Company: CIFRW
Filing Date: 2025-05-22
Form Type: 424B5
Source: 0001193125-25-124285
Chunk: 9

Company: Cipher Mining Inc.
Filing Date: 2025-05-22
Form: 424B5
Chunk 9
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 pipeline and source future sites, locations and partnerships, we evaluate their suitability for either bitcoin mining or high-performance computing (“HPC”).

Our current intention is to continue expanding our business by developing and operating industrial-scale data centers for bitcoin mining and HPC, expanding
capacity at our current data centers, continuing to execute our treasury management strategy and entering into other strategic arrangements, such as joint ventures, data center hosting and leasing agreements, or software licensing arrangements. We
aim to be a market leader in innovation, including in bitcoin mining growth, data center construction and as a hosting partner to HPC companies.

As of
April 30, 2025, the hashrate capacity of the Odessa Facility was 11.3 EH/s. Our joint ventures, in which we have a 49% equity interest, have a hashrate capacity of 4.4 EH/s.

Recent Developments

Concurrent Delta Offering

Concurrently with this offering, the delta offering underwriter, Morgan Stanley & Co. LLC is offering, in a separate, underwritten public
offering pursuant to a prospectus supplement that we have filed with the SEC, and not pursuant to this prospectus supplement, 17,540,000 shares of our common stock initially at a public offering price of $3.42 per share, to facilitate hedging
transactions by convertible arbitrage investors in the notes. The number of shares of our common stock subject to the concurrent delta offering is expected to generally correspond to the initial short positions of convertible arbitrage investors
being established to hedge their market risk with respect to the notes they acquire. We have been advised that the shares sold by the delta offering underwriter in the concurrent delta offering will be borrowed from third parties, and will be:
(x) purchased by the delta offering underwriter from certain convertible arbitrage investors who have sold them short to such delta offering underwriter in connection with the offering of the notes, and/or (y) sold short by the delta
offering underwriter to facilitate its concurrent privately negotiated transactions with certain convertible arbitrage investors seeking a short exposure to our common stock through a derivative, in an equal notional amount.

S-1

We will not receive any proceeds from sales by the delta offering underwriter in the concurrent delta
offering. No new shares of our common stock will be issued for the concurrent delta offering.

The concurrent delta offering and the offering of the notes
are contingent upon one another.

Amendment to Bitmain Agreement

On May 16, 202