CIPHER MINING INC CIFR
COM · Common Stock · CUSIP 17253J106 · ISIN US17253J1060
- SectorFinancials
- IndustryFinance Services
- HeadquartersNew York, NY
- FilingsSEC EDGAR
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($2.5m this quarter). Holder counts are more reliable. Shares outstanding: 395.1m as of 2025-10-31, from the company's own SEC filing; the percentage can still exceed 100%: lent-out shares are counted by the lender and the buyer, and some reports overlap without saying so. Implied quarter-end price ≈ $12.61. Options: 42 managers hold calls ($834.1m notional), 28 hold puts ($371.7m).
Trends to Q3 2025
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 77 |
| Q4 2022 | 79 |
| Q1 2023 | 70 |
| Q2 2023 | 86 |
| Q3 2023 | 80 |
| Q4 2023 | 117 |
| Q1 2024 | 126 |
| Q2 2024 | 153 |
| Q3 2024 | 167 |
| Q4 2024 | 203 |
| Q1 2025 | 199 |
| Q2 2025 | 223 |
| Q3 2025 | 298 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q4 2023 | 79 | 20 |
| Q1 2024 | 83 | 54 |
| Q2 2024 | 108 | 48 |
| Q3 2024 | 99 | 69 |
| Q4 2024 | 130 | 58 |
| Q1 2025 | 119 | 84 |
| Q2 2025 | 147 | 69 |
| Q3 2025 | 211 | 91 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q4 2024 | $42.6m | $15.2m | 0.36 |
| Q1 2025 | $16.7m | $6.8m | 0.41 |
| Q2 2025 | $31.4m | $47.5m | 1.51 |
| Q3 2025 | $834.1m | $371.7m | 0.45 |
Biggest buyers
| JANE STREET GROUP, LLC | Added | +10.5m |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC | New | +5.6m |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | +5.4m |
| Value Aligned Research Advisors, LLC | New | +5.1m |
| D. E. Shaw & Co., Inc. | New | +4.0m |
| WELLS FARGO & COMPANY/MN | Added | +3.3m |
| JPMORGAN CHASE & CO | Added | +2.8m |
| VANGUARD GROUP INC | Added | +2.7m |
| TWO SIGMA INVESTMENTS, LP | Added | +2.7m |
| TWO SIGMA ADVISERS, LP | Added | +2.4m |
Biggest sellers
| V3 Holding Ltd | Reduced | -31.7m |
| SOFTBANK GROUP CORP. | Sold out | -10.4m |
| Alyeska Investment Group, L.P. | Reduced | -6.6m |
| BIT Capital GmbH | Reduced | -6.1m |
| VAN ECK ASSOCIATES CORP | Reduced | -5.1m |
| Helix Partners Management LP | Sold out | -4.4m |
| Point72 Asset Management, L.P. | Reduced | -3.6m |
| ROYAL BANK OF CANADA | Reduced | -2.3m |
| MILLENNIUM MANAGEMENT LLC | Reduced | -2.2m |
| Vident Advisory, LLC | Reduced | -1.4m |
Biggest calls
| UBS Group AG | New | $207.2m16.5m shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $148.7m11.8m shares |
| CITADEL ADVISORS LLC | Added | $70.4m5.6m shares |
| GROUP ONE TRADING LLC | Added | $49.9m4.0m shares |
| SIMPLEX TRADING, LLC | Added | $41.6m4.2m shares |
| JANE STREET GROUP, LLC | Added | $40.7m3.2m shares |
| Parallax Volatility Advisers, L.P. | Added | $39.5m3.1m shares |
| PEAK6 LLC | New | $34.3m2.7m shares |
| BTG Pactual Asset Management US LLC | New | $30.2m2.4m shares |
| IMC-Chicago, LLC | Added | $24.8m2.0m shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $71.7m5.7m shares |
| CITADEL ADVISORS LLC | Added | $54.6m4.3m shares |
| SIMPLEX TRADING, LLC | Added | $38.6m3.1m shares |
| WELLS FARGO & COMPANY/MN | New | $35.5m2.8m shares |
| JANE STREET GROUP, LLC | Added | $31.4m2.5m shares |
| GROUP ONE TRADING LLC | Added | $24.2m1.9m shares |
| WOLVERINE ASSET MANAGEMENT LLC | Added | $21.3m1.7m shares |
| IMC-Chicago, LLC | Added | $15.8m1.3m shares |
| Parallax Volatility Advisers, L.P. | Added | $11.8m933.9k shares |
| TORONTO DOMINION BANK | New | $9.0m716.2k shares |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
| Holder | Stake |
|---|---|
| Bitfury Top HoldCo B.V. 13D · may seek influence -1.4 pts · filed 2026-10-07 | 13.2% |
| BlackRock, Inc. 13G · institution +1.5 pts · filed 2025-07-17 | 6.5% |
| MORGAN STANLEY 13G · institution new · filed 2026-08-13 | 6.3% |
| VANGUARD PORTFOLIO MANAGEMENT LLC 13G · institution new · filed 2026-04-29 | 5.5% |
| Citadel Securities GP LLC 13G · passive investor new · filed 2026-10-21 | 5.5% |
| JANE STREET GROUP, LLC 13G · passive investor +2.4 pts · filed 2026-10-21 | 5.4% |
Fell to 5% or below in the last year: VANGUARD GROUP INC (0.0%, 2026-03-26; now reported by VANGUARD PORTFOLIO MANAGEMENT LLC), SUSQUEHANNA SECURITIES, LLC (3.7%, 2026-02-13)
Insider purchases and sales in Q3 2025
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
Officers and directors buying vs selling
Number of people, by quarter (10% owners not included)
Numbers
| Quarter | Buying | Bought | Selling | Sold | Sold under a plan |
|---|---|---|---|---|---|
| Q4 2023 | 0 | — | 0 | — | — |
| Q1 2024 | 0 | — | 0 | — | — |
| Q2 2024 | 0 | — | 1 | $315.2k | — |
| Q3 2024 | 0 | — | 1 | $591.0k | $591.0k |
| Q4 2024 | 0 | — | 2 | $777.0k | $777.0k |
| Q1 2025 | 0 | — | 0 | — | — |
| Q2 2025 | 0 | — | 0 | — | — |
| Q3 2025 | 0 | — | 3 | $1.4m | $717.9k |
| Date | Insider | Trade | Value |
|---|---|---|---|
| 2025-09-30 | Bitfury Top HoldCo B.V. +4 10% owner · See Footnote | Sold | $24.8m2.0m shares |
| 2025-09-29 | Bitfury Top HoldCo B.V. +4 10% owner · See Footnote | Sold | $24.2m2.0m shares |
| 2025-09-26 | Bitfury Top HoldCo B.V. +4 10% owner · See Footnote | Sold | $18.4m1.6m shares |
| 2025-09-25 | Bitfury Top HoldCo B.V. +4 10% owner · See Footnote | Sold | $43.3m3.5m shares |
| 2025-09-24 | Bitfury Top HoldCo B.V. +4 10% owner · See Footnote | Sold | $13.0m900.0k shares |
| 2025-09-23 | Bitfury Top HoldCo B.V. +4 10% owner · See Footnote | Sold | $12.6m900.0k shares |
| 2025-09-22 | Bitfury Top HoldCo B.V. +4 10% owner · See Footnote | Sold | $11.6m900.0k shares |
| 2025-09-19 | Bitfury Top HoldCo B.V. +4 10% owner · See Footnote | Sold | $11.1m900.0k shares |
| 2025-09-18 | Bitfury Top HoldCo B.V. +4 10% owner · See Footnote | Sold | $10.6m900.0k shares |
| 2025-09-17 | Bitfury Top HoldCo B.V. +4 10% owner · See Footnote | Sold | $10.6m900.0k shares |
| 2025-09-16 | Bitfury Top HoldCo B.V. +4 10% owner · See Footnote | Sold | $10.1m900.0k shares |
| 2025-09-15 | Bitfury Top HoldCo B.V. +4 10% owner · See Footnote | Sold | $9.7m900.0k shares |
| 2025-09-15 | Kelly Patrick Arthur Co-President and COO | Sold plan | $484.6k44.9k shares |
| 2025-09-12 | Bitfury Top HoldCo B.V. +4 10% owner · See Footnote | Sold | $9.5m900.0k shares |
| 2025-09-11 | Bitfury Top HoldCo B.V. +4 10% owner · See Footnote | Sold | $9.2m900.0k shares |
| 2025-09-10 | Bitfury Top HoldCo B.V. +4 10% owner · See Footnote | Sold | $9.0m900.0k shares |
| 2025-09-09 | Bitfury Top HoldCo B.V. +4 10% owner · See Footnote | Sold | $5.2m600.0k shares |
| 2025-09-08 | Bitfury Top HoldCo B.V. +4 10% owner · See Footnote | Sold | $4.5m600.0k shares |
| 2025-09-05 | Bitfury Top HoldCo B.V. +4 10% owner · See Footnote | Sold | $4.4m600.0k shares |
| 2025-09-04 | Bitfury Top HoldCo B.V. +4 10% owner · See Footnote | Sold | $5.3m700.0k shares |
| 2025-09-03 | Bitfury Top HoldCo B.V. +4 10% owner · See Footnote | Sold | $5.0m600.0k shares |
| 2025-09-02 | Bitfury Top HoldCo B.V. +4 10% owner · See Footnote | Sold | $4.9m600.0k shares |
| 2025-08-29 | Bitfury Top HoldCo B.V. +4 10% owner · See Footnote | Sold | $4.5m600.0k shares |
| 2025-08-28 | Bitfury Top HoldCo B.V. +4 10% owner · See Footnote | Sold | $4.3m600.0k shares |
| 2025-08-27 | Bitfury Top HoldCo B.V. +4 10% owner · See Footnote | Sold | $3.5m500.0k shares |
| 2025-08-26 | Bitfury Top HoldCo B.V. +4 10% owner · See Footnote | Sold | $4.8m700.0k shares |
| 2025-08-18 | GROSSMAN CARY M Director | Sold | $441.8k75.0k shares |
| 2025-08-18 | Newsome James E Director | Sold | $200.0k32.5k shares |
| 2025-08-15 | Kelly Patrick Arthur Co-President and COO | Sold plan | $233.3k44.9k shares |
| 2025-07-30 | Bitfury Top HoldCo B.V. +4 10% owner · See Footnote | Sold | $2.1m370.0k shares |
The latest 30 of 43 trades.
Their holding: how much the trade added to or took from the insider's holding (direct, or the trust or fund named). The same trade is sometimes reported by more than one insider, such as a fund and the director who represents it; totals count it once. A value is left blank where the reported price is far from the market price (usually a typo).
Holders, Q3 2025
| Manager | Shares | Change |
|---|---|---|
| V3 Holding Ltd 100.00% of their portfolio | 65.9m $829.1m | Reduced -31.7m |
| BlackRock, Inc. 0.01% of their portfolio | 24.0m $302.8m | Added +1.7m |
| VANGUARD GROUP INC 0.00% of their portfolio | 22.8m $287.2m | Added +2.7m |
| JANE STREET GROUP, LLC 0.16% of their portfolio | 11.0m $139.0m | Added +10.5m |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.18% of their portfolio | 9.7m $121.9m | Added +5.4m |
| GEODE CAPITAL MANAGEMENT, LLC 0.01% of their portfolio | 7.6m $95.8m | Added +363.9k |
| STATE STREET CORP 0.00% of their portfolio | 7.3m $92.3m | Added +179.1k |
| Invesco Ltd. 0.01% of their portfolio | 6.9m $86.3m | Added +2.0m |
| TWO SIGMA INVESTMENTS, LP 0.13% of their portfolio | 6.7m $84.9m | Added +2.7m |
| Tidal Investments LLC 0.33% of their portfolio | 6.1m $76.8m | Reduced -886.6k |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC 0.24% of their portfolio | 5.6m $70.5m | New |
| Value Aligned Research Advisors, LLC 1.48% of their portfolio | 5.1m $64.3m | New |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 5.1m $63.7m | Added +2.8m |
| Alpine Fox Capital LLC 53.06% of their portfolio | 5.0m $63.0m | First filing |
| DIMENSIONAL FUND ADVISORS LP 0.01% of their portfolio | 4.8m $60.3m | Reduced -1.4m |
| CITADEL ADVISORS LLC 0.04% of their portfolio | 4.2m $52.9m | Added +2.2m |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.01% of their portfolio | 4.1m $51.7m | Added +14.2k |
| WELLS FARGO & COMPANY/MN 0.01% of their portfolio | 4.0m $50.3m | Added +3.3m |
| D. E. Shaw & Co., Inc. 0.04% of their portfolio | 4.0m $50.0m | New |
| UBS Group AG 0.01% of their portfolio | 3.4m $43.4m | Added +2.1m |
| Vident Advisory, LLC 0.39% of their portfolio | 3.1m $39.5m | Reduced -1.4m |
| MILLENNIUM MANAGEMENT LLC 0.03% of their portfolio | 2.8m $34.9m | Reduced -2.2m |
| TWO SIGMA ADVISERS, LP 0.07% of their portfolio | 2.8m $34.8m | Added +2.4m |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.05% of their portfolio | 2.7m $34.3m | Reduced -70.3k |
| BIT Capital GmbH 1.40% of their portfolio | 2.4m $30.7m | Reduced -6.1m |
| TUDOR INVESTMENT CORP ET AL 0.19% of their portfolio | 2.4m $30.1m | Added +2.3m |
| NORTHERN TRUST CORP 0.00% of their portfolio | 2.4m $29.9m | Added +185.9k |
| GROUP ONE TRADING LLC 0.78% of their portfolio | 2.1m $26.3m | Added +798.7k |
| Private Advisor Group, LLC 0.11% of their portfolio | 1.8m $22.5m | Added +242.9k |
| HRT FINANCIAL LP 0.09% of their portfolio | 1.6m $20.6m | New |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 1.6m $20.4m | Added +211.9k |
| VAN ECK ASSOCIATES CORP 0.02% of their portfolio | 1.6m $19.7m | Reduced -5.1m |
| THAMES CAPITAL MANAGEMENT LLC 2.75% of their portfolio | 1.5m $19.1m | New |
| MORGAN STANLEY 0.00% of their portfolio | 1.5m $18.7m | Reduced -722.0k |
| GOLDMAN SACHS GROUP INC 0.00% of their portfolio | 1.5m $18.6m | Reduced -200.6k |
| Driehaus Capital Management LLC 0.13% of their portfolio | 1.4m $18.2m | New |
| AMERICAN CENTURY COMPANIES INC 0.01% of their portfolio | 1.4m $17.7m | Added +816.2k |
| Alyeska Investment Group, L.P. 0.05% of their portfolio | 1.4m $17.3m | Reduced -6.6m |
| EXCHANGE TRADED CONCEPTS, LLC 0.16% of their portfolio | 1.4m $17.2m | Added +295.4k |
| IMC-Chicago, LLC 0.29% of their portfolio | 1.3m $16.6m | Added +1.2m |
| Clearline Capital LP 1.33% of their portfolio | 1.2m $15.4m | New |
| Squarepoint Ops LLC 0.03% of their portfolio | 1.2m $14.7m | New |
| Jump Financial, LLC 0.16% of their portfolio | 1.0m $13.0m | Added +838.9k |
| ROYAL BANK OF CANADA 0.00% of their portfolio | 949.8k $12.0m | Reduced -2.3m |
| Bank of New York Mellon Corp 0.00% of their portfolio | 855.5k $10.8m | Reduced -13.0k |
| Cubist Systematic Strategies, LLC 0.15% of their portfolio | 828.1k $10.4m | New |
| Nuveen, LLC 0.00% of their portfolio | 723.3k $9.1m | Added +126.7k |
| FIRST TRUST ADVISORS LP 0.01% of their portfolio | 719.2k $9.1m | Added +322.5k |
| CastleKnight Management LP 0.46% of their portfolio | 677.7k $8.5m | Reduced -1.2m |
| HighTower Advisors, LLC 0.01% of their portfolio | 579.5k $7.3m | Reduced -766.0k |
| DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.01% of their portfolio | 558.7k $7.0m | Added +119.7k |
| Tiptree Advisors, LLC 4.33% of their portfolio | 550.0k $6.9m | Added +400.0k |
| Walleye Trading LLC 0.11% of their portfolio | 535.7k $6.7m | Added +407.3k |
| Weiss Asset Management LP 0.10% of their portfolio | 534.9k $6.7m | Added +173.1k |
| Maridea Wealth Management LLC 1.58% of their portfolio | 509.9k $10.2m | Reduced -141.7k |
| Swiss National Bank 0.00% of their portfolio | 503.9k $6.3m | Added +20.4k |
| Parallax Volatility Advisers, L.P. 0.19% of their portfolio | 503.3k $6.3m | Added +368.6k |
| Aurelius Capital Management, LP 11.40% of their portfolio | 500.0k $6.3m | New |
| Two Seas Capital LP 0.35% of their portfolio | 462.0k $5.8m | Added +212.0k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio | 457.5k $5.8m | Reduced -184.9k |
| VOYA INVESTMENT MANAGEMENT LLC 0.01% of their portfolio | 400.1k $5.0m | Added +327.9k |
| RHUMBLINE ADVISERS 0.00% of their portfolio | 395.0k $5.0m | Added +7.8k |
| CITIGROUP INC 0.00% of their portfolio | 386.3k $4.9m | Added +256.3k |
| BARCLAYS PLC 0.00% of their portfolio | 386.2k $4.9m | Reduced -111.3k |
| Caption Management, LLC 0.27% of their portfolio | 367.7k $4.6m | New |
| Amundi 0.00% of their portfolio | 364.4k $5.6m | Unchanged |
| Trexquant Investment LP 0.05% of their portfolio | 357.2k $4.5m | New |
| Alight Capital Management LP 0.96% of their portfolio | 320.0k $4.0m | Added +120.0k |
| Galaxy Digital Capital Management GP LLC 3.78% of their portfolio | 307.4k $3.9m | Reduced -380.6k |
| WOLVERINE TRADING, LLC 0.08% of their portfolio | 300.9k $3.8m | Added +253.8k |
| Legal & General Group Plc 0.00% of their portfolio | 297.6k $3.7m | Reduced -882 |
| ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio | 290.8k $3.7m | Added +14.0k |
| Harvest Portfolios Group Inc. 0.06% of their portfolio | 278.8k $3.5m | Added +116.3k |
| Informed Momentum Co LLC 0.38% of their portfolio | 270.2k $3.3m | New |
| MONETA GROUP INVESTMENT ADVISORS LLC 0.03% of their portfolio | 256.9k $3.2m | Added +49.2k |
| Walleye Capital LLC 0.03% of their portfolio | 249.6k $3.1m | New |
| LMR Partners LLP 0.04% of their portfolio | 247.3k $3.1m | New |
| DEUTSCHE BANK AG\ 0.00% of their portfolio | 245.8k $3.1m | Added +4.5k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.00% of their portfolio | 244.9k $3.1m | Reduced -31.3k |
| Regal Partners Ltd 0.22% of their portfolio | 239.0k $3.0m | New |
| Sender Co & Partners, Inc. 1.11% of their portfolio | 228.0k $2.9m | New |
| TORONTO DOMINION BANK 0.01% of their portfolio | 216.6k $2.7m | Added +204.9k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio | 215.0k $2.7m | Added +82.5k |
| SOROS FUND MANAGEMENT LLC 0.04% of their portfolio | 207.6k $2.6m | Reduced -1.1m |
| ExodusPoint Capital Management, LP 0.04% of their portfolio | 204.2k $2.6m | Added +146.5k |
| ALGERT GLOBAL LLC 0.04% of their portfolio | 203.0k $2.6m | New |
| Blackstone Inc. 0.01% of their portfolio | 200.0k $2.5m | New |
| Hennion & Walsh Asset Management, Inc. 0.09% of their portfolio | 193.7k $2.4m | Reduced -7.1k |
| VICTORY CAPITAL MANAGEMENT INC 0.00% of their portfolio | 190.6k $2.4m | Reduced -413.8k |
| BOOTHBAY FUND MANAGEMENT, LLC 0.05% of their portfolio | 169.6k $2.1m | New |
| CANTOR FITZGERALD, L. P. 0.04% of their portfolio | 161.1k $2.0m | Added +132.0k |
| MetLife Investment Management, LLC 0.01% of their portfolio | 155.8k $2.0m | Reduced -4.7k |
| Monashee Investment Management LLC 0.94% of their portfolio | 150.0k $1.9m | New |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.00% of their portfolio | 149.6k $1.9m | Added +24.9k |
| Point72 Asset Management, L.P. 0.00% of their portfolio | 148.1k $1.9m | Reduced -3.6m |
| TORTOISE CAPITAL ADVISORS, L.L.C. 0.02% of their portfolio | 145.2k $1.8m | New |
| CENTAURUS FINANCIAL, INC. 0.08% of their portfolio | 136.6k $1.7m | Added +6.7k |
| Optiver Holding B.V. 0.03% of their portfolio | 135.5k $1.7m | Added +100.0k |
| Concentric Capital Strategies, LP 0.08% of their portfolio | 130.9k $1.6m | New |
| FORA Capital, LLC 0.28% of their portfolio | 127.6k $1.6m | New |