Bitfury Top HoldCo B.V. - Jun 13, 2024 Form 4 Insider Report for Cipher Mining Inc. (CIFR)

Role
10%+ Owner
Signature
Stijn Ehren, Managing Director of Bitfury Top HoldCo B.V., By: /s/ Stijn Ehren
Stock symbol
CIFR
Transactions as of
Jun 13, 2024
Transactions value $
-$5,374,191
Form type
4
Date filed
6/17/2024, 07:00 PM
Previous filing
Jun 12, 2024
Next filing
Jun 21, 2024

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction CIFR Common Stock Sale -$1.73M -350K -0.3% $4.95 115M Jun 13, 2024 See Footnote F1, F5, F6
transaction CIFR Common Stock Sale -$1.83M -366K -0.32% $5.00 114M Jun 14, 2024 See Footnote F2, F5, F6
transaction CIFR Common Stock Sale -$1.81M -376K -0.33% $4.82 114M Jun 17, 2024 See Footnote F3, F4, F5, F6
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 The price reported in Column 4 represents a weighted average sales price of $4.949. These shares were sold in multiple transactions at prices ranging from $4.64 to $5.11, inclusive. The reporting person undertakes to provide to Cipher Mining Inc., any security holder of Cipher Mining Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each price within the range set forth in footnotes 1 through 3 of this Form 4.
F2 The price reported in Column 4 represents a weighted average sales price of $5.0045. These shares were sold in multiple transactions at prices ranging from $4.91 to $5.22, inclusive.
F3 The price reported in Column 4 represents a weighted average sales price of $4.8241. These shares were sold in multiple transactions at prices ranging from $4.64 to $5.17, inclusive.
F4 The sales reported on this Form 4 were made from the share reserve previously disclosed in Amendment No. 5 to Schedule 13D filed by the Reporting Persons on May 16, 2024. Following the sales reported on this Form 4, the Reporting Persons expect to sell approximately 4.4 million additional shares from the share reserve, subject to market conditions and other matters, as previously reported.
F5 Bitfury Holding B.V. is the record holder of 4,821,560 shares of Common Stock. Bitfury Top HoldCo B.V. ("Bitfury Top HoldCo") is the record holder of 58,917,803 shares of Common Stock and is the sole owner of Bitfury Holding B.V. As a result, Bitfury Top HoldCo may be deemed to share beneficial ownership of the shares of Common Stock held by Bitfury Holding B.V. V3 Holding Limited ("V3") is the direct holder of 50,314,484 shares of Common Stock. Valerijs Vavilovs is the sole owner of V3, which is the majority owner of Bitfury Group Limited ("BGL"). BGL is the sole owner of Bitfury Top HoldCo. [Continued]
F6 [Cont.] As a result of the foregoing relationships, each of Mr. Vavilovs, V3 and BGL may be deemed to share beneficial ownership of the Common Stock beneficially owned by Bitfury Top HoldCo., and Mr. Vavilovs may be deemed to have beneficial ownership of the Common Stock owned by V3. Each of Mr. Vavilovs, V3, Bitfury Top HoldCo, BGL and Bitfury Holding B.V. disclaim beneficial ownership of such shares except to the extent of their respective pecuniary interests therein.