Cipher Mining shares drop as co-presidents file 10b5-1 plans to sell stock through 2027

Cipher Mining shares slid to session lows after filings revealed that both of the company’s co-presidents have set up structured plans to sell stock over the next couple of years. The Rule 10b5-1 plans, filed by Patrick Arthur Kelly and William Iwaschuk, allow for share sales extending through 2027.

The details behind the selling plans

Kelly’s Rule 10b5-1 plan was adopted on May 12, 2025. Prior transactions under his name showed a weighted average sale price of roughly $17.76 per share.

Iwaschuk’s plan came a few weeks later, enacted on June 5, 2025. He has already sold approximately 173,000 shares for around $3.9 million.

Cipher’s pivot from Bitcoin mining to AI infrastructure

Cipher has secured approximately $11.4 billion in contracted HPC revenues and controls about 700 MW of gross HPC capacity, with significant expansion options on the table.

The crown jewel of these arrangements appears to be 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.

What this means for investors

On one hand, you have $11.4 billion in contracted revenues and partnerships with one of the world’s largest cloud providers. On the other hand, two of the company’s most senior executives are setting up structured plans to sell their shares over the next two years.

The AWS lease commencing in October 2026 will be the first major proof point for Cipher’s ability to convert its contracted capacity into actual revenue-generating operations.

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