Company: CIFRW
Filing Date: 2025-05-22
Form Type: 424B5
Source: 0001193125-25-124290
Chunk: 12

Company: Cipher Mining Inc.
Filing Date: 2025-05-22
Form: 424B5
Chunk 12
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 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 its affiliates) with certain Convertible Arbitrage Investors seeking a short exposure to shares of our common stock through a derivative. The Underwriter (or its affiliates) acting as
dealer on such privately negotiated transactions may modify, enter into or unwind additional privately negotiated transactions (including derivative transactions) and/or purchase or sell shares of our common stock or other securities of ours in
secondary market transactions at any time following the pricing of the Concurrent Notes Offering. For example, in connection with any cash settlement of any such derivative transaction, the dealer may purchase shares of our common stock and
Convertible Arbitrage Investors may sell shares of our common stock, which could affect the trading price of our common stock at the time. This offering and any