Cipher CEO Files to Sell $2.4M of Stock as AI Rally Triggers Trading Plan

Cipher Digital (NASDAQ: CIFR) Chief Executive Officer Tyler Page filed a notice to sell 112,500 shares of the company’s common stock, marking the latest proposed transaction under a prearranged trading plan the company disclosed earlier this year.

The Form 144, filed with the SEC on Wednesday, lists the proposed sale at an aggregate market value of about $2.38 million, implying an average value of roughly $21.19 per share. The notice is tied to a Rule 10b5-1 trading plan adopted on Dec. 19, 2025, according to the filing. Cipher previously disclosed in its annual report that Page’s plan covered potential sales of up to 1.5 million shares through Dec. 24, 2026.

A Form 144 is a notice of proposed sale, rather than confirmation that a sale has been completed, though the proposed transaction date is July 8.

The 112,500 shares covered by the latest notice represent 7.5% of the 1.5 million-share ceiling disclosed under Page’s trading plan. Page previously sold 37,500 Cipher shares on March 25 at $16.11 apiece, for about $604,125, under the same Dec. 19 trading plan.

The filing comes as Cipher continues to reposition itself from a bitcoin miner into an AI and high-performance computing data center developer. The company rebranded from Cipher Mining to Cipher Digital in February, saying the change reflected its pivot toward HPC data center development. At the time, Cipher said it had secured 600 MW of contracted HPC capacity across two leases, including a 15-year, 300 MW lease with AWS and a 10-year, 300 MW lease with Fluidstack and Google.

Cipher added further momentum in the first quarter, announcing a third data center campus lease with an investment-grade hyperscale tenant and a $200 million revolving credit facility. The company reported Q1 revenue of $35 million and adjusted EBITDA of negative $48 million as development work continued at its Barber Lake and Black Pearl data center projects.

Rule 10b5-1 plans are commonly used by executives to arrange future trades under preset conditions. They can reduce the appearance that sales are based on material nonpublic information, though investors often still monitor such filings for signs of insider liquidity as share prices move.