Bitfury CEO Cuts Cipher Stake Amid Stock Surge

Bitcoin miner Cipher Mining hit yearly highs, while Bitfury CEO Valerijs Vavilovs trimmed his stake. Despite the sales, long-term confidence in Cipher’s growth remains strong.

Share sales during rally

Cipher Mining shares have rallied sharply since July, setting new yearly highs in mid-September. At the same time, Bitfury CEO Valerijs Vavilovs, through his V3 Holding vehicle, began trimming his stake.

According to SEC filings, V3 sold 1.2 million shares on July 8–9 at $6.13 each. The filing described the disposals as part of a disciplined diversification strategy, with a daily limit of 5% of Cipher’s average trading volume.

Bitfury reduces stake in Cipher

From late July to mid-September, V3 and Bitfury entities sold more than 10 million shares, with prices ranging from under $5 to $12.65. Over the same period, Cipher stock more than doubled.

As a result, V3’s beneficial ownership fell from 25.7% (95.4 million shares) to 20.2% (79.4 million shares). However, Bitfury Top HoldCo and related entities still hold over 48 million Cipher shares.

Long-term outlook remains positive

Despite ongoing sales, filings emphasized that Vavilovs remains confident in Cipher’s long-term prospects. Proceeds are being used to diversify assets and support philanthropic initiatives.

Cipher continues to ramp up its hashrate, energizing new miners at its Black Pearl facility. This steady growth supports its equity performance and strengthens its position in the global Bitcoin mining sector.