Overview
- CleanSpark plans a private sale of unsecured, zero-coupon convertible senior notes due February 15, 2032, convertible into cash, stock, or a mix at the company’s discretion.
- The company targets up to $400 million for share repurchases, with the balance directed to power and land expansion, data-center development, and repayment of bitcoin-backed credit lines.
- The offering totals $1 billion with an option for initial purchasers to buy up to an additional $200 million, with pricing expected before the U.S. market opens Tuesday and Cantor Fitzgerald and BTIG as lead managers.
- The financing supports CleanSpark’s AI push, including a recent 271-acre land acquisition in Austin County, Texas for future high-performance computing facilities.
- Shares closed at $15.03 on Nov. 10 after a one-day decline, as crypto-sector peers such as TeraWulf and Galaxy Digital also pursue convertible debt funding.