Company: CIFRW
Filing Date: 2025-05-22
Form Type: 424B5
Source: 0001193125-25-124285
Chunk: 66

Company: Cipher Mining Inc.
Filing Date: 2025-05-22
Form: 424B5
Chunk 66
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 “—Conversion Rights—Effect of Common Stock Change Event”                             |

S-42

| and, if applicable, “—Conversion Rights—Increase in Conversion Rate in Connection with a Make-Whole Fundamental Change”) into consideration that consists solely of U.S.                                                                                 
 dollars in an amount per $1,000 principal amount of notes that equals or exceeds the fundamental change repurchase price per $1,000 principal amount of notes (calculated assuming that the same includes accrued and unpaid interest to, but excluding, 
 the latest possible fundamental change repurchase date for such fundamental change); and                                                                                                                                                                 |

| • |     | we timely send the notice relating to such fundamental change required pursuant to the provisions described above                                                                                                         
 under the caption “—Conversion Rights—When the Notes May Be Converted—Conversion Upon Specified Corporate Events—Certain Corporate Events” and include, in such notice, a statement that we are relying on the provisions 
 described in this “—No Repurchase Right in Certain Circumstances” section.                                                                                                                                                |

We refer to any fundamental change with respect to which, in accordance with the provisions described above, we do not offer to repurchase any notes as an “exempted fundamental change.” Purchase of Notes by Us at the Option of the Noteholders Generally Each noteholder will have the right (the “optional repurchase right”) to require us to repurchase such noteholder’s notes (or any portion thereof in an authorized denomination) on May 15, 2028 (the “optional repurchase date”) for cash (the “optional repurchase price”) in an amount equal to the principal amount of the note (or portion thereof) to be repurchased plus accrued and unpaid interest, if any, to, but excluding, the repurchase date. For the avoidance of doubt, our repurchase of any notes on the optional repurchase date will not affect our obligation to pay the interest otherwise due on such notes on such date to the holders of such notes at the close of business on the preceding regular record date. However, we will not be required to offer to repurchase any notes, and noteholders may not exercise their optional repurchase right, if we have called all then-outstanding notes for redemption prior to the optional repurchase date. Notwithstanding anything to the contrary above, we may not repurchase any notes if the principal amount of the notes has been accelerated and such acceleration has not been rescinded on or before the optional repurchase date (including as a result of the payment of