Company: CIFRW
Filing Date: 2025-05-23
Form Type: 424B5
Source: 0001193125-25-125868
Chunk: 18

Company: Cipher Mining Inc.
Filing Date: 2025-05-23
Form: 424B5
Chunk 18
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 Notes, then we intend to use the proceeds for general corporate purposes.

The Concurrent Notes Offering is being made pursuant to a separate prospectus supplement and accompanying base prospectus (and not pursuant to
this prospectus supplement). The completion of this offering is contingent upon the completion of the Concurrent Notes Offering, and the completion of the Concurrent Notes Offering is contingent upon the completion of this offering. This prospectus
supplement does not constitute an offer to sell, or the solicitation of an offer to buy, any of the Notes, or the shares of common stock, if any, issuable upon conversion of the Notes, that we are offering in the Concurrent Notes Offering.

The Notes will be our senior, unsecured obligations and will accrue interest at a rate of 1.75% per annum, payable semi-annually in arrears on
May 15 and November 15 of each year, beginning on November 15, 2025. The Notes will mature on May 15, 2030, unless earlier repurchased, redeemed or converted. Before February 15, 2030, noteholders will have the right to
convert their Notes only upon the occurrence of certain events. From and after February 15, 2030, noteholders may convert their Notes at any time at their election until the close of business on the second scheduled trading day immediately
before the maturity date. We will settle conversions by paying or delivering, as applicable, cash, shares of our common stock or a combination of cash and shares of our common stock, at our election. The initial conversion rate is 224.9213 shares of
common stock per $1,000 principal amount of Notes, which represents an initial conversion price of approximately $4.45 per share of common stock. The conversion rate and conversion price will be subject to adjustment upon the occurrence of certain
events. If a “make-whole fundamental change” (which will be defined in the indenture that will govern the Notes to include certain business combination transactions involving us, the delisting of our common stock and the calling of the
Notes for redemption) occurs, then we will in certain circumstances increase the conversion rate for a specified period of time. In the case of a make-whole fundamental change resulting from the calling of any Notes for redemption, the increased
conversion rate, if any, will apply only to the Notes called (or deemed to be called) for redemption.

The Notes will be redeemable, in
whole or in part (subject