Cipher Mining Inc is trading 10.2% down at $22.95 after filings revealed its largest shareholder, V3 Holding/Bitfury affiliates, sold approximately $150 million in stock across multiple transactions.
- The significant divestment by the top shareholder has triggered concerns regarding stock overhang and corporate governance.
- The decline is being compounded by a sharp sell-off in the cryptocurrency market, with Bitcoin down 4.4% and Ethereum falling 9.6%.
- Crypto-linked miners are facing additional pressure from weakening risk sentiment across broader equity markets.