Cipher Mining Inc. has announced a new financing agreement involving the issuance and sale of $172,500,000 in aggregate principal amount of 1.75% Convertible Senior Notes due 2030. The agreement, made on May 20, 2025, with Morgan Stanley & Co. LLC as the representative of the underwriters, includes an option for the underwriters to purchase an additional $22,500,000 principal amount of Notes, which was exercised in full the following day. This deal facilitates the establishment of short positions by certain holders through a concurrent offering of 17,540,000 shares of the company's common stock, thereby supporting hedging strategies for investors. The transaction reflects Cipher Mining's strategic financial planning and market positioning, underscoring its commitment to capitalizing on investment opportunities and enhancing shareholder value.