Company: CIFRW
Filing Date: 2025-05-22
Form Type: 424B5
Source: 0001193125-25-124290
Chunk: 10

Company: Cipher Mining Inc.
Filing Date: 2025-05-22
Form: 424B5
Chunk 10
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 including: (i) purchasing at a discount the remaining balance of 
 mining rigs                                                                                                                                                                                                                              |

S-3

| 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. If the underwriters in the Concurrent Notes Offering exercise their option to purchase additional Notes, then we intend to use the proceeds for general corporate purposes. |

| The Concurrent Notes Offering is being made pursuant to a separate prospectus supplement and accompanying base prospectus (and not pursuant to this prospectus supplement). The completion of this offering is contingent                                
 upon the completion of the Concurrent Notes Offering, and the completion of the Concurrent Notes Offering is contingent upon the completion of this offering. This prospectus supplement does not constitute an offer to sell, or the solicitation of an 
 offer to buy, any of the Notes, or the shares of common stock, if any, issuable upon conversion of the Notes, we are offering in the Concurrent Notes Offering. See “The Concurrent Notes Offering” for additional information.                          |

| Use of Proceeds | We will not receive any proceeds from the short sale of the shares of our common stock by the Underwriter in this offering. No new shares of common stock will be offered in this offering. |

| Underwriting | The Underwriter for this offering, Morgan Stanley & Co. LLC, acting on behalf of itself and/or its affiliates, is offering and selling short 17,540,000 shares of our common stock to facilitate hedging transactions by certain Convertible 
 Arbitrage Investors subscribing for the Notes.                                                                                                                                                                                               |

| The number of shares of common stock subject to this offering is expected to be no greater than commercially reasonable                                                                                                                                
 initial short positions of the Convertible Arbitrage Investors 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) with certain Convertible     
 Arbitrage Investors seeking a short exposure to our shares of