Cipher Mining Inc. — Director's Dealing 2025

Dec 24, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Cipher Mining Inc. (CIFR)
CIK: 0001819989
Period of Report: 2025-12-19

Reporting Person: Iwaschuk William (Co-President and CLO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-12-19	Common Stock	M	305707	—	Acquired	1585565	Direct
2025-12-19	Common Stock	F	169056	$16.21	Disposed	1416509	Direct
2025-12-19	Common Stock	G	26000	—	Disposed	1390509	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-12-19	Performance Stock Units	$	A	917120	Acquired		Common Stock (917120)	Direct
2025-12-19	Performance Stock Units	$	M	305707	Disposed		Common Stock (305707)	Direct

Footnotes

F1: The transaction reported shows the Reporting Person's charitable gift of shares of the Issuer's Common Stock to a donor advised fund.

F2: Each performance stock unit ("PSU") represents a contingent right to receive one share of Issuer's Common Stock.

F3: 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).

F4: 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.