Cary M. Grossman, Director of Cipher Mining (CIFR 2.83%), reported the open-market sale of 25,000 shares on November 26, 2025, according to the SEC Form 4 filing.
Transaction summary
| Metric | Value |
|---|---|
| Shares sold | 25,000 |
| Transaction value | $475,000 |
| Post-transaction shares | 200,530 |
| Post-transaction value (direct ownership) | $3,840,150 |
Transaction value based on SEC Form 4 reported price ($19.00); post-transaction value based on Nov. 26, 2025 market close price.
Key questions
- How does this sale compare to Cary Grossman's historical sell activity?
This sale of 25,000 shares is the smallest open-market disposition Grossman has reported, well below his historical median sell size of 65,000 shares since February 2024. The reduction in trade size is consistent with lower remaining direct holdings following three prior sales. - What proportion of Grossman's direct holdings was sold in this transaction?
The sale represented 11.08% of Grossman's direct holdings immediately prior to the transaction, which is below his recent median of 17.78% per sale over the past two years. - What is the market context for this sale?
On November 26, 2025, the reported transaction price for Cipher Mining shares was $19.00. As of the transaction date, shares had gained 240.10% over the previous 12 months, reflecting significant appreciation in the company's stock price. - What is Grossman's remaining exposure to Cipher Mining?
Following the sale, Grossman continues to hold 200,530 shares directly, valued at ~$3.84 million as of the November 26, 2025 close. This represents 0.0508% of the company's outstanding shares.
Company overview
| Metric | Value |
|---|---|
| Market capitalization | $5.88 billion |
| Revenue (TTM) | $206.45 million |
| Net income (TTM) | -$70.53 million |
| 1-year price change | 220% |
* 1-year performance calculated as of Dec. 31, 2025.
Company snapshot
- Operates Bitcoin mining facilities, generating revenue primarily through the production and sale of Bitcoin.
- Business model centers on cryptocurrency mining operations.
Cipher Mining is a U.S.-based technology company that operates in the Bitcoin mining ecosystem. The company engages in developing and growing a cryptocurrency mining business that specializes in Bitcoin.
NASDAQ: CIFR
Key Data Points
Foolish take
A Cipher Mining director cashed in this November after an extraordinary run. Director Cary M. Grossman sold 25,000 shares on Nov. 26 for $475,000 -- an 11% reduction in his stake that came just three weeks after the Bitcoin miner's stock hit its all-time high of $25.52.
The timing is notable. Grossman's sale at $19 per share occurred as Cipher stock pulled back roughly 25% from its early November peak. The Bitcoin mining company has been one of 2025's standout performers, with shares up approximately 200% year to date as the company pivoted from pure Bitcoin mining toward high-performance computing and AI infrastructure hosting.
Cipher Mining has secured major deals that are reshaping its business model, including a 15-year, $5.5 billion lease agreement with Amazon Web Services to deliver AI infrastructure capacity beginning in 2026.
Following the sale, Grossman retains 200,530 shares valued at approximately $3.8 million. An 11% stake reduction is modest, but the timing after such a dramatic rally and near all-time highs is worth noting.
For investors, Cipher Mining's transformation from Bitcoin miner to AI data center operator represents a compelling long-term thesis, though the stock's volatility remains tied to both Bitcoin prices and execution on its infrastructure buildout.
Glossary
Open-market sale: The sale of securities on a public exchange, available to any investor, not through private negotiation.
Form 4: A required SEC filing disclosing insider trades by company officers, directors, or significant shareholders.
Insider trading: Buying or selling a company's securities by individuals with access to nonpublic, material information about the company.
Direct ownership: Shares held personally by an individual, not through trusts, funds, or indirect accounts.
Outstanding shares: Total shares of a company that are currently owned by all shareholders, including insiders and the public.
Disposition: The act of selling or otherwise transferring ownership of an asset or security.
Median sell size: The middle value of all reported sale amounts, used to show typical transaction size.
Cryptocurrency mining: The process of validating and recording transactions on a blockchain, earning new digital coins as a reward.
Bitcoin mining: Using computers to solve complex problems, securing the Bitcoin network and earning new bitcoins as compensation.
Market context: The broader financial environment or recent trends that may influence a specific transaction or investment.
Exposure: The degree to which an investor is affected by changes in the value of a particular asset or company.
TTM: The 12-month period ending with the most recent quarterly report.
