Company: CIFRW
Filing Date: 2025-05-22
Form Type: 424B5
Source: 0001193125-25-124285
Chunk: 14

Company: Cipher Mining Inc.
Filing Date: 2025-05-22
Form: 424B5
Chunk 14
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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. |

| Risk Factors | Investing in the notes involves risks. See “Risk Factors.” |

| Certain Material United States Federal Income Tax Considerations | For a description of certain material United States federal income tax considerations of purchasing, owning, converting and disposing of the notes and owning and disposing of shares of our common stock, if any, issuable upon the conversion of 
 the notes, see “Certain Material United States Federal Income Tax Considerations.”                                                                                                                                                                 |

| Book-Entry Form | We will initially issue the notes in the form of one or more global notes registered in the name of Cede & Co., as nominee of The Depository Trust Company (“DTC”), without interest coupons, which we will deposit with the                            
 trustee as custodian for DTC. Beneficial interests in global notes will be shown on, and transfers of global notes will be effected only through, the records maintained by DTC. Except in limited circumstances, we will not issue certificated notes. 
 See “Description of Notes—Book Entry, Settlement and Clearance.”                                                                                                                                                                                        |

S-6

Risk Factors

Investing in the notes involves a high degree of risk. You should carefully consider the risks described or referred to below and the risk factors set forth in our Annual Report on Form 10-Kfor