Bitfury Top HoldCo B.V.

Bitfury Top HoldCo B.V. sells 956,155 shares of CIFR for $5.8M across two days; 10% holder reduces stake by 1.0%.

Bitfury Top HoldCo, a 10% holder of Cipher Mining, executed two separate sales totaling 956,155 shares for $5,827,649.80 (blended average $6.09) on 2025-07-14 and 2025-07-15. The sale reduces post-transaction holdings from 94,334,447 to 93,378,292 shares, a net reduction of 1.0%. The sales follow a rapid sequence of prior CIFR sales on 2025-07-02, 2025-07-08, 2025-07-09, 2025-07-10, and 2025-07-11, indicating sustained liquidation activity by this anchor holder. While the company posted a quarterly revenue of $48,959,000 and annual revenue growth of 19.3%, net income remains negative at -$38,975,000, and the company was unprofitable over its most recent full fiscal year, creating fundamental headwinds despite the recent 59.5% 30-day price rally. Current price of $6.27 sits 15.6% below the 52-week high of $7.43, placing these sales within a modest pullback from recent strength.

Bitfury Top HoldCo sells 1,032,990 CIFR shares (1.03M) for $6,416,228.70 across 2 transactions at blended $6.21 avg.

Bitfury Top HoldCo, a 10% owner, executed 2 separate sales totaling 1,032,990 shares for $6,416,228.70 on 2025-07-10 and 2025-07-11, reducing holdings by 1.1% to 94,334,447 shares. The sales occurred at blended average price $6.21, near the 52-week range midpoint and above current price of $6.03, though 18.8% below the 52-week high of $7.43. Cipher Mining itself remains unprofitable with net income of $-38,975,000.00 against revenue of $48,959,000.00 in the latest quarter. The timing context is noteworthy: stock price has rebounded 62.1% over 30 days and 159.9% over 90 days from earlier lows, and the insider's cross-ticker track record shows 20 prior open-market sells with a 90d well-timed rate of 46.67%, though no measurable outcomes yet exist from the five most recent CIFR transactions clustered in early July 2025.

Bitfury Top HoldCo B.V. sells 1,200,000 shares at $6.08–$6.17 for $7,350,000.00; 10% owner reduces stake -1.2% post-transaction.

Bitfury Top HoldCo B.V., a 10% owner of Cipher Mining, executed two separate sales totaling 1,200,000 shares at $6.08 on 2025-07-08 and $6.17 on 2025-07-09 for $7,350,000.00. The sale reduced holdings from 96,567,437 to 95,367,437 shares (-1.2% of pre-transaction position). The blended transaction price of $6.12 sits near the current price of $6.24 (-16.0% from the 52-week high of $7.43), and occurs after a +53.7% 30-day rally and +157.8% 90-day surge. The insider's cross-ticker track record shows a 41.18% well-timed rate on 20 prior sales with an average 90-day return of +60.9%, indicating a pattern of selling before downturns; at Cipher Mining specifically, 2 of 2 prior measurable sales (Dec 16–17, 2024) were well-timed, with 90-day declines of -58.0%. The company remains unprofitable (net income $-39.0M on $49.0M quarterly revenue) despite +19.3% annual revenue growth. This sale—following consecutive strong price momentum—aligns with the insider's historical pattern of selling into rallies before reversals.

10% holder Bitfury sells 1,000,000 CIFR shares across 2 days for $5.07M avg; 5 prior same-ticker sells all well-timed (5/5 negative 90d returns)

Bitfury Top HoldCo B.V., a 10% shareholder of Cipher Mining, conducted 2 separate sales totaling 1,000,000 shares for $5,070,000.00, selling 500,000 shares at $4.86 on 2025-07-01 and 500,000 shares at $5.28 on 2025-07-02 at a blended average price of $5.07. This represents a -1.0% reduction in holdings, leaving the insider with 96,567,437 shares post-transaction. Notably, all 5 of this insider's prior sales at CIFR were well-timed, with each showing negative 90-day returns ranging from -23.0% to -32.2%, indicating a consistent pattern of selling before subsequent declines. The company is unprofitable (net income $-39.0M against revenue of $49.0M in the latest quarter) despite recent 30-day (+76.1%) and 90-day (+188.1%) price momentum, which has brought the stock to $6.05 (18.6% below its 52-week high of $7.43). This transaction continues the insider's demonstrated pattern of sale timing, warranting close monitoring of subsequent stock performance.

Bitfury Top HoldCo B.V. sold 550,000 CIFR shares (550.0K) for $4,024,000.00 in two transactions; remains largest holder with 97.57M shares post-sale.

Bitfury Top HoldCo B.V., a 10% owner of Cipher Mining, executed 2 separate sales totaling 550,000 shares for $4,024,000.00 at an average price of $7.32, reducing holdings by only 0.6% to 97.57M shares. The sales occurred on 2024-12-16 and 2024-12-17, near the stock's 52-week high of $7.43, with current price at $6.29 representing a decline of 15.3% from the high. At CIFR specifically, Bitfury has made 5 prior trades since 2024-10-28, all sales, with limited outcome visibility—only 2 of the 5 prior same-ticker trades have measurable 30-day outcomes (both positive), but none have yet reached 90-day measurement windows. The company itself is unprofitable with a net income of $-86,754,000.00 on quarterly revenue of $24,102,000.00, though it reported annual revenue growth of 4076.6% year-over-year. The pattern reflects a major shareholder executing modest liquidation while retaining overwhelming control, at valuations approaching recent peak levels, amid a company with steep losses despite explosive topline expansion.

10% Owner Bitfury sold 269,013 shares (269.0K) at $7.23–$7.38 on Dec 5–6; stock now $6.38, down 14.1% from 52-week high

Bitfury Top HoldCo B.V., a 10% shareholder in Cipher Mining, executed 2 separate sales totaling 269,013 shares for $1,971,518.64 (blended average $7.33) on December 5–6, 2024, reducing its stake by 0.3% to 98,120,557 shares. The sales occurred when CIFR was trading near its 52-week high of $7.43; the stock has since declined to $6.38, down 14.1% from that peak, and is down 10.9% over the past 30 days despite a strong 90-day rally of +105.1%. Across Bitfury's cross-ticker sell history, the average 90-day return has been positive (+69.4%), indicating a pattern of poorly-timed exits where the stock subsequently rose; at this same ticker (CIFR), prior measurable sell outcomes show positive 90-day returns (e.g., +115.5%, +114.8%), again consistent with selling before upside moves. The company remains unprofitable (FY net income was negative) despite explosive revenue growth of +4076.6% year-over-year, creating a backdrop where large shareholder sales merit monitoring for signals about near-term conviction or liquidity needs.

Bitfury Top HoldCo B.V. (10% owner) sold 277,618 shares of CIFR at $7.17 on 2024-11-29, reducing stake to 98.39M shares.

Bitfury Top HoldCo B.V., holding 98.39M shares post-transaction (98.67M pre-transaction), executed a 277,618-share sale at $7.17 on 2024-11-29 for $1,990,521.06. The sale represents a -0.3% reduction in holdings from a position that remains substantially concentrated. At the transaction price of $7.17, the stock was -16.7% from its 52-week high of $7.43, and the 30-day return following this sale was +17.9%, while the 90-day return through the filing date was +108.1%. CIFR reported negative net income of $-86.8M on quarterly revenue of $24.1M and remains unprofitable on a full-year basis, though the company posted +4076.6% annual revenue growth. The insider's cross-ticker track record shows a 70.00% well-timed sell rate with an average 90d return after sells of +5.0%, but at the CIFR ticker specifically, timing metrics are not yet measurable for the majority of recent transactions. This transaction size and pattern warrant monitoring as the company continues to operate with significant net losses despite sharp revenue acceleration.

Bitfury Top HoldCo B.V. sold 300,000 shares of CIFR at $6.60 (2024-11-07); major shareholder retains 98.75M shares post-sale.

Bitfury Top HoldCo B.V., a 10% owner of Cipher Mining, sold 300,000 shares at $6.60 on 2024-11-07, representing a modest -0.3% reduction from pre-transaction holdings of 99.05M shares. At current price of $7.35, the stock has appreciated +75.4% over 30 days and +101.4% over 90 days since the sale, placing the transaction at a near-term low relative to recent momentum. Cipher Mining remains unprofitable with net income of $-86.8M against revenue of $24.1M, though annual revenue growth reached +4076.6%. Across Bitfury's 5 prior sales at CIFR (September and October 2024), all showed positive 30-day returns (+23.6% to +31.4%), yet with insufficient 90-day data to assess directional accuracy at this ticker.

Bitfury Top HoldCo B.V. sold 1,000,000 shares of CIFR at $6.22; stock down -20.5% from 52-week high.

Bitfury Top HoldCo B.V., a 10% owner, executed a $6.2M sale reducing holdings by 1.0% on 2024-10-28 at $6.22 per share. The current price of $5.39 reflects a -20.5% decline from the 52-week high of $6.78, suggesting the sale was executed closer to recent peak valuations. The insider's prior five trades at this ticker (all September 2024 sales) showed strong 30-day forward returns ranging from +23.6% to +49.6%, indicating the stock rallied after those exits, not declined. Cipher Mining remains unprofitable with net income of $-15.3M against revenue of $36.8M, and trades at a P/E of 89.83, reflecting speculative valuation tied to recent annual revenue growth of +4076.6% (likely from an acquisition or major event). This transaction and its predecessors do not exhibit evidence of prescient timing at the 90-day mark; rather, they appear to be periodic reductions in a concentrated holding as valuations fluctuate.

Bitfury Top HoldCo B.V. (10% owner) sold 5,799,528 shares across 6 transactions for $16,596,269.28 at Cipher Mining Inc. (CIFR)

Bitfury Top HoldCo B.V., a 10% owner, executed 6 separate sales totaling 5,799,528 shares for $16,596,269.28 across three trading days (Sept 6, 9, 10, 2024) at a blended average price of $2.86, reducing holdings by 5.5% to 100,047,588 shares. The transaction occurred as CIFR traded at significant headwinds: the stock is -54.1% from its 52-week high of $6.78 and down -23.6% over the prior 30 days, while the company reported a negative net income of $-15,291,000.00 for the latest quarter. Across the insider's cross-ticker open-market history, prior sells showed a 90-day well-timed rate of 100.00%, yet at CIFR specifically, the prior five trades (4 at the same dates, 1 from July 19) have not yet produced measurable positive timing outcomes, with the July sale showing a -37.8% 30-day return. The magnitude and multi-tranche structure of this divestiture warrant investor attention given the company's unprofitability and the stock's sharp recent decline.