CleanSpark Raises $1.15B to Boost Bitcoin Mining, AI Data Centers
CleanSpark has launched a $1.15 billion senior convertible bond offering set to close on November 13. The Nasdaq-listed miner expects net proceeds of $1.13 billion (or $1.28 billion with full exercise) to fund bitcoin mining expansion, land and power acquisitions, and build out AI data centers. A $460 million tranche will repurchase common shares at $15.03 each to optimize capital structure.
Proceeds will also repay bitcoin-secured debt and cover general corporate expenses. As the world’s second-largest miner with 46.6 EH/s hash rate, CleanSpark is deepening its footprint ahead of the next bitcoin halving. Its move into AI infrastructure aims to diversify revenue and align crypto mining with high-growth AI services.
This convertible bond offering follows a $550 million capital raise in December 2024, underscoring CleanSpark’s strategy to balance growth with shareholder returns.
Bullish
CleanSpark’s $1.15 billion convertible bond offering provides fresh capital to expand bitcoin mining capacity and build AI data centers, signaling confidence in long-term demand for BTC and related infrastructure. The $460 million share repurchase offsets dilution, while debt repayment and expense coverage strengthen the company’s balance sheet. Historically, increased mining capacity ahead of halving events tends to support bullish sentiment in the bitcoin market. By diversifying into high-growth AI services, CleanSpark also reduces reliance on mining cycles, further underpinning a positive outlook for BTC.