Company: CIFRW
Filing Date: 2025-05-23
Form Type: 424B5
Source: 0001193125-25-125868
Chunk: 14

Company: Cipher Mining Inc.
Filing Date: 2025-05-23
Form: 424B5
Chunk 14
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 in the Concurrent Notes Offering, including potential purchasers of the Notes following the Concurrent
Notes Offering, will seek to employ a convertible note arbitrage strategy. Under this strategy, investors typically short sell a certain number of shares of our common stock and adjust their short position over time while they continue to hold the
convertible notes. Investors may also implement this type of strategy by entering into swaps on our common stock in lieu of, or in addition to, short selling shares of our common stock. This market activity, or the market’s perception that it
will occur, could depress the trading price of our common stock.

Provisions in the indenture that will govern the Notes in the Concurrent Notes Offering could delay or prevent an otherwise beneficial takeover of us.

Certain provisions in the Notes and the
indenture that will govern the Notes in the Concurrent Notes Offering (the “indenture”) could make a third party attempt to acquire us more difficult or expensive. For example, if a takeover constitutes a “fundamental change”
(which will be defined in the indenture to include certain change of control events and the delisting of shares of our common stock), then, investors of the Notes in the Concurrent Notes Offering will have the right to require us to repurchase their
convertible Notes for cash. In addition, if a takeover constitutes a “make-whole fundamental change” (which will be defined in the indenture to include, among other events, fundamental changes and
certain additional business combination transactions), then we may be required to temporarily increase the conversion rate for the Notes. In either case, and in other cases, our obligations under the Notes and the indenture could increase the cost
of acquiring us or otherwise discourage a third party from acquiring us or removing incumbent management, including in a transaction that holders of our common stock may view as favorable.

We may be unable to raise the funds necessary to repurchase the Notes being offered in the Concurrent Notes Offering for cash on a specified optional repurchase date or following a fundamental change or to pay any cash amounts due upon maturity or conversion of the Notes, and our other indebtedness may limit our ability to repurchase the Notes or to pay any cash amounts due upon their maturity or conversion.

Investors in the Notes may, subject to limited exceptions, require us to repurchase their Notes
on May 15, 2028, and following a “fundamental change” (which will be defined in the indenture to include certain

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change-of-controlevents and the delisting of shares