[Form 4] ACV Auctions Inc. Insider Trading Activity

Rhea-AI Filing Summary

Bitfury Top HoldCo B.V. and affiliated entities, all classified as 10% owners of Cipher Mining Inc. (NASDAQ: CIFR), disclosed open-market dispositions of 1,000,000 common shares over two consecutive sessions.

• 1 Jul 2025: 500,000 shares sold at a weighted-average $4.8574 (price range $4.56-$4.9902).
• 2 Jul 2025: 500,000 shares sold at a weighted-average $5.2839 (price range $5.01-$5.685).

Post-transaction, the group’s indirect ownership stands at 96,567,437 shares, down roughly 1% from 97,567,437. The complex control chain runs from Bitfury Holding B.V. to Bitfury Top HoldCo B.V., V3 Holding Ltd, Bitfury Group Ltd and ultimate owner Valerijs Vavilovs, each disclaiming beneficial ownership beyond their pecuniary interest.

No derivative security activity was reported, and the Form 4 was jointly filed on 3 Jul 2025. The sale provides liquidity to the shareholder but does not materially alter Bitfury’s dominant position in Cipher Mining.

Insights

Financial Analyst

TL;DR: 10% owner Bitfury offloads 1 M CIFR shares; modest, but insider selling skews sentiment negative.

The filing shows Bitfury trimming its stake by about 1%, realising roughly US$5.1 million. While the group still holds over 96 million shares, any sale by a control shareholder generally pressures market perception—especially when the company is cash-intensive like a Bitcoin miner. Absence of offsetting purchases or disclosed strategic rationale heightens the negative read-through. That said, the residual holding confirms long-term alignment, limiting impact to sentiment rather than fundamentals.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Waterman Michael

(Last) (First) (Middle)

C/O ACV AUCTIONS INC.

640 ELLICOTT ST., SUITE 321

(Street)

BUFFALO NY 14203

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
ACV Auctions Inc. [ ACVA ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Sales Officer

3. Date of Earliest Transaction (Month/Day/Year)
07/01/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock(1)	07/01/2025		F		3,459(2)	D	$16.48	402,151	D
Common Stock(1)	07/01/2025		F		4,919(2)	D	$16.48	397,232	D
Common Stock(1)	07/01/2025		F		4,365(2)	D	$16.48	392,867	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The company's stock previously referred to as Class A Common Stock is now referred to as Common Stock following changes made to the company's articles of incorporation. There was no change to any rights related to the stock.

2. These shares were withheld by the Issuer to cover the tax liability upon the vesting of a time-based restricted stock unit previously granted, and does not represent a discretionary sale by the reporting person

Remarks:

	/s/ Michelle Webb, Attorney-in-Fact	07/03/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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