Cipher CEO Sets New 10b5-1 Plan Covering Up to 1.5M CIFR Shares
Cipher Mining (NASDAQ: CIFR) disclosed that CEO Tyler Page entered a new pre-arranged trading plan in December that could allow him to sell up to 1.5 million shares over roughly one year.
According to Cipher’s annual report on Tuesday, Page adopted a Rule 10b5-1 plan on Dec. 19, 2025, covering potential sales of up to 1,500,000 shares of Cipher common stock through Dec. 24, 2026.
The company noted that no other directors or Section 16 officers adopted, terminated, or modified any Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during the quarter ended Dec. 31, 2025.
Rule 10b5-1 plans are commonly used by corporate insiders to schedule future trades under preset parameters such as price or volume, often cited by companies as a way to manage taxes, diversify holdings, or address other personal financial considerations while reducing the appearance that transactions are driven by inside information.
Cipher’s latest disclosure follows a different pattern from a year earlier. In its 2024 annual report, the company said multiple senior executives terminated existing Rule 10b5-1 plans during the quarter ended Dec. 31, 2024. Those terminations included Page ending a plan on Oct. 10, 2024 that had covered the sale of up to 900,000 shares through Nov. 29, 2024, along with plan terminations in November 2024 by Co-President and Chief Legal Officer William Iwaschuk and Co-President and COO Patrick Kelly.
The new CEO plan also arrives after broader insider and shareholder selling pressure that investors have tracked around the stock. As previously reported, Bitfury’s chief executive—whose firm is a major shareholder of Cipher—reduced his Cipher holdings over the course of 2025.
