Cipher Digital Inc.: CEO Page Tyler exercised 473,266 shares

What happened

• Page Tyler, CEO, exercised or converted derivative awards into a total of 473,266 shares on Sep 30, 2026, in three tranches of 113,225, 105,285 and 254,756 shares. The Form 4 lists the acquisitions as price N/A and shows corresponding disposals of those same amounts at $0.00 (derivative), transaction code M.

Key details

• Transaction date: Sep 30, 2026. Prices shown: acquisitions N/A; disposals $0.00. Transaction code: M (exercise/conversion of derivative).
• Shares acquired: 113,225; 105,285; 254,756. Total acquired: 473,266 shares.
• Disposed amounts (same amounts): 113,225; 105,285; 254,756; proceeds shown $0.00 and labeled derivative.
• Shares owned after the transaction: not stated in the provided filing excerpt.
• Relevant footnotes from the Form 4:
  • F1: RSUs represent a contingent right to receive one share of common stock.
  • F2: PSUs represent a contingent right to receive one share of common stock.
  • F4/F5: RSUs vest in equal quarterly installments over a three-year period, with specified vesting dates.
  • F6: 1,019,022 earned PSUs vested on Dec 19, 2025, with remaining earned PSUs vesting quarterly; earned PSUs have no expiration date.
  • F3: On May 12, 2026, Page Tyler transferred 400,000 shares to Impa Holdings LLC; he is the managing member and has investment authority over the trust that holds 100% of the LLC.
• Filing date: Oct 2, 2026, for transactions on Sep 30, 2026; the Form 4 does not indicate it was filed late in the provided excerpt.

Why it may matter

• The Form 4 shows exercises/conversions of derivative awards and matching disposals recorded at $0.00, indicating the transactions were not recorded as market sales on the form.
• The transactions involve RSUs/PSUs per the footnotes and include vesting schedules and prior PSU vesting.
• This filing does not show why the insider traded or why the company acted.