Company: CIFRW
Filing Date: 2025-05-23
Form Type: 424B5
Source: 0001193125-25-125868
Chunk: 28

Company: Cipher Mining Inc.
Filing Date: 2025-05-23
Form: 424B5
Chunk 28
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 of our common stock through a derivative, to facilitate such Convertible Arbitrage Investors’ hedging of their market price with respect to the Notes, which transactions are expected to be on customary market terms.

In addition, in the ordinary course of their business activities, the Underwriter and its affiliates may make or hold a broad array of
investments and actively trade debt and equity securities (or related derivative securities) and financial instruments (including bank loans) for their own account and for the accounts of their customers. Such investments and securities activities
may involve securities and/or instruments of ours or our affiliates. The Underwriter and its affiliates may also make investment recommendations and/or publish or express independent research views in respect of such securities or financial
instruments and may hold, or recommend to clients that they acquire, long and/or short positions in such securities and instruments.

S-17

We, the Underwriter or other agents may engage in derivative transactions involving the
securities. These derivatives may consist of short sale transactions and other hedging activities. The Underwriter or agents may acquire long or short positions in the securities, hold or resell securities acquired and purchase options or futures on
the securities and other derivative instruments with returns linked to or related to changes in the price of the securities. In order to facilitate these derivative transactions, we may enter into security lending or repurchase agreements with the
Underwriter or agents. The Underwriter or agents may effect the derivative transactions through sales of the securities to the public, including short sales, or by lending the securities in order to facilitate short sale transactions by others. The
Underwriter or agents may also use the securities purchased or borrowed from us or others (or, in the case of derivatives, also securities received from us in settlement of those derivatives) to directly or indirectly settle sales of the securities
or close out any related open borrowings of the securities.

See “Plan of Distribution” on page 32 of the accompanying base
prospectus for more information.

S-18

SELLING RESTRICTIONS EEA Restriction In relation to each Member State of the European Economic Area which has implemented the Prospectus Directive (each, a “Relevant Member State”) an offer to the public of any shares which are the subject of the offering contemplated by this prospectus (the “Shares”) may not be made in that Relevant Member State except that an offer to the public in that Relevant Member State of any Shares may be made at any time under the following exemptions under the Prospectus Directive, if they