Cipher Mining SPAC Presentation Deck

BTC Management - Overview CORE STRATEGIES SELL • Daily liquidation Target OPEX+ coverage Balance liquidity and market view Increase allocation with strong bearish view ● ● OPPORTUNISTIC STRATEGIES YIELD Short futures and/or options 1-3 months forward ● • Margin requirement consideration ● ● Increase allocation relative to futures carry or rich implied volatility HOLD Target inventory build over time Serviceable as collateral Increase allocation with strong bullish view HEDGE Costless tail-hedged structures • Margin requirement consideration ● Suitable in varying market conditions ● 36

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