Company: CIFRW
Filing Date: 2025-05-23
Form Type: 424B5
Source: 0001193125-25-125868
Chunk: 9

Company: Cipher Mining Inc.
Filing Date: 2025-05-23
Form: 424B5
Chunk 9
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 pursuant to a separate prospectus supplement and accompanying base prospectus (and not pursuant to this prospectus supplement). The completion of this offering is contingent upon the
completion of the Concurrent Notes Offering, and the completion of the Concurrent Notes Offering is contingent upon the completion of this offering. This prospectus supplement does not constitute an offer to sell, or the solicitation of an offer to
buy, any of the Notes, or the shares of common stock, if any, issuable upon conversion of the Notes, we are offering in the Concurrent Notes Offering. See the section entitled “The Concurrent Notes Offering” for additional information.

S-2

THE OFFERING

| Issuer | Cipher Mining Inc., a Delaware corporation. |

| Securities Offered | The Underwriter is offering and selling short 17,540,000 shares of common stock, $0.001 par value per share (the “common stock”), of Cipher Mining Inc. to facilitate hedging transactions by certain investors (the “Convertible 
 Arbitrage Investors”) subscribing for our 1.75% convertible senior notes due 2030 (the “Notes”) in the Concurrent Notes Offering described below. No new shares of common stock will be issued in this offering.                  |

| 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. 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) and certain Convertible Arbitrage Investors seeking a short exposure to shares of our common stock through a derivative, in an equivalent notional amount.                                                               |

| Listing Symbol | CIFR |

| Initial Public Offering Price per share of 
 common stock                               | $3.42. |

| Concurrent Notes Offering | Concurrently with this offering, we are offering 1.75% convertible senior notes due 2030 in an aggregate principal amount of $150