Bitcoin mining firm CleanSpark is seeking to raise $1 billion through a private offering of convertible senior notes to expand its operations.
The Nasdaq-listed firm said in a Monday statement that it plans to offer zero-coupon convertible bonds due 2032, with an option for initial purchasers to buy up to an additional $200 million.
CleanSpark intends to use up to $400 million of the proceeds to repurchase its own shares, while the rest would go toward expanding its power and land portfolio, developing data center infrastructure, repaying bitcoin-backed credit lines, and for general corporate purposes.
The zero-coupon convertible bonds will mature on Feb. 15, 2032, and may be converted into cash, shares, or a mix of both at the company’s discretion. CleanSpark said that the notes will be senior unsecured obligations and will not bear regular interest.
The offering is expected to price Tuesday before U.S. markets open, and will work with Cantor Fitzgerald and BTIG for the sale, according to a Bloomberg report.
Last month, the bitcoin mining firm announced that it will expand into AI data center infrastructure. It also acquired the rights to 271 acres of land in Austin County, Texas, as part of its data center expansion.
CleanSpark’s stock closed down 3.47% at $15.03 on Monday, according to The Block’s price page. The shares have fallen 22% over the past month but remain up 63% year-to-date.
CleanSpark’s proposed financing marks the latest example of crypto-related firms turning to the convertible debt market. Last month, TeraWulf completed a $1 billion offering of zero-coupon convertible senior notes. Galaxy Digital also announced last month a $1.15 billion exchangeable senior 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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