News

Jinse Finance reported that, according to a recent Schedule 13D filing, V3 Holding, an entity wholly owned by Vavilovs, has been steadily reducing its stake in Cipher since early July. From July 8 to 9, V3 sold a total of 1.2 million shares at an average price of $6.13 per share, accounting for 2.6% of its direct holdings at that time. The filing stated that this sale was part of a "disciplined, long-term strategy" by V3 and Vavilovs, aimed at achieving personal investment diversification and providing funding for charitable causes, with a commitment that the number of shares sold in a single day would not exceed 5% of Cipher's average daily trading volume. Subsequently, V3 and its affiliated entities accelerated their sell-off during Cipher's stock price surge. From late July to mid-September, V3 and Bitfury Top HoldCo sold a total of more than 10 million shares, typically selling between 500,000 and 900,000 shares per day. Reportedly, during this period, Cipher's stock price more than doubled, with the sale price rising from less than $5 per share in early July to nearly $12.65 per share by mid-September.