Distribution of 16.1 million Cipher Mining shares to preferred equityholders
Company: Cipher Mining
The claim, verbatim
On January 25, 2024, Bitfury Group transferred 16,127,092 shares of Cipher Mining common stock to subsidiary BGL, which distributed them to certain preferred equityholders in exchange for capital reduction and share premium cancellation, with settlement expected on or before February 5, 2024
Source (primary)
Cipher Mining SC 13D/A filed 2024-01-24 (SEC EDGAR, sec_filing)
View cached copy (2026-08-31)Live source ↗
Quote: “the Bitfury Group will (i) transfer, on January 25, 2024, 16,127,092 shares of the Issuer's Common Stock held by Bitfury Top HoldCo to BGL in an intercompany distribution for no consideration, and then (ii) beginning on the same date, BGL will distribute the 16,127,092 shares of the Issuer's Common Stock to certain preferred equityholders of BGL in exchange for a reduction in capital and cancellation of share premium of BGL for such holders. The settlement of the distribution is expected to occur on or before February 5, 2024.”
How we checked this
Checked on September 18, 2026. The cited source supports part of this claim, but not all of it.
The filing supports the share count, dates, recipients, capital-reduction terms and expected settlement date. However, it identifies BGL as the parent company, not a subsidiary, and describes the transfer as planned rather than completed.
Confirmed in the source:
- A plan approved by Bitfury Group shareholders on January 24, 2024 called for 16,127,092 shares of Cipher Mining common stock to be transferred on January 25, 2024 to Bitfury Group Limited (BGL)
- Under the plan, BGL would distribute the 16,127,092 shares to certain of its preferred equityholders
- The distribution was to be made in exchange for a reduction in capital and cancellation of share premium of BGL for those holders
- Settlement of the distribution was expected to occur on or before February 5, 2024
We could not confirm this from the cited source:
- That BGL is a subsidiary; the filing says BGL is the sole owner of Bitfury Top HoldCo, which held the shares, making BGL the parent
- That the transfer and distribution actually took place; the January 24, 2024 filing describes them as planned future actions
That does not mean it is false — only that this source does not establish it, as of the date above. If we find a source that settles it, we will re-check and update this page.
What we did: Read our cached copy of SEC EDGAR (https://www.sec.gov/Archives/edgar/data/1819989/000112329224000007/bitfury13d.htm) in full (13,252 characters, retrieved August 31, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms Cipher Mining SC 13D/A filed 2024-01-24
Quote: “the Bitfury Group will (i) transfer, on January 25, 2024, 16,127,092 shares of the Issuer's Common Stock held by Bitfury Top HoldCo to BGL in an intercompany distribution for no consideration, and then (ii) beginning on the same date, BGL will distribute the 16,127,092 shares of the Issuer's Common Stock to certain preferred equityholders of BGL in exchange for a reduction in capital and cancellation of share premium of BGL for such holders. The settlement of the distribution is expected to occur on or before February 5, 2024.”