CleanSpark Prices $1.15B Convertible Notes Offering

CleanSpark, a leading Bitcoin mining company, announced on November 10, 2025, that it had priced a $1.15 billion offering of zero-coupon convertible senior notes due in 2032, upsizing the initial $1 billion target amid strong investor demand. The private placement, aimed at qualified institutional buyers under Rule 144A of the Securities Act, is expected to close on November 13, subject to customary conditions. Net proceeds are projected at about $1.13 billion, with underwriters holding an option to purchase an additional $150 million in notes.

The company plans to allocate approximately $460 million of the proceeds to repurchase its common stock directly from participating investors through privately negotiated transactions at $15.03 per share, the Nasdaq closing price on the announcement day. The remaining funds will support expansion of CleanSpark's power and land portfolio, development of data center infrastructure including capacity for artificial intelligence and high-performance computing, repayment of Bitcoin-backed credit lines, and general corporate purposes. This structure allows the firm to bolster its balance sheet while signaling confidence in its undervalued equity.