[Form 4] Cipher Mining Inc. Insider Trading Activity

Rhea-AI Filing Summary

Cipher Mining (CIFR) CEO and director Tyler Page reported equity transactions on Form 4. On October 10, 2025, he acquired 1,419,237 shares of common stock upon the settlement of performance stock units (transaction code M). He also disposed of 724,521 shares at $16.97 (code F). Following these transactions, he directly beneficially owned 6,523,171 shares.

The reported PSUs vest in three tranches based on market capitalization thresholds. The first tranche vested on October 10, 2025, and the PSUs have no expiration date.

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^*

Page Tyler

(Last) (First) (Middle)

C/O CIPHER MINING INC.

1 VANDERBILT AVENUE, FLOOR 54

(Street)

NEW YORK NY 10017

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Cipher Mining Inc. [ CIFR ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
10/10/2025

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	10/10/2025		M		1,419,237	A	(1)	7,247,692	D
Common Stock	10/10/2025		F		724,521	D	$16.97	6,523,171	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
Performance Stock Units	(1)	10/10/2025		M			1,419,237	(2)	(2)	Common Stock	1,419,237	$0	2,838,473	D

Explanation of Responses:

1. Each performance stock unit ("PSU") represents a contingent right to receive one share of Issuer's Common Stock.

2. The PSUs vest, if at all, in three tranches based on the Issuer's achievement of certain market capitalization thresholds. The first tranche of the PSUs vested on October 10, 2025. The PSUs have no expiration date.

Remarks:

	/s/ William Iwaschuk, Attorney-in-Fact for Tyler Page	10/15/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transaction did CIFR’s CEO report?

Tyler Page reported acquiring 1,419,237 common shares via PSU settlement (code M) and disposing of 724,521 shares at $16.97 (code F).

How many Cipher Mining (CIFR) shares does the CEO own after the transactions?

He directly beneficially owned 6,523,171 shares after the reported transactions.

What are the terms of the reported PSUs for CIFR?

Each PSU converts into one share. They vest in three tranches based on market capitalization thresholds; the first tranche vested on October 10, 2025.

What does transaction code M indicate in this CIFR filing?

Code M indicates the acquisition of shares upon the conversion or settlement of a derivative security, here PSUs.

What does transaction code F indicate in this CIFR filing?

Code F indicates a disposition of shares, reported here at $16.97 per share.

What roles does Tyler Page hold at CIFR?

He is a Director and the Chief Executive Officer of Cipher Mining Inc.