# EDGAR Filing Document

**Accession Number:** 0001884407
**File Stem:** 0001123292-25-000612
**Filing Date:** 2025-11
**Character Count:** 22268
**Document Hash:** 3b9fd5d172b75f9dc8ce0009af6fc6de
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001123292-25-000612.hdr.sgml**: 20251105

**ACCESSION NUMBER**: 0001123292-25-000612

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20251105

**DATE AS OF CHANGE**: 20251105

**SUBJECT COMPANY**: 

**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

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-91786
- **FILM NUMBER:** 251455065

**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
**FILED BY**: 

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

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** P7
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**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

## Ex-1

#### Exhibit 1

#### JOINT FILING AGREEMENT

In accordance with Rule 13d-1(k)(1) promulgated under the Securities Exchange Act of 1934, as amended, the undersigned hereby agree that they are jointly filing this statement on Schedule 13D. Each of them is responsible for the timely filing of such statement and any amendments thereto, and for the completeness and accuracy of the information concerning such person contained therein; but none of them is responsible for the completeness or accuracy of the information concerning the other persons making the filing, unless such person knows or has reason to believe that such information is inaccurate.

IN WITNESS WHEREOF, the undersigned hereby execute this Joint Filing Agreement as of the 5th day of November, 2025. <br>

---

| | |
|:---|:---|
| **BITFURY HOLDING B.V.** | **BITFURY HOLDING B.V.** |
| By: | /s/ Stijn Ehren |
| <br> Name: | <br> Stijn Ehren |
| Title: | <br> Managing Director |

---

---

| | |
|:---|:---|
| **BITFURY TOP HOLDCO B.V.** | **BITFURY TOP HOLDCO B.V.** |
| By: | /s/ Stijn Ehren |
| <br> Name: | <br> Stijn Ehren |
| Title: | <br> Managing Director |

---

---

| | |
|:---|:---|
| **BITFURY GROUP LIMITED** | **BITFURY GROUP LIMITED** |
| By: | /s/ Valerijs Vavilovs |
| <br> Name: | <br> Valerijs Vavilovs |
| Title: | <br> Director |

---

---

| | |
|:---|:---|
| **V3 HOLDING LIMITED** | **V3 HOLDING LIMITED** |
| By: | /s/ Valerijs Vavilovs |
| <br> Name: | <br> Valerijs Vavilovs |
| Title: | <br> Director |

---

---

| | |
|:---|:---|
| **VALERIJS VAVILOVS** | **VALERIJS VAVILOVS** |
| By: | /s/ Valerijs Vavilovs |
| <br> Name: | <br> Valerijs Vavilovs |

---

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

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 19)**

**Cipher Mining Inc.**

*(Name of Issuer)*

**Common Stock**

*(Title of Class of Securities)*

**17253J106**

*(CUSIP Number)*

**Stijn Ehren**<br>Strawinskylaan 3051<br>Amsterdam P7 1077ZX<br>31 6 29 94 48 88

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**11/03/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **17253J106** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Bitfury Top HoldCo B.V.** | Name of reporting person<br>**Bitfury Top HoldCo B.V.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**P7** | Citizenship or place of organization<br>**P7** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**30443382.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**30443382.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**30443382.00** | Aggregate amount beneficially owned by each reporting person<br>**30443382.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**7.7%** | Percent of class represented by amount in Row (11)<br>**7.7%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

| **CUSIP No.** | **17253J106** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Bitfury Holding B.V.** | Name of reporting person<br>**Bitfury Holding B.V.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**P7** | Citizenship or place of organization<br>**P7** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**4821560.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**4821560.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**4821560.00** | Aggregate amount beneficially owned by each reporting person<br>**4821560.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**1.2%** | Percent of class represented by amount in Row (11)<br>**1.2%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

| **CUSIP No.** | **17253J106** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Bitfury Group Ltd** | Name of reporting person<br>**Bitfury Group Ltd** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X0** | Citizenship or place of organization<br>**X0** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**30443382.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**30443382.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**30443382.00** | Aggregate amount beneficially owned by each reporting person<br>**30443382.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**7.7%** | Percent of class represented by amount in Row (11)<br>**7.7%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

| **CUSIP No.** | **17253J106** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**V3 Holding Ltd** | Name of reporting person<br>**V3 Holding Ltd** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**CAYMAN ISLANDS** | Citizenship or place of organization<br>**CAYMAN ISLANDS** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**61316694.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**61316694.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**61316694.00** | Aggregate amount beneficially owned by each reporting person<br>**61316694.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**15.5%** | Percent of class represented by amount in Row (11)<br>**15.5%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

| **CUSIP No.** | **17253J106** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Vavilovs Valerijs** | Name of reporting person<br>**Vavilovs Valerijs** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**1R** | Citizenship or place of organization<br>**1R** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**61316694.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**61316694.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**61316694.00** | Aggregate amount beneficially owned by each reporting person<br>**61316694.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**15.5%** | Percent of class represented by amount in Row (11)<br>**15.5%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Common Stock

**(b) Name of Issuer:**
Cipher Mining Inc.

**(c) Address of Issuer's Principal Executive Offices:**
1 Vanderbilt Avenue, Floor 54, New York, NY, 10017

This Amendment No. 19 ("Amendment No. 19") to Schedule 13D relates to shares of common stock, par value $0.001 per share (the "Common Stock"), of Cipher Mining Inc., a Delaware corporation (the "Issuer"), and amends and supplements the initial statement on Schedule 13D originally filed with the Securities and Exchange Commission (the "SEC") by the Reporting Persons on September 23, 2021, as amended by Amendment No. 1 to Schedule 13D filed with the SEC by the Reporting Persons on April 12, 2022, Amendment No. 2 to Schedule 13D filed with the SEC by the Reporting Persons on November 9, 2023, Amendment No. 3 to Schedule 13D filed with the SEC by the Reporting Persons on January 24, 2024, Amendment No. 4 to Schedule 13D filed with the SEC by the Reporting Persons on February 26, 2024, Amendment No. 5 to Schedule 13D filed with the SEC by the Reporting Persons on May 16, 2024, Amendment No. 6 to Schedule 13D filed with the SEC by the Reporting Persons on June 13, 2024, Amendment No. 7 to Schedule 13D filed with the SEC by the Reporting Persons on June 28, 2024, Amendment No. 8 to Schedule 13D filed with the SEC by the Reporting Persons on September 4, 2024, Amendment No. 9 to Schedule 13D filed with the SEC by the Reporting Persons on September 10, 2024, Amendment No. 10 to Schedule 13D filed with the SEC by the Reporting Persons on November 12, 2024, Amendment No. 11 to Schedule 13D filed with the SEC by the Reporting Persons on July 10, 2025, Amendment No. 12 to Schedule 13D filed with the SEC by the Reporting Persons on July 22, 2025, Amendment No. 13 to Schedule 13D filed with the SEC by the Reporting Persons on August 11, 2025, Amendment No. 14 to Schedule 13D filed with the SEC by the Reporting Persons on September 8, 2025, Amendment No. 15 to Schedule 13D filed with the SEC by the Reporting Persons on September 17, 2025, Amendment No. 16 to Schedule 13D filed with the SEC by the Reporting Persons on September 25, 2025, Amendment No. 17 to Schedule 13D filed with the SEC by the Reporting Persons on October 2, 2025 and Amendment No. 18 to Schedule 13D filed with the SEC by the Reporting Persons on October 16, 2025 (the "Original Schedule 13D," and as amended by Amendment No. 19, the "Schedule 13D"). Capitalized terms used but not defined in this Amendment No. 19 shall have the same meanings ascribed to them in the Original Schedule 13D.

**Item 4. Purpose of Transaction**

Item 4 of the Schedule 13D is hereby amended and supplemented by adding the following: 

This Amendment No. 19 is being filed for purposes of disclosing the Forward Contract described in this Amendment No. 19. The information contained in Item 5(c) of this Amendment No. 19 with respect thereto is incorporated by reference herein.

**Item 5. Interest in Securities of the Issuer**

**(a)**
Item 5(a) of the Schedule 13D is hereby amended and restated to read as follows:

The information in rows 11 and 13 of each of the cover pages of this Amendment No. 19 is incorporated by reference herein. Such information sets forth, as of November 5, 2025, the aggregate number of shares of Common Stock of the Issuer and percentage of Common Stock of the Issuer beneficially owned by each of the Reporting Persons, based on 395,092,054 shares of Common Stock outstanding as of October 31, 2025, as disclosed in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on November 3, 2025.

**(b)**
Item 5(b) of the Schedule 13D is hereby amended and restated to read as follows:

The information in rows 7 through 10 of each of the cover pages of this Amendment No. 19 is incorporated by reference herein.

Bitfury Holding is the record holder of 4,821,560 shares of Common Stock. Bitfury Top HoldCo is the record holder of 25,621,822 shares of Common Stock and is the sole owner of Bitfury Holding. As a result, Bitfury Top HoldCo may be deemed to share beneficial ownership of the shares of Common Stock held by Bitfury Holding.

V3 is the direct holder of 30,873,312 shares of Common Stock. Valerijs Vavilovs is the sole owner of V3, which is the majority owner of BGL. BGL is the sole owner of Bitfury Top HoldCo. As a result of the foregoing relationships, each of Mr. Vavilovs, V3 and BGL may be deemed to share beneficial ownership of the Common Stock beneficially owned by Bitfury Top Holdco, and Mr. Vavilovs is deemed to share beneficial ownership of the Common Stock beneficially owned by V3.

**(c)**
Item 5(c) of the Schedule 13D is hereby amended and supplemented by adding the following:

On November 3, 2025, V3 entered into a variable prepaid forward sale contract (the "Forward Contract") with an unaffiliated third-party dealer (the "Dealer") covering a maximum of 5,415,000 shares of Common Stock. The Forward Contract obligates V3 to deliver to the Dealer up to 1,805,000 shares of Common Stock in each of three tranches within one business day after each of the three maturity dates of the Forward Contract (September 25, 2026, October 23, 2026 and November 30, 2026), for an aggregate amount of up to 5,415,000 shares. In exchange for assuming this obligation, V3 received a cash payment of $100.0 million in connection with the entry into the Forward Contract. The reporting person pledged 5,415,000 shares of Common Stock (the "Pledged Shares") to secure its obligations under the Forward Contract.

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 $21.4881 (the "Floor Price"), the reporting person will deliver to the Dealer 1,805,000 shares; (b) if the Settlement Price is between the Floor Price and $32.2322 (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 $38.8 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 1,805,000 shares minus a number of shares of Common Stock having a value (based on the then market price) equal to $19.4 million. V3 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).

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

Item 6 of the Schedule 13D is hereby amended and supplemented by adding the following: 

The information set forth in Item 5(c) is incorporated herein by reference.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Bitfury Top HoldCo B.V.

**Signature:** /s/ Stijn Ehren

**Name/Title:** Stijn Ehren, Managing Director

**Date:** 11/05/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Bitfury Holding B.V.

**Signature:** /s/ Stijn Ehren

**Name/Title:** Stijn Ehren, Managing Director

**Date:** 11/05/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Bitfury Group Ltd

**Signature:** /s/ Valerijs Vavilovs

**Name/Title:** Valerijs Vavilovs, Director

**Date:** 11/05/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** V3 Holding Ltd

**Signature:** /s/ Valerijs Vavilovs

**Name/Title:** Valerijs Vavilovs, Director

**Date:** 11/05/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Vavilovs Valerijs

**Signature:** /s/ Valerijs Vavilovs

**Name/Title:** Vavilovs Valerijs

**Date:** 11/05/2025