CleanSpark, a Nasdaq-listed Bitcoin mining company, has announced plans to raise $1.15 billion through a senior convertible note offering aimed at scaling its Bitcoin mining operations and expanding into artificial intelligence (AI) infrastructure.
According to the company’s statement, the offering, expected to close on November 13, pending customary conditions, could yield around $1.13 billion in net proceeds, or as much as $1.28 billion if underwriters fully exercise their options.
CleanSpark noted that approximately $460 million of the funds will be allocated to repurchasing common stock from existing investors. The remaining capital will be used to grow its power and land assets, develop data center infrastructure, repay Bitcoin-backed loans, and support other corporate initiatives.
As reported by crypto journalist Amin Ayan for CryptoNews, the company’s funding initiative mirrors a growing industry trend in which Bitcoin miners are adapting their existing energy and computing infrastructure to serve AI and high-performance computing (HPC) workloads. This strategic pivot comes after April’s Bitcoin halving, which reduced mining rewards and placed pressure on profit margins.
Earlier in October, CleanSpark’s stock price rose by 13% following its announcement to enter the AI infrastructure space.
Scott Garrison, the company’s Chief Development Officer, identified Georgia as a “strategic region” for both conversion projects and future growth, highlighting CleanSpark’s focus on expanding its footprint in the U.S. energy and AI landscape.
