# EDGAR Filing Document

**Accession Number:** 0001819989
**File Stem:** 0001123292-25-000659
**Filing Date:** 2025-11
**Character Count:** 15529
**Document Hash:** 4ab40f1048ff5fcdf42f20313adff4d4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001123292-25-000659.hdr.sgml**: 20251118

**ACCESSION NUMBER**: 0001123292-25-000659

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251114

**FILED AS OF DATE**: 20251118

**DATE AS OF CHANGE**: 20251118

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Vavilovs Valerijs
- **CENTRAL INDEX KEY:** 0001887811

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39625
- **FILM NUMBER:** 251496054

**MAIL ADDRESS:**
- **STREET 1:** C/O CIPHER MINING INC.
- **STREET 2:** 222 PURCHASE STREET, SUITE #290
- **CITY:** RYE
- **STATE:** NY
- **ZIP:** 10580

**FORMER NAME:**
- **FORMER CONFORMED NAME:** Vavilovs Valerijis
- **DATE OF NAME CHANGE:** 20211013
**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Bitfury Top HoldCo B.V.
- **CENTRAL INDEX KEY:** 0001884407

**ORGANIZATION NAME:**
- **STATE OF INCORPORATION:** P7
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39625
- **FILM NUMBER:** 251496056

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** STRAWINSKYLAAN 3051
- **CITY:** AMSTERDAM, NOORD-HOLLAND
- **PROVINCE COUNTRY:** P7
- **ZIP:** 1077ZX
- **BUSINESS PHONE:** 44.20.7710.5833

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** STRAWINSKYLAAN 3051
- **CITY:** AMSTERDAM, NOORD-HOLLAND
- **PROVINCE COUNTRY:** P7
- **ZIP:** 1077ZX
**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Bitfury Group Ltd
- **CENTRAL INDEX KEY:** 0001887872

**ORGANIZATION NAME:**
- **STATE OF INCORPORATION:** X0
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39625
- **FILM NUMBER:** 251496053

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** C/O FIELDFISHER RIVERBANK HOUSE
- **STREET 2:** 2 SWAN LANE
- **CITY:** LONDON
- **PROVINCE COUNTRY:** X0
- **ZIP:** EC4R3AD
- **BUSINESS PHONE:** 44.20.7710.5833

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** C/O FIELDFISHER RIVERBANK HOUSE
- **STREET 2:** 2 SWAN LANE
- **CITY:** LONDON
- **PROVINCE COUNTRY:** X0
- **ZIP:** EC4R3AD
**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** V3 Holding Ltd
- **CENTRAL INDEX KEY:** 0001887845

**ORGANIZATION NAME:**
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39625
- **FILM NUMBER:** 251496057

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 4TH FLOOR, HARBOUR PLACE
- **STREET 2:** 103 SOUTH CHURCH STREET, P.O. BOX 10240
- **CITY:** GRAND CAYMAN
- **PROVINCE COUNTRY:** E9
- **ZIP:** KY1-1002
- **BUSINESS PHONE:** 31.6.2994.4888

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 4TH FLOOR, HARBOUR PLACE
- **STREET 2:** 103 SOUTH CHURCH STREET, P.O. BOX 10240
- **CITY:** GRAND CAYMAN
- **PROVINCE COUNTRY:** E9
- **ZIP:** KY1-1002
**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Bitfury Holding B.V.
- **CENTRAL INDEX KEY:** 0001887853

**ORGANIZATION NAME:**
- **STATE OF INCORPORATION:** P7
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39625
- **FILM NUMBER:** 251496055

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** STRAWINSKYLAAN 3051
- **CITY:** AMSTERDAM, NOORD-HOLLAND
- **PROVINCE COUNTRY:** P7
- **ZIP:** 1077 ZX
- **BUSINESS PHONE:** 44.20.7710.5833

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** STRAWINSKYLAAN 3051
- **CITY:** AMSTERDAM, NOORD-HOLLAND
- **PROVINCE COUNTRY:** P7
- **ZIP:** 1077 ZX
**ISSUER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Cipher Mining Inc.
- **CENTRAL INDEX KEY:** 0001819989
- **STANDARD INDUSTRIAL CLASSIFICATION:** FINANCE SERVICES [6199]
- **ORGANIZATION NAME:** 09 Crypto Assets
- **EIN:** 851614529
- **FISCAL YEAR END:** 1231

**BUSINESS ADDRESS:**
- **STREET 1:** 1 VANDERBILT AVENUE
- **STREET 2:** FLOOR 54
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** 332-262-2300

**MAIL ADDRESS:**
- **STREET 1:** 1 VANDERBILT AVENUE
- **STREET 2:** FLOOR 54
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GOOD WORKS ACQUISITION CORP.
- **DATE OF NAME CHANGE:** 20200803

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

## FORM 4

### STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

[ ] 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**<sup>*</sup><br>V3 Holding Ltd<br><sub>(Last) (First) (Middle)</sub><br>4TH FL HARBOUR PL 103 S CHURCH ST, 10240<br><sub>(Street)</sub><br>GRAND CAYMAN, E9 KY1-1002<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2025-11-14 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [X] 10% Owner<br>[ ] Officer (give title below) [ ] Other (specify below)<br>_ _ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>Cipher Mining Inc. [ CIFR ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[ ] Form filed by One Reporting Person<br>[X] Form filed by More than One Reporting Person |

---

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>Bitfury Top HoldCo B.V.<br><sub>(Last) (First) (Middle)</sub><br>STRAWINSKYLAAN 3051<br><sub>(Street)</sub><br>AMSTERDAM, P7 1077 ZX<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2025-11-14 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [X] 10% Owner<br>[ ] Officer (give title below) [ ] Other (specify below)<br>_ _ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>Cipher Mining Inc. [ CIFR ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[ ] Form filed by One Reporting Person<br>[X] Form filed by More than One Reporting Person |

---

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>Bitfury Holding B.V.<br><sub>(Last) (First) (Middle)</sub><br>STRAWINSKYLAAN 3051<br><sub>(Street)</sub><br>AMSTERDAM, P7 1077 ZX<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2025-11-14 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [X] 10% Owner<br>[ ] Officer (give title below) [ ] Other (specify below)<br>_ _ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>Cipher Mining Inc. [ CIFR ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[ ] Form filed by One Reporting Person<br>[X] Form filed by More than One Reporting Person |

---

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>Vavilovs Valerijs<br><sub>(Last) (First) (Middle)</sub><br>2102 CHEDDAR CHEESE TOWER, PO BOX 712650<br><sub>(Street)</sub><br>DUBAI, C0 <br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2025-11-14 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [X] 10% Owner<br>[ ] Officer (give title below) [ ] Other (specify below)<br>_ _ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>Cipher Mining Inc. [ CIFR ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[ ] Form filed by One Reporting Person<br>[X] Form filed by More than One Reporting Person |

---

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>Bitfury Group Ltd<br><sub>(Last) (First) (Middle)</sub><br>FIELDFISHER RIVERBANK HOUSE, 2 SWAN LANE<br><sub>(Street)</sub><br>LONDON, X0 EC4R 3TT<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2025-11-14 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [X] 10% Owner<br>[ ] Officer (give title below) [ ] Other (specify below)<br>_ _ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>Cipher Mining Inc. [ CIFR ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[ ] Form filed by One Reporting Person<br>[X] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | 3. Transaction Code (V) | 3. Transaction Code (V) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | Code | V | Amount | (A) or (D) | Price | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
|  |  |  |  |  |  |  |  |  |  |  |

---

## Table II - Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | 4. Transaction Code (V) | 4. Transaction Code (V) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 6. Date Exercisable and Expiration Date | 6. Date Exercisable and Expiration Date | 7. Title and Amount of Underlying Securities | 7. Title and Amount of Underlying Securities | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| Forward sale contract (obligation to sell) | <sup>(1)(2)(3)</sup> | 2025-11-14 |  | J<sup>(1)(2)(3)</sup> |  | 5520000 |  | <sup>(1)(2)(3)</sup> | <sup>(1)(2)(3)</sup> | Common Stock | 5520000 | <sup>(1)(2)(3)</sup> | 5520000 | I | See Footnote<sup>(4)</sup> |

---

### Footnotes:

(1) On November 14, 2025, Bitfury Top HoldCo B.V. ("Bitfury Top HoldCo") entered into a variable prepaid forward sale contract (the "Forward Contract") with an unaffiliated third-party dealer (the "Dealer") covering a maximum of 5,520,000 shares of Common Stock. The Forward Contract obligates Bitfury Top HoldCo to deliver to the Dealer up to 1,840,000 shares of Common Stock in each of three tranches within one business day after each of the three maturity dates of the Forward Contract (October 2, 2026, October 30, 2026 and December 7, 2026), for an aggregate amount of up to 5,520,000 shares. In exchange for assuming this obligation, Bitfury Top HoldCo received a cash payment of $94.6 million in connection with the entry into the Forward Contract. The reporting person pledged 5,520,000 shares of Common Stock (the "Pledged Shares") to secure its obligations under the Forward Contract. [Continued]

(2) [Cont.] The number of shares of Common Stock to be delivered to the Dealer on each of the three maturity dates is to be determined as follows: (a) if the closing price of Common Stock during the trading day immediately preceding the maturity date (the "Settlement Price") is less than or equal to $21.4439 (the "Floor Price"), the reporting person will deliver to the Dealer 1,840,000 shares; (b) if the Settlement Price is between the Floor Price and $37.5268 (the "Cap Price"), the reporting person will deliver to the Dealer a number of shares of Common Stock having a value (based on the then market price) equal to $39.5 million; and (c) if the Settlement Price is greater than the Cap Price, the reporting person will deliver to the Dealer a number of shares of Common Stock equal to 1,840,000 shares minus a number of shares of Common Stock having a value (based on the then market price) equal to $29.6 million. [Continued]

(3) [Cont.] Bitfury Top HoldCo will retain economic and voting rights in the Pledged Shares during the term of the pledge (so long as no event of default or similar event occurs under the Forward Contract or the related pledge agreement).

(4) Bitfury Group Limited ("BGL") is the sole owner of Bitfury Top HoldCo, and V3 Holding Limited ("V3") is the majority owner of BGL. Valerijs Vavilovs is the sole owner of V3. As a result of the foregoing relationships, each of Mr. Vavilovs, V3 and BGL may be deemed to share beneficial ownership of the securities beneficially owned by Bitfury Top HoldCo, and Mr. Vavilovs may be deemed to have beneficial ownership of the Common Stock owned by V3. Each of Mr. Vavilovs, V3, Bitfury Top HoldCo, BGL and Bitfury Holding B.V. disclaim beneficial ownership of such shares except to the extent of their respective pecuniary interests therein.

**Signature:** Stijn Ehren, Managing Director of Bitfury Top HoldCo B.V., By: /s/ Stijn Ehren  
**Date:** 2025-11-18

**Signature:** Stijn Ehren, Managing Director of Bitfury Holding B.V., By: /s/ Stijn Ehren  
**Date:** 2025-11-18

**Signature:** Valerijs Vavilovs, Director of Bitfury Group Limited, By: /s/ Valerijs Vavilovs  
**Date:** 2025-11-18

**Signature:** Valerijs Vavilovs, Director of V3 Holding Limited, By: /s/ Valerijs Vavilovs  
**Date:** 2025-11-18

**Signature:** Valerijs Vavilovs, By: /s/ Valerijs Vavilovs  
**Date:** 2025-11-18

### Remarks:

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.**