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Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Checkbox not checked   Rule 13d-1(b)
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SCHEDULE 13D/A 0001123292-25-000448 0001884407 XXXXXXXX LIVE 16 Common Stock 09/24/2025 false 0001819989 17253J106 Cipher Mining Inc. 1 Vanderbilt Avenue, Floor 54 New York NY 10017 Stijn Ehren 31 6 29 94 48 88 Strawinskylaan 3051 Amsterdam P7 1077ZX 0001884407 Bitfury Top HoldCo B.V. OO P7 0 36028564 0 36028564 36028564 N 9.2 CO 0001887853 Bitfury Holding B.V. OO P7 0 4821560 0 4821560 4821560 N 1.2 CO 0001887872 Bitfury Group Ltd OO X0 0 36028564 0 36028564 36028564 N 9.2 CO 0001887845 V3 Holding Ltd OO E9 0 71437719 0 71437719 71437719 N 18.2 CO 0001887811 Vavilovs Valerijs OO 1R 0 71437719 0 71437719 71437719 N 18.2 IN Common Stock Cipher Mining Inc. 1 Vanderbilt Avenue, Floor 54 New York NY 10017 This Amendment No. 16 ("Amendment No. 16") 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, Amendment No. 6 to Schedule 13D filed with the SEC by the Reporting Persons on June 13, 2024, Amendment No. 7 to Schedule 13D filed with the SEC by the Reporting Persons on June 28, 2024, Amendment No. 8 to Schedule 13D filed with the SEC by the Reporting Persons on September 4, 2024, Amendment No. 9 to Schedule 13D filed with the SEC by the Reporting Persons on September 10, 2024, Amendment No. 10 to Schedule 13D filed with the SEC by the Reporting Persons on November 12, 2024, Amendment No. 11 to Schedule 13D filed with the SEC by the Reporting Persons on July 10, 2025, Amendment No. 12 to Schedule 13D filed with the SEC by the Reporting Persons on July 22, 2025, Amendment No. 13 to Schedule 13D filed with the SEC by the Reporting Persons on August 11, 2025, Amendment No. 14 to Schedule 13D filed with the SEC by the Reporting Persons on September 8, 2025 and Amendment No. 15 to Schedule 13D filed with the SEC by the Reporting Persons on September 17, 2025 (the "Original Schedule 13D," and as amended by Amendment No. 16, the "Schedule 13D"). Capitalized terms used but not defined in this Amendment No. 16 shall have the same meanings ascribed to them in the Original Schedule 13D. Item 5(a) of the Schedule 13D is hereby amended and restated to read as follows: The information in rows 11 and 13 of each of the cover pages of this Amendment No. 16 is incorporated by reference herein. Such information sets forth, as of September 25, 2025, 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, based on 393,282,654 shares of Common Stock outstanding as of August 6, 2025, as disclosed in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on August 7, 2025. Item 5(b) of the Schedule 13D is hereby amended and restated to read as follows: The information in rows 7 through 10 of each of the cover pages of this Amendment No. 16 is incorporated by reference herein. Bitfury Holding is the record holder of 4,821,560 shares of Common Stock. Bitfury Top HoldCo is the record holder of 31,207,004 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 35,409,155 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: The Reporting Persons have engaged in the following open market sales since the filing of Amendment No. 15 to Schedule 13D on September 17, 2025. On September 25, 2025, Bitfury Top HoldCo sold 3,504,540 shares of Common Stock at prices ranging from $11.4337 to $13.59, for a volume-weighted average price per share of $12.3636. On September 24, 2025, Bitfury Top HoldCo sold 900,000 shares of Common Stock at prices ranging from $13.88 to $15.52, for a volume-weighted average price per share of $14.4084. On September 23, 2025, Bitfury Top HoldCo sold 900,000 shares of Common Stock at prices ranging from $13.4613 to $14.72, for a volume-weighted average price per share of $14.0102. On September 22, 2025, Bitfury Top HoldCo sold 900,000 shares of Common Stock at prices ranging from $12.12 to $14.1939, for a volume-weighted average price per share of $12.8444. On September 19, 2025, Bitfury Top HoldCo sold 900,000 shares of Common Stock at prices ranging from $11.72 to $12.8167, for a volume-weighted average price per share of $12.3723. On September 18, 2025, Bitfury Top HoldCo sold 900,000 shares of Common Stock at prices ranging from $11.45 to $12.26, for a volume-weighted average price per share of $11.7859. Item 7 of the Schedule 13D is hereby amended and supplemented as follows: Exhibit 1: Joint Filing Agreement, dated as of September 25, 2025 Bitfury Top HoldCo B.V. /s/ Stijn Ehren Stijn Ehren, Managing Director 09/25/2025 Bitfury Holding B.V. /s/ Stijn Ehren Stijn Ehren, Managing Director 09/25/2025 Bitfury Group Ltd /s/ Valerijs Vavilovs Valerijs Vavilovs, Director 09/25/2025 V3 Holding Ltd /s/ Valerijs Vavilovs Valerijs Vavilovs, Director 09/25/2025 Vavilovs Valerijs /s/ Valerijs Vavilovs Vavilovs Valerijs 09/25/2025