Company: CIFRW
Filing Date: 2025-05-22
Form Type: 424B5
Source: 0001193125-25-124285
Chunk: 3

Company: Cipher Mining Inc.
Filing Date: 2025-05-22
Form: 424B5
Chunk 3
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 under the symbols “CIFR” and “CIFRW”, respectively. On May 20, 2025, the last reported sale prices of our common stock and our public warrants on Nasdaq were $3.78 per share and $0.58 per warrant.

|                                  |     | Per Note |         |   |     | Total |             |
|:---------------------------------|:----|:---------|--------:|:--|:----|:------|------------:|
| Public offering price(1)         |     |          | 100.000 | % |     | $     | 150,000,000 |
| Underwriting discounts and       
 commissions(2)                   |     |          |    2.75 | % |     | $     |   4,125,000 |
| Proceeds, before expenses, to us |     |          |   97.25 | % |     | $     | 145,875,000 |

| (1) | Plus accrued interest, if any, from May 22, 2025. |

| (2) | We refer you to “Underwriting” beginning on page S-71 of this                         
 prospectus supplement for additional information regarding underwriting compensation. |

An investment in the notes involves risks. See “ Risk Factors” beginning on page S-7. Neither the SEC nor any state or foreign securities commission or regulatory authority has approved or disapproved of the notes or the shares of our common stock, if any, issuable upon the conversion of the notes or passed upon the adequacy or accuracy of this prospectus supplement or the accompanying prospectus. Any representation to the contrary is a criminal offense. We expect to deliver the notes in book-entry form through the facilities of The Depository Trust Company on or about May 22, 2025.

| Book-Running Manager                    |
| Morgan Stanley                          |
| Co-Manager                              |
| Keefe, Bruyette & Woods                 |
| A Stifel Company                        |
| Financial Advisor to Cipher Mining Inc. |
| J. Wood Capital Advisors                |

Prospectus Supplement dated May 20, 2025

Table of Contents Prospectus Supplement

| About This Prospectus Supplement                     |     | S-i  |
| Cautionary Note Regarding Forward-Looking Statements |     | S-ii |
| Prospectus Supplement Summary                        |     | S-1  |
| The Offering                                         |     | S-3  |
| Risk