Cipher Mining COO sells 44,870 shares under 10b5-1 plan at $10.80 avg
Rhea-AI Filing Summary
Cipher Mining Inc. insider Patrick Arthur Kelly, who serves as Co-President and COO, reported the sale of 44,870 shares of CIFR common stock on 09/15/2025. The sales were executed under a Rule 10b5-1 trading plan adopted on May 12, 2025, with execution prices ranging from $10.50 to $11.28 and a reported weighted average price of $10.80. After the reported disposition, the reporting person beneficially owns 1,044,390 shares, held directly. The Form 4 was signed by an attorney-in-fact on 09/16/2025. The filer notes availability of detailed per-trade pricing information upon request.
Positive
- Transaction executed under a Rule 10b5-1 plan, indicating pre-authorization of trades
- Filing discloses price range and weighted average price, offering transparency
- Post-transaction beneficial ownership disclosed (1,044,390 shares)
Negative
- Officer sold 44,870 shares, a reduction in insider holdings
- Weighted average sale price $10.80 may be lower or higher than recent market levels (document provides range only)
Insights
TL;DR: Officer sale was executed under a pre-established 10b5-1 plan; disclosure is timely and specifies price range and remaining holdings.
The Form 4 shows a customary disposition by an executive using a Rule 10b5-1 plan, which limits concerns about opportunistic timing because trades were pre-authorized on May 12, 2025. The filing provides the weighted average price and a price range for the multiple trades, and it discloses the post-transaction direct beneficial ownership of 1,044,390 shares. From a compliance standpoint, the required information is present and the signature by attorney-in-fact is properly noted.
TL;DR: Insider sale is material for transparency but appears routine and fully disclosed.
The disclosed sale of 44,870 shares at prices between $10.50 and $11.28 reduces the officer's stake to over one million shares, which remains substantial. The use of a 10b5-1 plan and the explicit offer to provide per-trade details on request strengthen governance transparency. There is no indication in this Form 4 of unusual trading patterns or undisclosed related-party transactions.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Common Stock | 44,870 | $10.80 | $485K |
Footnotes (1)
- The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on May 12, 2025. The sales were executed in multiple trades at prices ranging from $10.50 to $11.28. The price reported reflects the weighted average sale price. The Reporting Person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in footnote (2) to this Form 4.
