Cipher Mining Inc. (NASDAQ:CIFR) shares rose on Tuesday even as one of its largest stakeholders, V3 Holding Ltd, disclosed the sale of 2.7 million shares valued at $33.3 million.
According to a Form 4 filing with the U.S. Securities and Exchange Commission, V3 sold Cipher stock in a series of transactions between September 18 and 22, 2025.
The largest block occurred on September 18, when 900,000 shares were sold at a weighted average price of $11.79. The following day, V3 executed two trades: 849,199 shares at $12.35 and 50,801 shares at $12.75.
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On September 22, the firm reported three more disposals: 697,769 shares at $12.59, 192,269 shares at $13.71, and 9,962 shares at $14.15. The combined sales amounted to 2.7 million shares, worth $33,308,202.
Following the transactions, V3 Holding retained 76,742,259 shares in Cipher Mining.
The filing also detailed the complex ownership structure involving Bitfury Holding, Bitfury Top HoldCo, V3 Holding, Bitfury Group, and Valerijs Vavilovs.
Each entity formally disclaimed beneficial ownership of shares beyond their direct economic interest. The document was signed on September 22, 2025, by representatives of the firms and Vavilovs.
Despite the scale of the insider sales, Cipher's stock moved higher. Analyst Joseph Vafi of Canaccord Genuity reaffirmed a Buy rating on the company and raised his price forecast from $9 to $12.
Vafi pointed to Cipher's expanding artificial intelligence hosting initiatives, particularly at its Barber Lake and Black Pearl Phase 2 facilities, as key growth catalysts.
Insider disposals of this magnitude often raise concerns about shareholder confidence, but the market's reaction suggests investors remain focused on Cipher's long-term growth trajectory.
Price Action: At last check Tuesday, CIFR shares were trading higher by 2.57% to $14.32.
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