SCHEDULE: Susquehanna Affiliates Disclose 3.7% Stake in Cipher Mining

G1 Execution Services, SIG Brokerage, and Susquehanna Securities collectively report beneficial ownership of 3.7% of Cipher Mining Inc.'s common stock.

Summary

• G1 Execution Services, LLC, SIG Brokerage, LP, and Susquehanna Securities, LLC, as an affiliated group, beneficially own 14,674,736 shares of Cipher Mining Inc. common stock.
• This aggregate ownership represents 3.7% of the company's outstanding common stock.
• The shares were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing control of Cipher Mining Inc.
• Susquehanna Securities, LLC's beneficial ownership includes options to buy 14,009,000 shares.
• SIG Brokerage, LP's beneficial ownership also includes options to buy shares.
• As of October 31, 2025, there were 395,092,054 shares of Cipher Mining Inc. common stock outstanding.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a moderately positive development, as it indicates significant institutional interest and a strategic position taken by sophisticated financial entities in Cipher Mining Inc.

Positives

• Increased institutional ownership by affiliated broker-dealers, including Susquehanna Securities, suggests a professional interest in Cipher Mining Inc.
• The acquisition of shares, including a significant portion through options, indicates a strategic position taken by sophisticated financial entities.

Negatives

• The filing itself does not present any explicit negative information regarding Cipher Mining Inc.'s operations or financial health.

Risks

• The filing does not explicitly mention risks related to Cipher Mining Inc.'s operations or financial performance.

Future Outlook

NA

Industry Context

StockSavvy.ai notes that the disclosure of a significant stake by a group of affiliated broker-dealers, including Susquehanna, in Cipher Mining Inc. highlights continued institutional interest in the cryptocurrency mining sector. This type of investment by sophisticated financial players can signal confidence in the long-term prospects of companies operating in the digital asset space, despite its inherent volatility.

Comparison to Industry Standards

• StockSavvy.ai observes that institutional ownership levels vary widely across the cryptocurrency mining industry. While a 3.7% stake by a single group is notable, it is not uncommon for institutional investors to build positions in emerging sectors.
• For instance, Marathon Digital Holdings (MARA) and Riot Platforms (RIOT), other major players in the Bitcoin mining space, also see substantial institutional holdings, often from a diverse range of asset managers and hedge funds. This filing indicates a similar pattern of institutional engagement for Cipher Mining Inc.

Stakeholder Impact

• Shareholders: The disclosure of significant institutional ownership by reputable financial firms may instill greater confidence among existing and potential shareholders, potentially contributing to stock stability or positive sentiment.
• Management: Increased institutional scrutiny may encourage management to maintain strong performance and transparent reporting.

Key Dates

Recommendation

While the disclosure of a significant institutional stake by affiliated broker-dealers is generally a positive signal, a Schedule 13G filing primarily reports ownership and does not provide operational or financial performance updates. The filing indicates a strategic position, including a substantial portion via options, suggesting a long-term interest rather than an immediate catalyst for a 'buy' recommendation. Without further operational or financial data, a 'hold' recommendation is prudent, acknowledging the positive signal of institutional interest while awaiting more comprehensive company-specific news.

Keywords

Cipher Mining Inc., CM, 13G, beneficial ownership, institutional ownership, Susquehanna, G1 Execution Services, SIG Brokerage, common stock, SEC filing, broker-dealer, crypto mining