Company: CIFRW
Filing Date: 2025-05-22
Form Type: 424B5
Source: 0001193125-25-124285
Chunk: 98

Company: Cipher Mining Inc.
Filing Date: 2025-05-22
Form: 424B5
Chunk 98
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 lieu of a fractional share of our common stock will be treated as a payment in exchange for the
fractional share and generally will result in recognition of capital gain or loss equal to the difference between the amount of cash received by you in lieu of such fractional share and the portion of your tax basis that is allocated to the
fractional share. Such gain or loss will be long-term capital gain or loss if your holding period in the fractional share of our common stock deemed to be received exceeds one year at the time of the conversion. Long-term capital gains of
individuals, estates, and trusts currently are eligible for reduced rates of U.S. federal income tax. The deductibility of capital losses may be subject to limitation.

Exchange in Lieu of Conversion

If you surrender notes
for conversion, we may, at our election, direct the conversion agent to surrender such notes to a financial institution designated by us for exchange in lieu of conversion. In order to accept any notes surrendered for conversion, the designated
financial institution must agree to pay or deliver in exchange for such notes, the amount of cash, shares of our common stock or a combination of cash and shares of our common stock that would otherwise be due upon conversion. See “Description
of Notes—Conversion Rights—Exchange in Lieu of Conversion.” If the designated financial institution accepts such notes and delivers cash, shares of our common stock or a combination of cash and shares of our common stock in exchange
for the notes, you will be taxed on the transfer as a sale or exchange of the notes, as described under “—Sale, Exchange, Redemption, Retirement or Other Taxable Disposition of the Notes.” In such case, your tax basis in our common
stock received will equal the fair market value of the stock on the date of the exchange, and your holding period in the shares of our common stock received will begin the day after the date of the exchange.

Constructive Distributions

The conversion rate of
the notes will be adjusted in certain circumstances as described in “Description of Notes—Conversion Rights—Conversion Rate Adjustments.” Adjustments (or failures to make adjustments) that have the effect of increasing your
proportionate interest in our assets or earnings and profits may in some circumstances result in a deemed distribution to you even though no cash or property is received. Adjustments to the conversion rate made pursuant to a bona fide, reasonable
adjustment formula that has the effect of preventing the dilution of the interest of the holders of the notes, however, will generally