Cipher Mining's Shares Plummet on Co-Presidents' Planned Stock Sales
Cipher Mining's shares plummeted to session lows after it was revealed that both co-presidents, Patrick Arthur Kelly and William Iwaschuk, have filed Rule 10b5-1 plans to sell their stock through 2027.
The plans allow for share sales over the next couple of years, with Kelly's plan adopted on May 12, 2025, and Iwaschuk's plan enacted a few weeks later on June 5, 2025. Under Kelly's plan, he has sold shares at a weighted average price of roughly $17.76 per share.
Iwaschuk has already sold approximately 173,000 shares for around $3.9 million as part of his plan. The news comes amidst Cipher's pivot from Bitcoin mining to AI infrastructure, with the company securing approximately $11.4 billion in contracted HPC revenues and controlling about 700 MW of gross HPC capacity.
The crown jewel of these arrangements is a 15-year lease agreement with AWS, set to begin in October 2026 and controlling around 300 MW of capacity. Cipher reported its Q2 2026 earnings on August 4, highlighting the rapid delivery timeline for its Black Pearl data center alongside new 900 MW site options that could further expand its footprint.