SCHEDULE: Vanguard Group Discloses Significant Passive Stake in Cipher Mining Inc.

The Vanguard Group has reported a 5.41% passive ownership stake in Cipher Mining Inc., holding over 20 million shares of common stock.

Summary

• The Vanguard Group reported beneficial ownership of 20,114,936 shares of Cipher Mining Inc. common stock as of June 30, 2025.
• This ownership represents 5.41% of the total class of securities.
• The Vanguard Group holds sole dispositive power over 19,696,003 shares and shared dispositive power over 418,933 shares.
• Shared voting power is held over 164,425 shares, with no sole voting power.
• The securities were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing control of Cipher Mining Inc.

Sentiment

Score: 7

Explanation: The disclosure of a significant passive stake by a major institutional investor like The Vanguard Group is generally viewed positively, as it signals confidence and potential long-term stability for the company's stock.

Positives

• A major institutional investor, The Vanguard Group, has taken a significant passive stake, indicating potential long-term confidence in Cipher Mining Inc.

Negatives

• No specific negative information is disclosed in this ownership filing.

Risks

• The Vanguard Group's investment is passive and not intended to influence control, meaning they will not actively push for strategic changes or governance reforms within Cipher Mining Inc.

Future Outlook

The filing indicates The Vanguard Group's intent to hold the securities in the ordinary course of business, without the purpose or effect of changing or influencing control of Cipher Mining Inc.

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.

Industry Context

The investment by a major asset manager like The Vanguard Group in Cipher Mining Inc. suggests growing institutional interest or confidence in the digital asset mining sector, aligning with broader trends of traditional finance engaging with cryptocurrency-related businesses.

Comparison to Industry Standards

• The filing is a standard Schedule 13G disclosure, indicating a passive investment exceeding 5% ownership, which is a common practice for large institutional investors like Vanguard across various industries. No specific comparable companies or projects are detailed within the filing.

Stakeholder Impact

• Shareholders: Increased institutional ownership may lend credibility and stability to the stock, potentially attracting further investment.
• Management: No direct impact on control or strategic direction, as the investment is explicitly passive.

Next Steps

• The Vanguard Group will continue to hold the shares in the ordinary course of business as a passive investor.

Key Dates

Recommendation

The filing indicates a significant passive stake by The Vanguard Group, a major institutional investor, which can be interpreted as a vote of confidence in Cipher Mining Inc. While this filing does not provide operational or financial performance details, the institutional backing suggests a stable long-term outlook for the stock, warranting a 'hold' recommendation for existing investors.

Keywords

Cipher Mining, Vanguard Group, Beneficial Ownership, Schedule 13G, Institutional Investor, Common Stock, Passive Investment, SEC Filing