CleanSpark to raise $1 billion in convertible note offering to expand operations
Bitcoin miner CleanSpark is launching a $1 billion private offering of zero-coupon convertible senior notes to fund expansion and repurchase shares.Summary
Bitcoin mining firm CleanSpark announced plans to raise $1 billion through a private offering of zero-coupon convertible senior notes due in 2032, with an option for initial purchasers to buy an additional $200 million. The company intends to use up to $400 million of the proceeds to repurchase its own shares, with the remainder allocated to expanding its power and land portfolio, developing data center infrastructure, repaying bitcoin-backed credit lines, and general corporate purposes. This move follows CleanSpark's recent expansion into AI data center infrastructure and land acquisition in Texas. The offering, which will be managed by Cantor Fitzgerald and BTIG, is the latest in a trend of crypto firms utilizing the convertible debt market for financing.
(Source：The Block)