Nasdaq-listed Bitcoin mining company CleanSpark announced plans to raise $1.15 billion through a senior convertible note offering to expand its mining capacity and develop artificial intelligence (AI) data infrastructure. The offering, expected to close on November 13, is projected to yield $1.13 billion in net proceeds, or $1.28 billion if all purchase options are exercised.
CleanSpark will allocate roughly $460 million of the funds to repurchase common stock from investors, with the remainder directed toward expanding its energy and land assets, building data centers, and repaying Bitcoin-backed credit facilities. The move comes as major mining firms diversify into AI hosting to offset declining block rewards after the 2024 Bitcoin halving.
With an operating hashrate of 46.6 EH/s, CleanSpark ranks as the second-largest Bitcoin miner globally. Its expansion mirrors broader sector trends, as peers like IREN and Core Scientific secure multi-billion-dollar AI partnerships to stabilize revenue streams and capitalize on high-performance computing demand.