Cipher Mining Stock Drops as Co-Presidents File Plans to Sell Shares
Cipher Mining's stock took a hit after two of its top executives filed plans to sell shares over the next couple of years.
The company's co-presidents, Patrick Arthur Kelly and William Iwaschuk, set up Rule 10b5-1 plans to sell their stocks through 2027. Kelly's plan was adopted on May 12, 2025, while Iwaschuk's came a few weeks later on June 5, 2025.
Kelly's plan allows for share sales at a weighted average price of around $17.76 per share. Iwaschuk has already sold approximately 173,000 shares for around $3.9 million.
Cipher is shifting its focus from Bitcoin mining to AI infrastructure. The company secured around $11.4 billion in contracted HPC revenues and controls about 700 MW of gross HPC capacity with significant expansion options on the table. A key partnership is a 15-year lease agreement with AWS, set to begin in October 2026.