Company: CIFRW
Filing Date: 2025-05-22
Form Type: 424B5
Source: 0001193125-25-124290
Chunk: 0

Company: Cipher Mining Inc.
Filing Date: 2025-05-22
Form: 424B5
Chunk 0
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Filed Pursuant to Rule 424(b)(5)
Registration No. 333-281908

PROSPECTUS SUPPLEMENT

(To Prospectus dated September 3, 2024)

17,540,000 Shares

Cipher Mining Inc.

Common Stock

This prospectus supplement relates to the offer and short sale of 17,540,000 shares of our common stock, par value $0.001 per share
(“common stock”), by Morgan Stanley & Co. LLC (the “Underwriter”), acting on behalf of itself and/or its affiliates, to facilitate hedging transactions by certain investors (“Convertible Arbitrage Investors”)
subscribing for our 1.75% convertible senior notes due 2030 (the “Notes”) in a concurrent notes offering (the “Concurrent Notes Offering”), as described below.

The number of shares of common stock subject to this offering is expected to be no greater than commercially reasonable initial short positions
of the Convertible Arbitrage Investors being established to facilitate their market risk hedging with respect to the Notes they acquire. 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 affiliates) with certain Convertible Arbitrage Investors seeking a short exposure to shares of our
common stock through a derivative, in an equivalent notional amount, in each case, with a view for the Underwriter to initially offer the shares of our common stock to the public at a price of $3.42 per share and to subsequently offer the shares of
our common stock for sale in one or more transactions on the Nasdaq Global Select Market (“Nasdaq”), in the over-the-counter market, through negotiated
transactions or otherwise, at market prices prevailing at the time of sale, at prices related to prevailing market prices at the time of sale or at negotiated prices. For further details, see “Summary—The Offering.”

We will not receive any proceeds from the sales by the Underwriter in this offering. No new shares of common stock will be issued in this
offering. You should read this prospectus supplement, as well as the documents incorporated and deemed to be incorporated by reference in this prospectus supplement, carefully before you