SCHEDULE: Susquehanna Affiliates Disclose 5.5% Stake in Cipher Mining

A group of affiliated broker-dealers, including Susquehanna Securities, LLC, has disclosed a 5.5% beneficial ownership stake in Cipher Mining Inc.

Summary

• G1 Execution Services, LLC, SIG Brokerage, LP, and Susquehanna Securities, LLC, acting as an affiliated group, reported beneficial ownership of 21,498,353 shares of Cipher Mining Inc. common stock.
• This aggregate ownership represents 5.5% of Cipher Mining Inc.'s outstanding common stock, based on 393,602,553 shares outstanding as of September 30, 2025.
• Susquehanna Securities, LLC holds the largest portion with sole voting and dispositive power over 21,469,173 shares, which includes options to buy 11,810,100 shares.
• G1 Execution Services, LLC has sole voting and dispositive power over 24,180 shares, including 1,796 shares issuable from warrants.
• SIG Brokerage, LP has sole voting and dispositive power over 5,000 shares, consisting of options to buy shares.
• The reporting persons disclaim beneficial ownership of shares owned directly by another reporting person, but report shared voting and dispositive power for the aggregate amount.
• The shares were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing control of the issuer.

Sentiment

Score: 6

Explanation: The filing is a neutral, factual disclosure of a significant passive ownership stake by a reputable institutional group. While not directly positive or negative about the company's operations, the presence of a large institutional holder can be seen as a mild positive signal for market confidence.

Positives

• A significant institutional investor group, including Susquehanna, has taken a substantial passive stake in Cipher Mining Inc., potentially indicating confidence in the company's long-term prospects.
• The filing clarifies the ownership structure of a notable institutional holding, providing transparency to the market.

Negatives

• No explicit negative information is contained within this Schedule 13G filing.

Risks

• The filing itself does not detail specific operational or financial risks of Cipher Mining Inc. It is a disclosure of ownership.
• Potential market perception shifts if the reporting group were to significantly alter its position in the future.

Future Outlook

This Schedule 13G filing is a disclosure of current beneficial ownership and does not contain any forward-looking statements or guidance regarding Cipher Mining Inc.'s future performance or the reporting persons' future investment intentions beyond the statement that shares are held in the ordinary course of business.

Management Comments

• The securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities.
• Each of the reporting persons disclaims beneficial ownership of shares owned directly by another reporting person.

Industry Context

This filing indicates a significant institutional stake in Cipher Mining Inc., a company operating in the cryptocurrency mining sector. Such disclosures are common for large investment firms and broker-dealers who hold positions in publicly traded companies, reflecting their trading and investment activities. The 5.5% stake suggests a notable, albeit passive, interest from a prominent financial group in the evolving digital asset industry.

Comparison to Industry Standards

• Not applicable. This filing is a standard regulatory disclosure of beneficial ownership by a passive investor group and does not contain performance metrics or operational results that can be compared to industry benchmarks or specific comparable companies/projects.

Related Party Transactions

• G1 Execution Services, LLC, SIG Brokerage, LP, and Susquehanna Securities, LLC are affiliated independent broker-dealers and are filing as a group, indicating a related party relationship among the reporting entities.

Stakeholder Impact

• Shareholders: Provides transparency regarding a significant institutional holder, which could influence market perception and trading activity.
• Company Management: Awareness of a large passive institutional holder, though the filing explicitly states no intent to influence control.

Next Steps

• The filing does not outline any specific future actions or milestones for Cipher Mining Inc. or the reporting persons, beyond ongoing compliance with SEC reporting requirements if their ownership stake changes.

Key Dates

Recommendation

This Schedule 13G filing primarily discloses a significant passive ownership stake by an institutional group. While the presence of a large, reputable investor like Susquehanna can be a positive signal, the filing itself provides no new operational or financial performance data for Cipher Mining Inc. that would warrant a 'buy' or 'sell' recommendation. It simply confirms a substantial institutional position. Therefore, a 'hold' recommendation is appropriate, pending further analysis of the company's fundamentals and market conditions.

Keywords

Cipher Mining Inc., CM, Schedule 13G, beneficial ownership, institutional investment, Susquehanna Securities, G1 Execution Services, SIG Brokerage, common stock, passive investment, SEC filing, crypto mining