CleanSpark completes upsized $1.15 billion convertible notes offering to support expansion
The Block
CleanSpark closed a $1.15 billion convertible notes offering to fund expansion, data center development, and stock repurchase.Summary
Bitcoin mining firm CleanSpark successfully completed an upsized $1.15 billion offering of zero-coupon convertible senior notes due in 2032 to institutional buyers, netting approximately $1.13 billion after fees. As part of the transaction, the company repurchased about 10.9% of its outstanding common stock for roughly $460 million. CleanSpark plans to use the remaining net proceeds for power and land acquisition, data-center development, repaying bitcoin-backed credit lines, and general corporate purposes, supporting its ongoing expansion, which includes entering the AI data center infrastructure market. CEO Matt Schultz called the offering a "defining moment" for the company.
(Source：The Block)