Sec Form 13D Filing - Bitfury Top HoldCo B.V. filing for Cipher Mining Inc. (CIFR) - 2024-06-28

Insider filing report for Changes in Beneficial Ownership

  • Schedule 13G & 13D forms are used to report a party's ownership of stock which exceeds 5% of a company's total stock issue.
  • Schedule 13G is a shorter version of Schedule 13D with fewer reporting requirements.
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
SCHEDULE 13D

Under the Securities Exchange Act of 1934
(Amendment No. 7)*
 
Cipher Mining Inc.

(Name of Issuer)
 
Common Stock

(Title of Class of Securities)
 
17253J106

(CUSIP Number)
 
Stijn Ehren
Strawinskylaan 3051
1077ZX Amsterdam, the Netherlands
+31 6 29 94 48 88

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

 June 26, 2024
(Date of Event Which Requires Filing of this Statement)
 

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. [ ]
 
Note. Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 240.13d-7 for other parties to whom copies are to be sent.

*The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
 

 CUSIP No.  17253J106

 SCHEDULE 13D
 
 1
  NAMES OF REPORTING PERSONS
 
 
 
 
 
 
 
 Bitfury Holding B.V.
 
 
 
 
 
 2
  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
   (a)  ☐
 
 
 
   (b)  ☐
 
 
 
 
 3
  SEC USE ONLY
 
 
 4 
  SOURCE OF FUNDS (See Instructions)
 
 
 
 
 
 
OO
 
 
 
 
 
 5
  CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
    ☐
 
 
 
 
 
 

 
 6
  CITIZENSHIP OR PLACE OF ORGANIZATION
 
 
 
 
 
 

The Netherlands
 
 
 
 
 
 
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH REPORTING
PERSON WITH
 
7
  SOLE VOTING POWER
 
 
 
 
 
 
-0-
 
 
 
 
8
  SHARED VOTING POWER
 
 
 
 
 
 
4,821,560
 
 
 
 
 9
  SOLE DISPOSITIVE POWER
 
 
 
 
 
 
-0-
 
 
 
 
 10
  SHARED DISPOSITIVE POWER
 
 
 
 
 
 
4,821,560
 
 
 
 
 
 
 
 11
  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
 
 
 
 
 
4,821,560
 
 
 
 
 12
  CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions)
    ☐
 
 
 
 
 
 
 
 13
  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
 
 
 
 
 
1.6%
 
 
 
 
 14
  TYPE OF REPORTING PERSON (See Instructions)
 
 
 
 
 
 
CO
 
 
 
 
 
 

 CUSIP No.  17253J106

 SCHEDULE 13D
   
 1
  NAMES OF REPORTING PERSONS
 
 
 
 
 
 
 
 Bitfury Top HoldCo B.V.
 
 
 
 
 
 2
  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
   (a)  ☐
 
 
 
   (b)  ☐
 
 
 
 
 3
  SEC USE ONLY
 
 
 4 
  SOURCE OF FUNDS (See Instructions)
 
 
 
 
 
 
OO
 
 
 
 
 
 5
  CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
    ☐
 
 
 
 
 
 

 
 6
  CITIZENSHIP OR PLACE OF ORGANIZATION
 
 
 
 
 
 

The Netherlands
 
 
 
 
 
 
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH REPORTING
PERSON WITH
 
7
  SOLE VOTING POWER
 
 
 
 
 
 
 
-0-
 
 
 
 
8
  SHARED VOTING POWER
 
 
 
 
 
 
60,206,347
 
 
 
 
 9
  SOLE DISPOSITIVE POWER
 
 
 
 
 
 
-0-
 
 
 
 
 10
  SHARED DISPOSITIVE POWER
 
 
 
 
 
 
60,206,347
 

 
 
 
 
 
 
 11
  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
 
 
 
 
 
60,206,347
 
 
 
 
 12
  CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions)
    ☐
 
 
 
 
 
 
 
 13
  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
 
 
 
 
 
19.4%
 
 
 
 
 14
  TYPE OF REPORTING PERSON (See Instructions)
 
 
 
 
 
 
CO
 
 
 
 
 





 
 CUSIP No.  17253J106

 SCHEDULE 13D
   
 1
  NAMES OF REPORTING PERSONS
 
 
 
 
 
 
 
 Bitfury Group Limited
 
 
 
 
 
 2
  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
   (a)  ☐
 
 
 
   (b)  ☐
 
 
 
 
 3
  SEC USE ONLY
 
 
 4 
  SOURCE OF FUNDS (See Instructions)
 
 
 
 
 
 
OO
 
 
 
 
 
 5
  CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
    ☐
 
 
 
 
 
 

 
 6
  CITIZENSHIP OR PLACE OF ORGANIZATION
 
 
 
 
 
 

England and Wales
 
 
 
 
 
 
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH REPORTING
PERSON WITH
 
7
  SOLE VOTING POWER
 
 
 
 
 
 
 
-0-
 
 
 
 
8
  SHARED VOTING POWER
 
 
 
 
 
 
60,206,347
 
 
 
 
 9
  SOLE DISPOSITIVE POWER
 
 
 
 
 
 
-0-
 
 
 
 
 10
  SHARED DISPOSITIVE POWER
 
 
 
 
 
 
60,206,347
 

 
 
 
 
 
 
 11
  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
 
 
 
 
 
60,206,347
 
 
 
 
 12
  CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions)
    ☐
 
 
 
 
 
 
 
 13
  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
 
 
 
 
 
19.4%
 
 
 
 
 14
  TYPE OF REPORTING PERSON (See Instructions)
 
 
 
 
 
 
CO
 
 
 
 
 



 CUSIP No.  17253J106

 SCHEDULE 13D
   
 1
  NAMES OF REPORTING PERSONS
 
 
 
 
 
 
 
 V3 Holding Limited
 
 
 
 
 
 2
  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
   (a)  ☐
 
 
 
   (b)  ☐
 
 
 
 
 3
  SEC USE ONLY
 
 
 4 
  SOURCE OF FUNDS (See Instructions)
 
 
 
 
 
 
OO
 
 
 
 
 
 5
  CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
    ☐
 
 
 
 
 
 

 
 6
  CITIZENSHIP OR PLACE OF ORGANIZATION
 
 
 
 
 
 

Cayman Islands
 
 
 
 
 
 
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH REPORTING
PERSON WITH
 
7
  SOLE VOTING POWER
 
 
 
 
 
 
 
-0-
 
 
 
 
8
  SHARED VOTING POWER
 
 
 
 
 
 
110,520,831
 
 
 
 
 9
  SOLE DISPOSITIVE POWER
 
 
 
 
 
 
-0-
 
 
 
 
 10
  SHARED DISPOSITIVE POWER
 
 
 
 
 
 
110,520,831
 

 
 
 
 
 
 
 11
  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
 
 
 
 
 
110,520,831
 
 
 
 
 12
  CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions)
    ☐
 
 
 
 
 
 
 
 13
  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
 
 
 
 
 
35.7%
 
 
 
 
 14
  TYPE OF REPORTING PERSON (See Instructions)
 
 
 
 
 
 
CO
 
 
 
 
 



 CUSIP No.  17253J106

 SCHEDULE 13D
   
 1
  NAMES OF REPORTING PERSONS
 
 
 
 
 
 
 
 Valerijs Vavilovs
 
 
 
 
 
 2
  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
   (a)  ☐
 
 
 
   (b)  ☐
 
 
 
 
 3
  SEC USE ONLY
 
 
 4 
  SOURCE OF FUNDS (See Instructions)
 
 
 
 
 
 
OO
 
 
 
 
 
 5
  CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
    ☐
 
 
 
 
 
 

 
 6
  CITIZENSHIP OR PLACE OF ORGANIZATION
 
 
 
 
 
 

Georgia
 
 
 
 
 
 
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH REPORTING
PERSON WITH
 
7
  SOLE VOTING POWER
 
 
 
 
 
 
 
-0-
 
 
 
 
8
  SHARED VOTING POWER
 
 
 
 
 
 
110,520,831
 
 
 
 
 9
  SOLE DISPOSITIVE POWER
 
 
 
 
 
 
-0-
 
 
 
 
 10
  SHARED DISPOSITIVE POWER
 
 
 
 
 
 
110,520,831
 

 
 
 
 
 
 
 11
  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
 
 
 
 
 
110,520,831
 
 
 
 
 12
  CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions)
    ☐
 
 
 
 
 
 
 
 13
  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
 
 
 
 
 
35.7%
 
 
 
 
 14
  TYPE OF REPORTING PERSON (See Instructions)
 
 
 
 
 
 
IN
 
 
 
 
 
 

CUSIP No.  17253J106

 SCHEDULE 13D
 
Explanatory Note

This Amendment No. 7 (“Amendment No. 7”) 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 and Amendment No. 6 to Schedule 13D filed with the SEC by the Reporting Persons on June 13, 2024 (the “Original Schedule 13D,” and as amended by Amendment No. 7, the “Schedule 13D”). Capitalized terms used but not defined in this Amendment No. 7 shall have the same meanings ascribed to them in the Original Schedule 13D.

This Amendment No. 7 is being filed to report that from June 14, 2024 through June 28, 2024, Bitfury TopHoldCo sold an aggregate of 4,275,378 shares of Common Stock in the open market.
 
Item 4. Purpose of Transaction.
 
Item 4 of the Schedule 13D is hereby amended and supplemented by adding the following:

As of June 28, 2024, the Bitfury Group has sold approximately 8.3 million shares out of the approximately 9.2 million shares allocated for sale from the share reserve established on behalf of the Bitfury Beneficiaries.
 
Item 5. Interest in Securities of the Issuer.
 
Items 5(a) - (b) of the Schedule 13D are hereby amended and restated to read as follows:

The following sets forth, as of June 28, 2024, 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, as well as the number of shares of Common Stock of the Issuer as to which each Reporting Person has the sole power to vote or to direct the vote, shared power to vote or to direct the vote, sole power to dispose or to direct the disposition of, or shared power to dispose or to direct the disposition of, as of the date hereof, based on 310,029,275 shares of Common Stock outstanding as of May 6, 2024, as disclosed in the Issuer’s Quarterly Report on Form 10-Q filed with the SEC on May 7, 2024:

                                                 
Reporting Person
 
Amount
beneficially
owned
 
 
Percent
of class
 
 
Sole power
to vote or
to
direct the
vote
 
 
Shared
power to
vote or to
direct the
vote
 
 
Sole power
to dispose
or to direct
the
disposition
 
 
Shared
power to
dispose or to
direct the
disposition
 
Bitfury Holding B.V.
 
 
4,821,560
 
 
 
1.6
%
 
 
0
 
 
 
4,821,560
 
 
 
0
 
 
 
4,821,560
 
Bitfury Top HoldCo B.V.
 
 
60,206,347
     
19.4
%
 
 
0
 
 
 
60,206,347
 
 
 
0
 
 
 
60,206,347
 
Bitfury Group Limited
 
 
60,206,347
     
19.4
%
 
 
0
 
 
 
60,206,347
 
 
 
0
 
 
 
60,206,347
 
V3 Holding Limited
 
 
110,520,831
     
35.7
%
 
 
0
 
 
 
110,520,831
 
 
 
0
 
 
 
110,520,831
 
Valerijs Vavilovs
 
 
110,520,831
     
35.7
%
 
 
0
 
 
 
110,520,831
 
 
 
0
 
 
 
110,520,831
 

Bitfury Holding is the record holder of 4,821,560 shares of Common Stock. Bitfury Top HoldCo is the record holder of 55,384,787 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 50,314,484 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.
 
Item 5(c) of the Schedule 13D is hereby amended and supplemented as follows:
 
As disclosed in Item 4 hereto, the Reporting Persons have engaged in the following open market sales subsequent to the filing of Amendment No. 6 to Schedule 13D filed with the SEC by the Reporting Persons on June 13, 2024. All sales were made by Bitfury Top HoldCo.

Date
Number of Shares Sold
Price Per Share
Price Range Per Share
June 14, 2024
366,042
$5.00
$4.91 to $5.22
June 17, 2024
376,320
$4.82
$4.64 to $5.17
June 18, 2024
388,167
$4.80
$4.70 to $5.06
June 20, 2024
394,357
$5.54
$5.35 to $5.81
June 21, 2024
416,793
$4.51
$4.40 to $4.61
June 24, 2024
443,830
$4.33
$4.27 to $4.40
June 25, 2024
454,073
$4.26
$4.21 to $4.38
June 26, 2024
466,915
$4.30
$4.20 to $4.45
June 27, 2024
478,606
$4.17
$4.05 to $4.39
June 28, 2024
490,275
$4.12
$4.09 to $4.20


 
Item 7. Materials to be Filed as Exhibits

 
Item 7 of the Schedule 13D is hereby amended and supplemented as follows:
 
     
Exhibit
Number
  
Description
   
  
Joint Filing Agreement, dated as of June 28, 2024




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.

Dates:  June 28, 2024

 
BITFURY HOLDING B.V.
 
 
 
 
By:
/s/ Stijn Ehren
 
 
Name:
 
Stijn Ehren
 
Title:
 
Managing Director
 
 
 
 

 
Name:
 
BITFURY TOP HOLDCO B.V.
 
 
 
 
By:
/s/ Stijn Ehren
 
 
Stijn Ehren
 
Title:
 
Managing Director
 
 
 
 
 
BITFURY GROUP LIMITED
 
 
 
 
By:
/s/ Valerijs Vavilovs
 
 
Name:
 
Valerijs Vavilovs
 
Title:
 
Director
 
 
 

 
V3 HOLDING LIMITED
 
 
 
 
By:
/s/ Valerijs Vavilovs
 
 
Name:
 
Valerijs Vavilovs
 
Title:
 
Director
 
 
 
 
 
VALERIJS VAVILOVS
 
 
 
 
By:
/s/ Valerijs Vavilovs
 
 
Name:
 
Valerijs Vavilovs



 


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 28th day of June, 2024.


 
BITFURY HOLDING B.V.
 
 
 
 
By:
/s/ Stijn Ehren
 
 
Name:
 
Stijn Ehren
 
Title:
 
Managing Director
 
 
 
 

 
BITFURY TOP HOLDCO B.V.
 
 
 
 
By:
/s/ Stijn Ehren
 
 
Name:
 
Stijn Ehren
 
Title:
 
Managing Director
 
 
 
 
 
BITFURY GROUP LIMITED
 
 
 
 
By:
/s/ Valerijs Vavilovs
 
 
Name:
 
Valerijs Vavilovs
 
Title:
 
Director
 
 
 

 
V3 HOLDING LIMITED
 
 
 
 
By:
/s/ Valerijs Vavilovs
 
 
Name:
 
Valerijs Vavilovs
 
Title:
 
Director
 
 
 
 
 
VALERIJS VAVILOVS
 
 
 
 
By:
/s/ Valerijs Vavilovs
 
 
Name:
 
Valerijs Vavilovs