Company: CIFRW
Filing Date: 2025-05-23
Form Type: 424B5
Source: 0001193125-25-125868
Chunk: 12

Company: Cipher Mining Inc.
Filing Date: 2025-05-23
Form: 424B5
Chunk 12
---
 us or that we currently consider immaterial. The trading price of our common stock could decline due to any of these risks, and, as a result, you may lose all or part of your investment. Before deciding whether to invest in our securities, you should also refer to the other information contained in or incorporated by reference into this prospectus supplement, including the section entitled “Cautionary Note Regarding Forward-Looking Statements.”

Risks Related to this Offering

The offer and sale of our shares of common stock in this offering, which such offer and sale are being executed to facilitate the initial hedging transactions by the Convertible Arbitrage Investors subscribing for our Notes in the Concurrent Notes Offering, may have a negative effect on the market price of our common stock.

In connection with the Concurrent Notes Offering,
17,540,000 shares of our common stock are being offered by the Underwriter, acting on behalf of itself and/or its affiliates pursuant to this prospectus supplement, to facilitate hedging transactions by the Convertible Arbitrage Investors
subscribing for our Notes. We have been advised that the shares of common stock sold by the Underwriter in this offering will be borrowed from non-affiliate third parties, and will be: (x) purchased by
the Underwriter from certain Convertible Arbitrage Investors who have sold them short to the Underwriter in connection with the Concurrent Notes Offering and/or (y) sold short by the Underwriter to facilitate concurrent privately negotiated
transactions between the Underwriter (or its affiliates) with certain Convertible Arbitrage Investors seeking a short exposure to our shares of common stock through a derivative.

The number of shares of our common stock subject to this offering will depend on what portion of Convertible Arbitrage Investors desire to
hedge their investment in the Notes, and is expected to be no greater than commercially reasonable initial short positions of the Convertible Arbitrage Investors in the Notes which are being established to facilitate their market risk hedging with
respect to the Notes they acquire in the Concurrent Notes Offering. It is possible, however, that investors in the Notes in the Concurrent Notes Offering may short sell additional shares of our common stock shortly after the pricing of this
offering. Such additional sales could have the effect of causing the market price of our shares of common stock to be lower than it would have been absent such selling.

In addition, a portion of the shares of our common stock sold short by the Underwriter in this offering will be sold to facilitate concurrent
privately negotiated transactions between the Underwriter (or