effective date of Joint Filing Agreement. |
Recommendation
sellThe substantial open market sales by major reporting persons, including V3 Holding Ltd and Bitfury Top HoldCo B.V., indicate a significant reduction in their beneficial ownership of Cipher Mining Inc. This insider selling, totaling 4.9 million shares over a short period, suggests a lack of conviction or a strategic divestment by key stakeholders. Such actions typically signal a negative outlook for the company's near-term prospects and can lead to decreased investor confidence and downward pressure on the stock price. A seasoned investor would likely interpret this as a strong signal to reduce exposure or sell their holdings.
Keywords
Cipher Mining, CM, Bitfury, V3 Holding, Valerijs Vavilovs, Schedule 13D, Insider Selling, Shareholder Ownership, Beneficial Ownership, Bitcoin Mining
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