Company: CIFRW
Filing Date: 2025-05-22
Form Type: 424B5
Source: 0001193125-25-124285
Chunk: 97

Company: Cipher Mining Inc.
Filing Date: 2025-05-22
Form: 424B5
Chunk 97
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 and unpaid interest), and increased by the amount of gain, if any, recognized (other
than with respect to a fractional share).

The holding period for the common stock received by you upon conversion of the notes generally will include the
period during which you held the notes prior to the conversion, except that the holding period of any common stock received by you with respect to accrued and unpaid interest will commence on the day after the date of receipt.

If the conversion of a note into cash and common stock (excluding an exchange with a designated financial institution in lieu of conversion, as discussed in
“—Conversion of the Notes—Exchange in Lieu of Conversion” below) were not treated as a recapitalization as discussed above, the cash payment received (excluding cash paid in lieu of fractional shares and cash attributable to
accrued and unpaid interest) could be treated as proceeds from the sale of a portion of the note and taxed in the manner described above under “—Sale, Exchange, Redemption, Retirement or Other Taxable Disposition of the Notes,” in
which case our common stock received on such a conversion (other than common stock attributable to accrued and unpaid interest, which would be taxable as interest to the extent you have not previously included the accrued interest in income) would
be treated as received upon a conversion of the other portion of the note, which generally would not be taxable to you (other than with respect to cash received in lieu of fractional shares). In that case, your adjusted tax basis in the note would
generally be allocated pro rata between the portion of the note treated as exchanged for our common stock (including any fractional share deemed received) and the portion of the note treated as exchanged for the cash received (other than amounts of
cash paid in lieu of any fractional share), in each case excluding cash or common stock attributable to accrued and unpaid interest, based on the fair market value of such common stock and such cash. The holding period for our common stock received
in the conversion would include your holding period for the note, except that the holding period for any common stock received with respect to accrued and unpaid interest would commence on the day after the date of receipt.

Fractional Shares

If you receive cash upon conversion in
lieu of a fractional share of our common stock, you generally will be treated as having received such fractional share pursuant to the conversion and then as having exchanged such

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fractional share of our common stock for cash. As a result, cash received by you upon conversion in