Company: CIFRW
Filing Date: 2025-05-22
Form Type: 424B5
Source: 0001193125-25-124285
Chunk: 91

Company: Cipher Mining Inc.
Filing Date: 2025-05-22
Form: 424B5
Chunk 91
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 exchange of any beneficial interest in such global note for one or more 
 physical notes at the request of the owner of such beneficial interest.                                        |

S-58

The 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, 17,540,000 shares of our common stock initially at a public offering price of $3.42 per share, to facilitate hedging transactions by
convertible arbitrage investors in the notes. The number of shares of our common stock subject to the concurrent delta offering is expected to generally correspond to the initial short positions of convertible arbitrage investors being established
to hedge their market risk with respect to the notes they acquire. We have been advised that the shares sold by the delta offering underwriter in the concurrent delta offering will be borrowed from third parties, and will be: (x) purchased by
the delta offering underwriter from certain convertible arbitrage investors who have sold them short to such delta offering underwriter in connection with the offering of the notes, and/or (y) sold short by the delta offering underwriter to
facilitate its concurrent privately negotiated transactions with certain convertible arbitrage investors seeking a short exposure to our common stock through a derivative, in an equal notional amount.

We will not receive any proceeds from sales by the delta offering underwriter in the concurrent delta offering. No new shares of our common stock will be
issued for the concurrent delta offering.

The concurrent delta offering and the offering of the notes are contingent upon one another.

S-59

Certain Material United States Federal Income Tax Considerations The following discussion summarizes certain material U.S. federal income tax considerations of the acquisition, ownership, conversion and disposition of the notes and the ownership and disposition of shares of our common stock, if any, received upon conversion of a note. The discussion below is based upon the provisions of the Internal Revenue Code of 1986, as amended (the “Code”), and U.S. Treasury regulations promulgated thereunder, judicial authority and administrative interpretations, all as of the date hereof, and all of which are subject to change, possibly with retroactive effect, or are subject to different interpretations. We cannot assure you that the Internal Revenue Service (the “IRS”) will not challenge one or more of the tax consequences described in this discussion, and we have