The Ledger ResearchPrivate

The Front Office

Scouting report · CIFR

Rodney Tyler Page

  • Chief Executive Officer & Director, CIFR since 2021-08src

CEO of Cipher since Bitfury set it up in 2021; took it from bitcoin mining into data centres

—thin record

Not ranked yet

Scouting sheet

as of 24 Sep 2026
Delivers guidance—no promises on the record yet
Answers the question—no call reviewed yet
Capital allocation—company not reviewed yet
Pay design53margin, strategic, relative tsr, tsr, time only · 83.5% for · company lost money
Skin in the game—no holding or price on file
Age
50src
In the role
5 yr
Promises scored
0
Hit rate
—
Dodges / 100 answers
—
Airtime on calls
—
Every promise, oldest firstno scored promises yet

What to weigh

Watch 4

  • FY2025 cash bonus paid at the 200% maximum and the 2025 PSUs certified at the 225% maximum in a year of $822.2m GAAP net loss. The bonus margin metric is non-GAAP and counts bitcoin-mining revenue onlysrc
  • In February 2025 the committee amended his 2021 market-cap PSUs so the $5bn tranche would also vest on a change in control, saying it wanted to keep the award's incentive effect; all three tranches then vested on market cap within nine monthssrc
  • Say-on-pay drew about 72% support at the first vote (2025) and 83.5% of for-plus-against votes in June 2026src
  • Bitfury, which founded the company and employed him until the 2021 merger, is still the largest holder at 15.11% with a board-observer seatsrc

In their favour 1

  • Sold about $5.5m of stock in the last 12 months, all under a 10b5-1 plan, against a holding of about 9 million sharessrc

Career

  1. 2021 – now
    Cipher Mining Inc. (renamed Cipher Digital Inc. 2026-02-20)src
    Chief Executive Officer & Director
    CEO and director since the August 2021 closing of the merger with Good Works Acquisition Corp.; CEO of the private Cipher Mining Technologies from its 2021 inception (424B3-2021). Name change per 8K-2026-02-24
  2. 2020 – 2021
    Bitfury Holdingsrc
    Head of Business Development for digital asset infrastructure
    Stayed employed by Bitfury Holding (owned by Cipher's then sole stockholder) while preparing the merger; ceased Bitfury duties in March 2021 and ended the contract at closing (424B3-2021)
  3. 2017 – 2019
    New York Digital Investment Group (NYDIG)src
    Member of the Management Committee; Head of Client Strategies
  4. 2016 – 2019
    Stone Ridge Asset Managementsrc
    Head of Institutional Sales
    The proxy dates overlap the NYDIG years (2017-2019)

Undated in the sources

  • Guggenheim Partners (New York and London)src, Global Head of Business Development for Fund Solutions
  • Goldman Sachs; Lehman Brotherssrc, Various roles on derivatives teams
  • Davis Polk & Wardwell LLPsrc, Attorney (start of career)

Not located: The filings give no years for Guggenheim, Goldman Sachs, Lehman Brothers or Davis Polk, all before 2016; nor do they date either degree. Any 2019-2020 gap between NYDIG/Stone Ridge and Bitfury is not described

Achievements

  • Has run Cipher since Bitfury formed it in 2021, through the August 2021 SPAC listing and the February 2026 rename to Cipher Digitalsrc
  • FY2025 bonus scorecard: 867 MW energised against a 717 MW target, and 600 MW of HPC capacity under LOI or lease against a 550 MW stretch goalsrc
  • All three tranches of his 2021 market-cap PSUs (4,257,710 units) vested: $5bn and $7.5bn certified October and November 2025, $10bn tranche vested 2026-06-22src
  • Holds 8,507,180 shares, 2.10% of the company, the largest stake among directors and officerssrc
  • Career before Cipher was in law, derivatives and fund distribution (Davis Polk, Goldman Sachs, Lehman, Guggenheim, Stone Ridge, NYDIG), with no prior data-centre or mining operating role disclosedsrc

Education

  • University of Virginia, BAsrc
  • University of Michigan Law School, JD Lawsrc

Background

  • Family The 2026 proxy states there are no family relationships among any executive officers or directorssrc
  • Founder Cipher was formed by Bitfury in 2021; Page was a Bitfury Holding employee while he set it up and until the merger closed. Bitfury-affiliated entities still own 15.11% and hold a board-observer right (2022 agreement)src
  • Giving Gave 238,000 Cipher shares to three charitable recipients on 2025-11-10src
  • Legal The Q2 2026 10-Q says the company is party to no material pending legal proceedingssrc

The promise ledger

No promise on the record yet: the research routine has not scored this company's guidance.

Sources

12
  1. Filing Cipher Digital DEF 14A, 2026 annual meeting (accession 0001819989-26-000016) · 2026-04-20
  2. Filing Cipher Mining DEF 14A, 2022 annual meeting (0001193125-22-105623) · 2022-04-14
  3. Filing Good Works Acquisition Corp. / Cipher Mining merger proxy statement-prospectus, 424B3 (0001193125-21-233343) · 2021-08-02
  4. Filing Cipher Digital 8-K Item 5.07, 2026 annual meeting results (0001819989-26-000032) · 2026-06-08
  5. Filing Cipher Mining 8-K Item 5.03, name change to Cipher Digital Inc. effective 2026-02-20 (0001819989-26-000007) · 2026-02-24
  6. Filing Cipher Digital 10-Q for the quarter ended 2026-06-30 (0001819989-26-000041) · 2026-08-04
  7. Filing SEC XBRL companyconcept us-gaap/NetIncomeLoss, CIK 1819989 (FY2025 10-K, 0001819989-26-000009) · 2026-02-24
  8. Filing Form 4, Tyler Page, 10b5-1 sales of 2026-07-08 and 2026-07-09 (0001887623-26-000016) · 2026-07-10
  9. Filing Form 4, Tyler Page, 10b5-1 sale of 2026-03-25 (0001887623-26-000004) · 2026-03-27
  10. Filing Form 4, Tyler Page, transfer of 2026-05-12 (0001887623-26-000008) · 2026-05-14
  11. Filing Form 4, Tyler Page, third market-cap PSU tranche vested 2026-06-22 (0001887623-26-000012) · 2026-06-23
  12. Filing Form 4, Tyler Page, second market-cap PSU tranche and charitable gift (0001887623-25-000008) · 2025-11-12