Patrick Arthur Kelly - 19 Dec 2025 Form 4 Insider Report for Cipher Mining Inc. (CIFR)

Role: Co-President and COO
Signature: /s/ William Iwaschuk, Attorney-in-Fact for Patrick Arthur Kelly
Issuer symbol: CIFR
Transactions as of: 19 Dec 2025
Transactions value $: $-2,529,797
Form type: 4
Filing time: 23 Dec 2025, 19:32:53 UTC
Previous filing: 17 Dec 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Kelly Patrick Arthur	Co-President and COO	C/O CIPHER MINING INC., 1 VANDERBILT AVENUE, FLOOR 54, NEW YORK	/s/ William Iwaschuk, Attorney-in-Fact for Patrick Arthur Kelly	23 Dec 2025	0001887616

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	CIFR	Common Stock	Options Exercise	$0	+305,707	+21.9%	$0.000000	1,704,276	19 Dec 2025	Direct
transaction	CIFR	Common Stock	Tax liability	$-2,529,797	-156,064	-9.16%	$16.21	1,548,212	19 Dec 2025	Direct

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	CIFR	Performance Stock Units	Award	$0	+917,120		$0.000000	917,120	19 Dec 2025	Common Stock	917,120		Direct	F1, F2, F3
transaction	CIFR	Performance Stock Units	Options Exercise	$0	-305,707	-33.3%	$0.000000	611,413	19 Dec 2025	Common Stock	305,707		Direct	F1, F3

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Each performance stock unit ("PSU") represents a contingent right to receive one share of Issuer's Common Stock.
F2	Represents the number of units earned under a PSU award based on the Issuer's satisfaction of certain performance criteria of the award. In light of the performance-based conditions of the award, the award was not reportable under Section 16 until performance conditions were certified by the Compensation Committee as achieved (which occurred on December 19, 2025).
F3	305,707 earned PSUs vested on December 19, 2025, and the remaining earned PSUs will vest in substantially equal quarterly installments, with the first such vesting date occurring on March 31, 2026, subject to the Reporting Person's continuous service on each vesting date. These earned PSUs have no expiration date.