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Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
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X0202 SCHEDULE 13D/A 0001123292-25-000660 0001884407 XXXXXXXX LIVE 21 Common Stock 05/11/2026 false 0001819989 17253J106 Cipher Digital 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 30443382 0 30443382 30443382 N 7.4 CO 0001887853 Bitfury Holding B.V. OO P7 0 4821560 0 4821560 4821560 N 1.2 CO 0001887872 Bitfury Group Ltd OO X0 0 30443382 0 30443382 30443382 N 7.4 CO 0001887845 V3 Holding Ltd OO E9 0 61316694 0 61316694 61316694 N 15 CO 0001887811 Vavilovs Valerijs OO 1R 0 61316694 0 61316694 61316694 N 15 IN Common Stock Cipher Digital Inc. 1 Vanderbilt Avenue, Floor 54 New York NY 10017 This Amendment No. 21 ("Amendment No. 21") to Schedule 13D relates to shares of common stock, par value $0.001 per share (the "Common Stock"), of Cipher Digital 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, Amendment No. 15 to Schedule 13D filed with the SEC by the Reporting Persons on September 17, 2025, Amendment No. 16 to Schedule 13D filed with the SEC by the Reporting Persons on September 25, 2025, Amendment No. 17 to Schedule 13D filed with the SEC by the Reporting Persons on October 2, 2025, Amendment No. 18 to Schedule 13D filed with the SEC by the Reporting Persons on October 16, 2025, Amendment No. 19 to Schedule 13D filed with the SEC by the Reporting Persons on November 5, 2025 and Amendment No. 20 to Schedule 13D filed with the SEC by the Reporting Persons on November 18, 2025 (the "Original Schedule 13D," and as amended by Amendment No. 21, the "Schedule 13D"). Capitalized terms used but not defined in this Amendment No. 21 shall have the same meanings ascribed to them in the Original Schedule 13D. Item 4 of the Schedule 13D is hereby amended and supplemented by adding the following: This Amendment No. 21 is being filed for purposes of disclosing the V3 Forward Contract described in this Amendment No. 21. The information contained in Item 5(c) of this Amendment No. 21 with respect thereto is incorporated by reference herein. 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. 21 is incorporated by reference herein. Such information sets forth, as of May 11, 2026, 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 409,049,197 shares of Common Stock outstanding as of May 4, 2026, as disclosed in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on May 5, 2026. 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. 21 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 25,621,822 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 30,873,312 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 by adding the following: On May 11, 2026, V3 entered into a variable prepaid forward sale contract (the "V3 Forward Contract") with an unaffiliated third-party dealer (the "Dealer") covering a maximum of 5,675,984 shares of Common Stock. The V3 Forward Contract obligates V3 to deliver to the Dealer up to 945,998 shares of Common Stock in each of six tranches within one business day after each of the six maturity dates of the V3 Forward Contract (i.e. April 1, 2027, April 15, 2027, April 29, 2027, May 13, 2027, May 27, 2027 and June 10, 2027) for an aggregate amount of up to 5,675,984 shares. In exchange for assuming this obligation, V3 received a cash payment of $100.0 million in connection with the entry into the V3 Forward Contract. V3 pledged 5,675,984 shares of Common Stock (the "Pledged Shares") to secure its obligations under the V3 Forward Contract. The number of shares of Common Stock to be delivered to the Dealer on each of the six maturity dates is to be determined as follows: (a) if the closing price of Common Stock during the trading day immediately preceding the maturity date (the "Settlement Price") is less than or equal to $21.4332 (the "Floor Price"), the reporting person will deliver to the Dealer 945,998 shares; (b) if the Settlement Price is between the Floor Price and $32.1498 (the "Cap Price"), the reporting person will deliver to the Dealer a number of shares of Common Stock having a value (based on the then market price) equal to $20.3 million; and (c) if the Settlement Price is greater than the Cap Price, the reporting person will deliver to the Dealer a number of shares of Common Stock equal to 945,998 shares minus a number of shares of Common Stock having a value (based on the then market price) equal to $10.1 million. V3 will retain economic and voting rights in the Pledged Shares during the term of the pledge (so long as no event of default or similar event occurs under the V3 Forward Contract or the related pledge agreement). Item 6 of the Schedule 13D is hereby amended and supplemented by adding the following: The information set forth in Item 5(c) is incorporated herein by reference. Item 7 of the Schedule 13D is hereby amended and supplemented as follows: Exhibit 1: Joint Filing Agreement, dated as of May 13, 2026. Bitfury Top HoldCo B.V. /s/ Stijn Ehren Stijn Ehren, Managing Director 05/13/2026 Bitfury Holding B.V. /s/ Stijn Ehren Stijn Ehren, Managing Director 05/13/2026 Bitfury Group Ltd /s/ Valerijs Vavilovs Valerijs Vavilovs, Director 05/13/2026 V3 Holding Ltd /s/ Valerijs Vavilovs Valerijs Vavilovs, Director 05/13/2026 Vavilovs Valerijs /s/ Valerijs Vavilovs Vavilovs Valerijs 05/13/2026