Nasdaq-listed Bitcoin mining company CleanSpark has announced plans to raise $1.15 billion through a senior convertible note offering, as it accelerates its expansion into Bitcoin mining and data center infrastructure — a move mirroring a broader industry shift toward AI-related computing.
The company expects to generate around $1.13 billion in net proceeds, or up to $1.28 billion if initial purchasers fully exercise their options to acquire additional notes. The offering is slated to close on November 13, pending customary closing conditions.
CleanSpark said it plans to allocate approximately $460 million of the funds to repurchase common stock from investors. The remaining proceeds will go toward expanding its power and land portfolio, building new data center capacity, repaying outstanding Bitcoin-backed credit lines, and funding general corporate initiatives.
The raise marks one of CleanSpark’s largest capital efforts to date and underscores its strategy to position itself at the intersection of Bitcoin mining and AI infrastructure, as miners diversify in response to reduced post-halving rewards and surging demand for high-performance computing power.
CleanSpark said it plans to repurchase its common stock from convertible note investors through privately negotiated transactions at a price of $15.03 per share, matching Nasdaq’s closing price on Monday.
This latest offering follows nearly a year after CleanSpark’s previous $550 million private convertible note raise, which closed on December 17, 2024, according to a Cointelegraph report at the time.
CleanSpark is currently the world’s second-largest Bitcoin mining company, trailing only Marathon Holdings, with an operating hashrate of 46.60 exahashes per second (EH/s), according to data from Bitcoinminingstock.io.
Bitcoin miners pivot toward AI infrastructure to diversify revenues
Several leading Bitcoin mining firms are now expanding into AI and high-performance data center infrastructure as they seek to diversify revenue streams amid post-halving margin pressures.
CleanSpark’s stock surged 13% in a single day following its AI expansion announcement on Oct. 20, Cointelegraph reported.
“We’ve been reviewing our entire portfolio from first principles to assess AI suitability and have identified Georgia as a strategic region for both conversion and expansion,” said Scott Garrison, CleanSpark’s chief development officer and executive vice president.
The shift toward AI infrastructure is gaining momentum across the mining industry. Earlier this month, Bitcoin mining firm IREN signed a five-year, $9.7 billion deal with Microsoft to provide access to Nvidia GPUs hosted within IREN’s data centers—underscoring the sector’s deepening ties with AI.
In a similar move, Core Scientific announced in June a $3.5 billion agreement with AI cloud provider CoreWeave, offering 200 megawatts of additional infrastructure for high-performance computing (HPC) operations. The 12-year deal is expected to generate over $3.5 billion in revenue for Core Scientific.
The company’s pivot to AI infrastructure has been transformative—potentially saving its business after filing for Chapter 11 bankruptcy in 2022, before successfully relisting on Nasdaq in 2024 as part of its renewed AI-focused strategy.
