The forward contract settlements reduce the reporting persons' direct economic exposure but do not change their beneficial ownership percentage (13.2%). Monitor for further tranche settlements and any changes in the stated purpose or demands in future amendments.
Price Chart
Executive Summary
Bitfury Top HoldCo B.V. and related parties filed Amendment No. 24 to their Schedule 13D for Cipher Digital Inc., reporting an aggregate beneficial ownership of 13.2% (54,671,694 shares) as of October 7, 2026. The amendment discloses the settlement of two forward contracts: V3 Holding Ltd settled a first tranche on September 28, 2026, transferring 1,805,000 shares at a $17.83 settlement price, and Bitfury Top HoldCo settled a first tranche on October 5, 2026, transferring 1,840,000 shares at a $15.87 settlement price. These settlements reduce the reporting persons' economic exposure and represent a modest de-escalation of their stake.
Key Financial Metrics
Key Facts
- Bitfury Top HoldCo B.V., Bitfury Group Ltd., V3 Holding Ltd, and Valerijs Vavilovs collectively beneficially own 54,671,694 shares of Cipher Digital Inc. common stock, representing 13.2% of shares outstanding (based on 415,030,722 shares outstanding as of August 3, 2026).
- V3 Holding Ltd settled the first tranche of a forward contract on September 28, 2026, transferring 1,805,000 shares to an unaffiliated dealer at a settlement price of $17.83.
- Bitfury Top HoldCo settled the first tranche of a forward contract on October 5, 2026, transferring 1,840,000 shares to an unaffiliated dealer at a settlement price of $15.87.
- This is Amendment No. 24 to the initial Schedule 13D filed September 23, 2021, indicating a long-running activist presence.
Financial Impact
Settlement of two forward contract tranches resulted in the transfer of 3,645,000 shares to an unaffiliated dealer at prices of $17.83 and $15.87 per share, reducing the reporting persons' direct holdings.
Risk Factors
- Further forward contract settlements could further reduce the reporting persons' stake, potentially signaling reduced conviction.
- No new demands or changes in purpose were disclosed, suggesting the activist may be in a passive or monetization phase.
Investment Themes
Documents Analyzed
This report is based on 3 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| SC 13D/A Filing (Primary) | 0001123292-26-001382 |
| Document: 0001123292-26-001382-index.html | 0001123292-26-001382 |
| Document: 0001123292-26-001382.txt | 0001123292-26-001382 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 21, 2026 6d ago | SC 13G | $8.32 | awaiting T+5 | — | $8.48 (+1.92%) |
Oct 21, 2026 6d ago | SC 13G | $8.32 | awaiting T+5 | — | $8.48 (+1.92%) |
Oct 21, 2026 6d ago | SC 13G/A | $8.32 | awaiting T+5 | — | $8.48 (−1.92%) |
Oct 20, 2026 7d ago | Press Release | $9.13 | awaiting T+5 | — | $8.48 (−7.12%) |
Oct 16, 2026 11d ago | 8-K | $8.94 $7.92 | ▲ +11.41% | ▲ +11.26% | $8.48 (+5.15%) |
Oct 14, 2026 13d ago | 8-K | $9.94 $9.13 | ▲ +8.15% | ▲ +8.60% | $8.48 (+14.69%) |
Oct 13, 2026 14d ago | 8-K | $11.34 $8.88 | ▼ −21.69% | ▼ −20.54% | $8.48 (−25.22%) |
Oct 7, 2026 20d ago | SC 13D/A | $13.50 $10.04 | ▼ −25.63% | ▼ −25.35% | $8.48 (−37.19%) |
Sep 25, 2026 4w ago | 8-K | $17.73 $15.71 | ▼ −11.39% | ▼ −11.17% | $8.48 (−52.17%) |
Sep 25, 2026 4w ago | Press Release | $17.73 $15.71 | ▼ −11.39% | ▼ −11.17% | $8.48 (−52.17%) |
US Market Status
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