Company: CIFRW
Filing Date: 2025-05-23
Form Type: 424B5
Source: 0001193125-25-125868
Chunk: 13

Company: Cipher Mining Inc.
Filing Date: 2025-05-23
Form: 424B5
Chunk 13
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 its affiliates) with certain Convertible Arbitrage Investors seeking a short exposure to shares of our common stock through a derivative. The Underwriter (or its affiliates) acting as
dealer on such privately negotiated transactions may modify, enter into or unwind additional privately negotiated transactions (including derivative transactions) and/or purchase or sell shares of our common stock or other securities of ours in
secondary market transactions at any time following the pricing of the Concurrent Notes Offering. For example, in connection with any cash settlement of any such derivative transaction, the dealer may purchase shares of our common stock and
Convertible Arbitrage Investors may sell shares of our common stock, which could affect the trading price of our common stock at the time. This offering and any privately negotiated transactions relating to our common stock, including derivatives
between Convertible Arbitrage Investors and the Underwriter or its affiliates (in their

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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