Company: CIFRW
Filing Date: 2025-05-22
Form Type: 424B5
Source: 0001193125-25-124290
Chunk: 9

Company: Cipher Mining Inc.
Filing Date: 2025-05-22
Form: 424B5
Chunk 9
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| Securities Offered | The Underwriter is offering and selling short 17,540,000 shares of common stock, $0.001 par value per share (the “common stock”), of Cipher Mining Inc. to facilitate hedging transactions by certain investors (the “Convertible 
 Arbitrage Investors”) subscribing for our 1.75% convertible senior notes due 2030 (the “Notes”) in the Concurrent Notes Offering described below. No new shares of common stock will be issued in this offering.                  |

| The number of shares of our common stock subject to this offering will depend on what portion of Convertible Arbitrage Investors desire to hedge their investment in the Notes, and is expected to be no greater than                                    
 commercially reasonable initial short positions of the Convertible Arbitrage Investors in the Notes which are being established to facilitate their market risk hedging with respect to the Notes they acquire in the Concurrent Notes Offering. We have 
 been advised that the shares of common stock sold by the Underwriter in this offering will be borrowed from non-affiliate third parties and will be: (x) purchased by the Underwriter from certain                                                       
 Convertible Arbitrage Investors who have sold them short to the Underwriter in connection with the Concurrent Notes Offering and/or (y) sold short by the Underwriter to facilitate concurrent privately negotiated transactions between the             
 Underwriter (or its affiliates) and certain Convertible Arbitrage Investors seeking a short exposure to shares of our common stock through a derivative, in an equivalent notional amount.                                                               |

| Listing Symbol | CIFR |

| Initial Public Offering Price per share of 
 common stock                               | $3.42. |

| Concurrent Notes Offering | Concurrently with this offering, we are offering 1.75% convertible senior notes due 2030 in an aggregate principal amount of $150.0 million, plus up to an additional $22.5 million aggregate principal amount of Notes that the 
 underwriters in the Concurrent Notes Offering have the option to purchase from us.                                                                                                                                               |

| We estimate that the net proceeds to us from the Concurrent Notes Offering, if it is consummated, will be approximately                                                                                                                  
 $144.1 million (or approximately $166.0 million if the underwriters in the Concurrent Notes Offering fully exercise their option to purchase additional Notes), after deducting the underwriters’ discounts and commissions and our      
 estimated offering expenses. We expect to use the net proceeds of the Concurrent Notes Offering to complete Phase 1 of the Black Pearl data center project (“Phase 1”),