Catenaa, Sunday, November 16, 2025- Bitcoin mining company CleanSpark announced plans to raise $1 billion through a private offering of zero-coupon convertible senior notes due 2032, aiming to fund expansion and repay debt.
The Nasdaq-listed firm said initial purchasers may also acquire up to $200 million in additional notes.
CleanSpark intends to allocate roughly $400 million of the proceeds to repurchase its own shares. The remaining funds will support growth in its power and land portfolio, development of data center infrastructure, repayment of bitcoin-backed credit lines, and general corporate expenses.
The notes, which do not bear regular interest, can be converted into cash, stock, or a combination at the company’s discretion. The offering, expected to price Tuesday before U.S. markets open, will be managed by Cantor Fitzgerald and BTIG.
Last month, CleanSpark expanded into AI data center infrastructure and acquired 271 acres in Austin County, Texas, for data center development. Its stock closed down 3.47% at $15.03 Monday, marking a 22% decline over the past month but remaining up 63% year-to-date.
The offering follows a trend among crypto firms leveraging convertible debt. TeraWulf completed a $1 billion zero-coupon convertible note offering last month, while Galaxy Digital announced a $1.15 billion exchangeable senior notes sale.
CleanSpark’s financing effort highlights continued investor interest in crypto-related debt instruments despite recent market volatility and declining share performance. The firm positions itself to expand operational capacity while balancing shareholder returns and debt management.
CleanSpark plans $1 billion convertible note offering to fund expansion, share buybacks, and repay bitcoin-backed credit lines.
