CleanSpark Eyes $1.15B Funding to Expand Bitcoin Mining and AI Infrastructure
Convertible notes deal targets hashpower growth, data centers, and buybacks as miners chase AI revenue
CleanSpark is raising up to $1.15 billion through senior convertible notes to fast-track expansion across Bitcoin mining and high-performance data center infrastructure. The Nasdaq-listed firm expects about $1.13 billion in net proceeds, rising to roughly $1.28 billion if initial purchasers exercise their options in full. The offering is slated to close on Nov. 13, pending customary conditions. Management plans to allocate $460 million to repurchase common stock from note buyers in privately negotiated deals at $15.03 per share—the prior Nasdaq close—with the remainder earmarked for power and land acquisitions, new data center builds, repayment of Bitcoin-backed credit, and general corporate purposes.
The capital raise follows a $550 million private convertible note placement completed on Dec. 17, 2024, underscoring the company’s preference for flexible, non-dilutive funding to scale. CleanSpark ranks as the world’s second-largest public Bitcoin miner by operating hashrate at 46.60 EH/s, trailing Marathon. The company is doubling down on sites with expansion potential, positioning itself to capture both Bitcoin network growth and surging demand for compute-intensive workloads.
Like many peers, CleanSpark is leaning into artificial intelligence to diversify post-halving revenue. Shares jumped 13% in a single day on Oct. 20 after it first outlined AI infrastructure plans. “We have been reviewing the entire portfolio from first principles to evaluate AI suitability and have identified Georgia as a strategic region for both potential conversion as well as expansion,” said Scott Garrison, chief development officer and executive vice president, highlighting where the company sees near-term opportunity.
Industry momentum is building. In early November, IREN inked a five-year, $9.7 billion deal to provide Microsoft access to Nvidia GPUs hosted in IREN data centers, while in June, Core Scientific signed a 12-year, $3.5 billion agreement with AI cloud provider CoreWeave to add 200 MW of high-performance capacity—an AI pivot that helped stabilize Core Scientific after its 2022 Chapter 11 and ahead of its Nasdaq relisting. With fresh capital and a growing power portfolio, CleanSpark aims to ride dual tailwinds from Bitcoin and AI compute into 2025.
