Company: CIFRW
Filing Date: 2025-05-22
Form Type: 424B5
Source: 0001193125-25-124290
Chunk: 13

Company: Cipher Mining Inc.
Filing Date: 2025-05-22
Form: 424B5
Chunk 13
---
 privately negotiated transactions relating to our common stock, including derivatives
between Convertible Arbitrage Investors and the Underwriter or its affiliates (in their

S-6

capacity as dealer) could cause more sales of our common stock while the Notes are outstanding than there would have been otherwise had we not consummated this offering.

Risks Related to the Concurrent Notes Offering

The issuance of shares of our common stock upon conversion of the Notes will dilute the ownership interests of our stockholders and could depress the trading price of our common stock.

Upon conversion of the Notes being offered in the Concurrent Notes Offering, we
will satisfy part or all of our conversion obligations in shares of our common stock arising out of the Concurrent Notes Offering, unless we elect to settle conversions solely in cash. The issuance of shares of our common stock upon conversion of
the Notes will dilute the ownership interests of our stockholders, which could depress the trading price of our common stock. In addition, the market’s expectation that conversions may occur could depress the trading price of our common stock
even in the absence of actual conversions. Moreover, the expectation of conversions could encourage the short selling of our common stock, which could place further downward pressure on the trading price of our common stock.

Hedging activity by investors in the Concurrent Notes Offering could depress the trading price of our common stock.

While this offering is expected to initially facilitate the establishment of short positions in our common stock by certain Convertible
Arbitrage Investors to hedge the market risk of their investments in the Notes concurrently with, or shortly, after the pricing of the Concurrent Notes Offering, neither we nor the Underwriter will control any transactions that investors in the
Notes may enter into at any time, including purchases and sales of our common stock. We expect that many investors in the Notes being offered 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