CIPHER MINING INC

Ticker: CIFR CUSIP: 17253J106 Class: Common Stock

Graham Capital Management, L.P.'s Holding History (CIK: 0001315421)

Note: Option positions (PUT/CALL) are excluded.

Q4 2025

Shares 2,258,042 Value ($000) $33,329 Avg Close $17.65 Range $12.41 - $25.52

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2025	2,258,042	$33,329	$17.65	$12.41 - $25.52