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# Cipher Digital's 13.2% Holder V3 Hands 1.8 Million Shares To A Dealer As Forward Contracts Settle
- URL: https://www.bullished.co/cipher-digitals-13-2-holder-v3-hands-1-8-million-shares-to-a-dealer-as-forward-contracts-74f556e2/
- Published: 2026-10-07T20:45:55.000Z
- Updated: 2026-10-11T00:20:29.000Z
- Description: Amendment No. 24 to the 13D reports first-tranche settlements by V3 and Bitfury Top HoldCo, with no new demands or purpose language.
- Author: Matteo Parrino
- Tags: SEC Filings, CIFR, Industry: Technology, Topic: Ownership & Activism

V3 Holding Ltd and its sole owner, Valerijs Vavilovs, still report shared beneficial ownership of [54,671,694 shares](https://www.sec.gov/Archives/edgar/data/0001884407/000112329226001382/xslSCHEDULE%5F13D%5FX01/primary%5Fdoc.xml?ref=bullished.co), or 13.2% of Cipher Digital's common stock, after settling the first tranche of a forward contract. The amendment, filed Wednesday, is the 24th update to the group's Schedule 13D, the SEC ownership filing.

## What the amendment reports

The filing updates Item 5 and Item 6 only. It adds no new Item 4 purpose language, makes no demands and includes no board letter.

V3 settled the first of three tranches of a forward contract it entered on November 3, 2025 with an unaffiliated dealer, according to the filing. The settlement price was [$17.83](https://www.sec.gov/Archives/edgar/data/0001884407/000112329226001382/xslSCHEDULE%5F13D%5FX01/primary%5Fdoc.xml?ref=bullished.co), and V3 transferred 1,805,000 shares to the dealer.

Bitfury Top HoldCo settled the first tranche of its own forward contract, entered on November 14, 2025, on October 5\. The price was $15.87 and 1,840,000 shares went to the dealer.

The filing lists a date of event of October 5, 2026, and measures ownership as of October 7, 2026.

## Who holds what

Bitfury Top HoldCo is the record holder of 25,603,382 shares, which is 6.2% of the class. V3 is the direct holder of 29,068,312 shares.

Vavilovs is the sole owner of V3, which is the majority owner of Bitfury Group, which in turn owns Bitfury Top HoldCo. The groups therefore report overlapping holdings, not separate stakes, and the 54,671,694-share figure for V3 and Vavilovs is a shared-voting total with no sole voting power.

Percentages rest on 415,030,722 shares outstanding as of August 3, 2026, taken from Cipher's quarterly report filed August 4, 2026.

## What it changes

The shares are moving out of the reporting group's hands to the dealer under contracts that the filing says were described in Amendment No. 19 (November 5, 2025) and Amendment No. 20 (November 18, 2025). Each contract has three tranches, so two remain under each.

Cipher shares closed Wednesday at $14.56 and traded at $14.59 in Wednesday after-hours trading (market data). Both settlement prices were higher.

Further settlements under either contract would require another amendment to the filing, which began with the original Schedule 13D on September 23, 2021.

### Sources

- [SCHEDULE 13D/A — V3 Holding Ltd re: Cipher Digital Inc. (CIFR)](https://www.sec.gov/Archives/edgar/data/0001884407/000112329226001382/xslSCHEDULE%5F13D%5FX01/primary%5Fdoc.xml?ref=bullished.co) — SEC EDGAR