Company: CIFRW
Filing Date: 2025-05-22
Form Type: 424B5
Source: 0001193125-25-124285
Chunk: 13

Company: Cipher Mining Inc.
Filing Date: 2025-05-22
Form: 424B5
Chunk 13
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 in this prospectus supplement) occurs, then, except as described in this prospectus supplement, noteholders may require us to repurchase their notes at a cash repurchase price equal to the      
 principal amount of the notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the fundamental change repurchase date. See “Description of Notes—Fundamental Change Permits Noteholders to Require Us to 
 Repurchase Notes.”                                                                                                                                                                                                                      |

| Trustee, Paying Agent and Conversion Agent | U.S. Bank Trust Company, National Association. |

| No Public Market | The notes are a new class of securities for which no public market currently exists. We do not intend to apply to list the notes on any securities exchange or for quotation on any inter-dealer quotation system. Accordingly, a liquid market for 
 the notes may never develop. Certain of the underwriters have advised us that they intend to make a market in the notes. However, they are not obligated to do so and may discontinue any market-making activity at any time and without notice.    |

| The Nasdaq Global Select Market Symbol | Our common stock is listed on The Nasdaq Global Select Market under the symbol “CIFR.” On May 20, 2025, the last reported sale price of our common stock was $3.78 per share. |

| Use of Proceeds | We estimate that the net proceeds to us from this offering will be approximately $144.1 million (or approximately $166.0 million if the                                                                                                               
 underwriters fully exercise their option to purchase additional notes), after deducting the underwriting discounts and commissions and our estimated offering expenses. We expect to use the net proceeds to complete Phase 1 of its Black Pearl data 
 center (“Phase 1”), including                                                                                                                                                                                                                         |

S-5

| by: (i) purchasing at a discount the remaining balance of mining rigs required for Phase 1; (ii) paying expected tariffs and shipping costs for the mining rigs to be used for Phase 1; and 
 (iii) paying other infrastructure-related capital expenditures in connection with Phase 1, and for general corporate purposes. See “Use of Proceeds.”                                       |

| Concurrent Delta Offering | Concurrently with this offering, the delta offering underwriter, Morgan Stanley & Co. LLC is offering in a separate, underwritten public offering pursuant to a prospectus supplement that we have filed with the SEC, and not pursuant to               
 this prospectus supplement, 17,