Bitcoin mining firm CleanSpark has completed an upsized $1.15 billion offering of zero-coupon convertible senior notes to expand its operations.
The Nasdaq-listed firm announced Thursday that the convertible notes due 2032 were sold to institutional buyers in a private offering. After deducting fees and expenses, CleanSpark received roughly $1.13 billion in net proceeds.
As part of the transaction, CleanSpark repurchased 30.6 million shares of its common stock — equivalent to roughly 10.9% of shares outstanding — for about $460 million from investors participating in the offering.
The company said it plans to use the remaining proceeds for power and land acquisition, data-center development, repayment of bitcoin-backed credit lines and general corporate purposes.
“This transformative $1.15 billion offering marks a defining moment in CleanSpark’s growth as a leading energy and infrastructure compute platform, strengthened by the support of world-class institutional investors,” said Matt Schultz, chairman and CEO of CleanSpark.
“Our repurchase of more than 10% of our outstanding shares for approximately $460 million reinforces our confidence in the business we’re building and our commitment to long-term value creation,” Schultz added.
Last month, the bitcoin mining firm announced plans to move into AI-oriented data center infrastructure and acquired rights to 271 acres in Austin County, Texas, for its expansion.
CleanSpark’s stock closed down 10.13% at $11.98 on Thursday, according to The Block’s price page. The shares have dropped 40.2% over the past month.
CleanSpark’s financing adds to a growing wave of crypto companies turning to convertible debt. TeraWulf closed a $1 billion zero-coupon convertible notes offering last month, and Galaxy Digital also unveiled a $1.15 billion exchangeable notes offering.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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