Cipher Mining SPAC Presentation Deck

BTC Management – Principles - LIQUIDATION PRINCIPLES • Minimize market impact with TWAP execution Cold wallet storage for inventory ● • Continuous monitoring of trading hot wallet balances Daily USD sweep to US Bank custody account • FDIC insurance ● • US Bank money market yield - hurdle rate for portfolio HEDGING PRINCIPLES Outperform hurdle rate on liquidation strategy Select high quality counterparties • CME futures / FCM ● ● ● ● ● ● Require ISDA / CSA agreements for OTC hedges Require tri-party arrangements for OTC collateral Right-way credit risk requirement on OTC hedges Daily USD sweep to US Bank custody account 37

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