Cleanspark Plans $1.15b Raise To Expand Bitcoin Mining, Ai...

CleanSpark is among the leading Bitcoin mining companies expanding into AI data center infrastructure, seeking diversified sources of revenue amid post-Bitcoin halving pressure.

Nasdaq-listed Bitcoin mining company CleanSpark is raising capital to expand its mining and data center operations, as major miners pivot toward artificial intelligence (AI) infrastructure.

CleanSpark announced a $1.15 billion senior convertible note offering on Tuesday, aiming to raise more capital to expand its Bitcoin (BTC) mining operations.

The miner estimates it will raise about $1.13 billion in net proceeds, or $1.28 billion if the initial purchasers exercise their full options to purchase additional convertible notes. The offering is expected to close on Nov. 13, subject to satisfactory closing conditions.

Cleanspark said it will use $460 million of the proceeds to repurchase common stock from investors, while the remaining proceeds will be used to expand the company’s power and land portfolio, develop data center infrastructure, repay its outstanding Bitcoin-backed credit balances, and cover general corporate expenses.

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CleanSpark said it will repurchase its common stock from convertible notes investors in “privately negotiated transactions” at a share price of $15.03, or the Nasdaq closing price on Monday.

The common stock offering comes almost a year after CleanSpark raised $550 million in a similar private convertible note offering, which closed on Dec. 17, 2024, Cointelegraph reported at the time.

CleanSpark is the world’s second-largest Bitcoin mining firm after Marathon Holdings, with an operating hashrate of 46.60 exahashes per second (EH/s), according to data from Bitcoinminingstock.io.

Related: 61% of institutions plan to boost crypto exposure despite October crash: Sygnum

Source: CoinTelegraph