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Public Bitcoin Miner CleanSpark Plans $1B Raise
The firm plans to fund share repurchases, data center growth, and debt reduction with the offering.
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Bitcoin mining firm CleanSpark announced plans to raise $1 billion through a private offering of convertible note, signaling an aggressive expansion push as it broadens into AI infrastructure.
What’s the Scoop?
- $1B offering: CleanSpark’s convertible bonds will mature in February 2032, with an option for initial purchasers to buy an extra $200 million.
- Strategic use of funds: Up to $400 million will go toward share buybacks, with the remainder allocated to power and land expansion, data center development, repayment of bitcoin-backed credit lines, and general purposes.
- Broader context: CleanSpark’s move follows similar billion-dollar convertible offerings from TeraWulf and Galaxy Digital, as crypto firms increasingly tap debt markets for growth capital.