SCHEDULE: Vanguard Group Amends Cipher Mining Stake Disclosure

The Vanguard Group updated its beneficial ownership in Cipher Mining Inc., reporting an 8.27% stake and detailing an internal realignment affecting future reporting.

Summary

• The Vanguard Group reported beneficial ownership of 32,680,186 shares of Cipher Mining Inc. Common Stock as of December 31, 2025.
• This represents 8.27% of Cipher Mining Inc.'s outstanding common stock.
• Vanguard holds shared voting power over 2,346,462 shares and shared dispositive power over all 32,680,186 shares.
• An internal realignment occurred on January 12, 2026, where The Vanguard Group, Inc. ceased performing portfolio management services and administering proxy voting.
• Following the realignment, certain subsidiaries or business divisions of Vanguard are expected to report beneficial ownership separately (on a disaggregated basis) in the future.
• Vanguard's clients, including investment companies and other managed accounts, retain the right to receive dividends or proceeds from the sale of these securities.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a moderately positive disclosure for Cipher Mining Inc., as it confirms a significant, stable institutional ownership stake from The Vanguard Group. The internal realignment at Vanguard is an administrative change with no stated negative impact on the investment strategy or the issuer.

Positives

• A major institutional investor, The Vanguard Group, maintains a significant 8.27% stake in Cipher Mining Inc., indicating continued institutional interest.
• The internal realignment at Vanguard is intended to streamline reporting, with subsidiaries continuing the same investment strategies.

Future Outlook

The Vanguard Group anticipates that certain subsidiaries or business divisions will report beneficial ownership separately on a disaggregated basis from The Vanguard Group, Inc. in reliance on SEC Release No. 34-39538, following an internal realignment on January 12, 2026. These subsidiaries will continue to pursue the same investment strategies.

Management Comments

• On January 12, 2026, The Vanguard Group, Inc. went through an internal realignment. As of that date, The Vanguard Group, Inc. no longer performs portfolio management services or administers proxy voting.
• In accordance with SEC Release No. 34-39538 (January 12, 1998), The Vanguard Group, Inc. anticipates that certain subsidiaries or business divisions of subsidiaries of The Vanguard Group, Inc., that currently have, or are deemed to have, beneficial ownership with The Vanguard Group, Inc., will report beneficial ownership separately (on a disaggregated basis) from The Vanguard Group, Inc. in reliance on such release.
• These subsidiaries and/or business divisions pursue the same investment strategies as previously pursued by The Vanguard Group, Inc. prior to the realignment.
• 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 and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under 240.14a-11.

Industry Context

StockSavvy.ai notes that this filing reflects the ongoing trend of large institutional investors, such as The Vanguard Group, maintaining significant passive stakes in publicly traded companies. The internal realignment at Vanguard, leading to disaggregated reporting by subsidiaries, aligns with broader industry practices for large asset managers to clarify and streamline their reporting structures while maintaining consistent investment strategies across their various funds and mandates.

Comparison to Industry Standards

• StockSavvy.ai observes that The Vanguard Group's 8.27% stake in Cipher Mining Inc. is a substantial passive investment, typical for large index fund managers.
• Similar large institutional holdings are seen in other companies within the cryptocurrency mining sector, where major ETFs and mutual funds often accumulate significant positions to track market indices.
• While specific comparable companies or projects are not detailed in this filing, Vanguard's strategy generally involves holding broad market exposure, making such a stake consistent with its investment philosophy across various industries.

Stakeholder Impact

• Shareholders: Confirms a significant institutional investor's continued stake, potentially signaling stability and long-term interest. The internal realignment at Vanguard is unlikely to directly impact Cipher Mining shareholders, as investment strategies remain consistent.

Next Steps

• Certain subsidiaries or business divisions of The Vanguard Group, Inc. are expected to report beneficial ownership separately (on a disaggregated basis) in future filings.

Key Dates

Keywords

Cipher Mining Inc, Vanguard Group, Schedule 13G, Beneficial Ownership, Common Stock, Institutional Investor, SEC Filing, CM, 17253J106