CleanSpark plans to raise $1.15 billion to expand Bitcoin mining and AI infrastructure

According to Cointelegraph, Nasdaq-listed Bitcoin mining company CleanSpark announced that it will raise funds through a senior convertible bond issuance to expand its Bitcoin mining and data center operations.

The expected net proceeds amount to $1.13 billion, and if the initial purchasers exercise all their additional purchase rights, the total amount could reach $1.28 billion. This issuance is expected to be completed on November 13. CleanSpark plans to use $460 million for the repurchase of common stock, while the remaining funds will be used to expand its power and land asset portfolio, develop data center infrastructure, repay Bitcoin mortgage balances, and cover corporate operating expenses. The company previously raised $550 million in similar funding in December 2024.

CleanSpark is the second-largest Bitcoin mining company in the world, with a hash rate of 46.6 EH/s, second only to Marathon Holdings. Additionally, CleanSpark and other large mining companies are gradually expanding into AI data center infrastructure to cope with revenue pressures following the Bitcoin halving and to diversify their revenue sources.