[144] Cipher Mining Inc. Warrant SEC Filing

Rhea-AI Filing Summary

Airbnb, Inc. (ABNB) – Insider Form 4 filing dated 07/09/2025

Director and 10% owner Joseph Gebbia, reporting indirectly through the Sycamore Trust, disclosed the disposition of 236,000 Class A common shares of Airbnb on 07/07/2025 under a Rule 10b5-1 trading plan adopted on 02/26/2025.

• Transaction details: 48,332 shares sold at a weighted-average price of $135.7653; 171,859 shares at $136.5127; and 15,809 shares at $137.166. Aggregate proceeds are approximately $32.2 million.
• Post-sale holdings: Sycamore Trust now holds 708,015 Class A shares, down from 944,015 prior to the sales (≈25% reduction).
• Form 4 codes: All trades coded “S” (open-market sale); the filing checks the box affirming trades were executed pursuant to the 10b5-1 plan.

No derivative transactions were reported and no additional changes to direct holdings were disclosed.

The filing signals a sizable liquidation by a major insider but, because it was pre-scheduled, limits inference about near-term fundamentals. Investors may nevertheless monitor further sales to gauge insider sentiment.

Positive

• Compliance transparency: All sales executed under a pre-existing Rule 10b5-1 plan, reducing concerns of trading on material non-public information.

Negative

• Material insider selling: 236,000 shares (~$32 m) sold by a director/10% owner, representing a ≈25% reduction in the trust’s holdings and potential negative signal to the market.

Insights

Securities Analyst

TL;DR Large insider sale (~$32 m) by 10% holder; pre-planned under 10b5-1, but still a supply overhang to monitor.

The 236 k-share sale equals roughly 0.11% of ABNB’s public float and trims Gebbia’s indirect stake to 708 k shares. Although executed under a 10b5-1 plan, such volume from a founder-level shareholder can pressure sentiment, especially amid light summer trading volumes. No derivatives or option exercises soften the view; this is pure cash-out. The sale does not alter Airbnb’s fundamentals, yet may weigh on technicals and raise questions about ongoing insider distribution patterns.

Corporate Governance Expert

TL;DR Sale follows governance best-practice via 10b5-1 plan, reducing insider-trading risk.

From a governance lens, the advance adoption date (02/26/2025) and explicit 10b5-1 disclosure align with the SEC’s updated affirmative-defense requirements, enhancing transparency. The filing also demonstrates accurate, timely reporting (within two days). While continued diversification by founders is expected 3-4 years post-IPO, the board should assess any cumulative reduction in concentrated ownership to maintain long-term alignment with shareholders.

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK
Filer CCC
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer

SEC File Number

Address of Issuer

Phone

Name of Person for Whose Account the Securities are To Be Sold

See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

Relationship to Issuer

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Common Stock	Citigroup Global Markets, Inc. 388 Greenwich Street New York NY 10013	600000	3704950.00	371213387	07/09/2025	NASDAQ

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Common Stock	03/11/2024	distribution of dividend from Bitfury	Bitfury			48834333	03/11/2024	distribution dividend

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Name and Address of Seller	Title of Securities Sold	Date of Sale	Amount of Securities Sold	Gross Proceeds
V3 Holding Ltd Serenia Residences Block B Palm Jumeirah Dubai C0 Dubai	Common Stock	07/08/2025	600000	3648550.00
V3 Holding Ltd Serenia Residences Block B Palm Jumeirah Dubai C0 Dubai	Common Stock	07/02/2025	500000	2641950.00
V3 Holding Ltd Serenia Residences Block B Palm Jumeirah Dubai C0 Dubai	Common Stock	07/01/2025	500000	2428700.00

144: Remarks and Signature

Remarks

Date of Notice

ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.

Signature

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

How many Airbnb (ABNB) shares did Joseph Gebbia sell on 07/07/2025?

He disposed of 236,000 Class A shares through three open-market transactions.

What was the average sale price for the ABNB insider transactions?

Weighted-average prices were $135.77, $136.51, and $137.17 per share across the respective trades.

How many Airbnb shares does the Sycamore Trust still own after the sale?

Post-transaction, the trust retains 708,015 Class A shares.

Was the insider sale conducted under a Rule 10b5-1 plan?

Yes. The filing states the trades were executed under a plan adopted on 02/26/2025 in accordance with Rule 10b5-1.

Does this Form 4 report any derivative security activity?

No. No derivative transactions were reported in Table II.