Company: CIFRW
Filing Date: 2025-05-22
Form Type: 424B5
Source: 0001193125-25-124285
Chunk: 52

Company: Cipher Mining Inc.
Filing Date: 2025-05-22
Form: 424B5
Chunk 52
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 all holders of our                         
 common stock (other than solely pursuant to (x) a common stock change event, as to which the provisions described below under the caption “—Effect of Common Stock Change Event” will apply; or (y) a tender offer or exchange           
 offer for shares of our common stock, as to which the provisions described below in paragraph (5) will apply), and such capital stock or equity interests are listed or quoted (or will be listed or quoted upon the consummation of the 
 transaction) on a U.S. national securities exchange (a “spin-off”), then the conversion rate will be increased based on the following formula:                                                                                           |

where:

| CR0 |     | = |     | the conversion rate in effect immediately before the close of business on the last trading day of the “spin-off valuation period” (as defined below) for such spin-off;                                             |
| CR1 |     | = |     | the conversion rate in effect immediately after the close of business on the last trading day of the spin-off valuation period;                                                                                     |
| FMV |     | = |     | the product of (x) the average of the last reported sale prices per share or unit of the capital stock or equity interests distributed in such spin-off over the 10 consecutive trading day                         
 period (the “spin-off valuation period”) beginning on, and including, the ex-dividend date for such spin-off (such                                                                                                  
 average to be determined as if references to our common stock in the definitions of “last reported sale price,” “trading day” and “market disruption event” were instead references to such capital stock or equity 
 interests); and (y) the number of shares or units of such capital stock or equity interests distributed per share of our common stock in such spin-off; and                                                         |
| SP  |     | = |     | the average of the last reported sale prices per share of our common stock for each trading day in the spin-off valuation period.                                                                                   |

Notwithstanding anything to the contrary, (i) if any VWAP trading day of the observation period for a note whose conversion will be settled pursuant to cash settlement or combination settlement occurs during the spin-offvaluation period for such spin-off,then, solely for purposes of determining the conversion rate for such VWAP trading day for such conversion, such spin-offvaluation period will be deemed to consist of the trading days occurring in the period from, and including, the ex-dividenddate for such spin-offto, and