CleanSpark Plans to Issue $1.15 Billion in Convertible Notes for AI and Mining Expansion

Highlights:

• CleanSpark plans to raise $1.15 billion through convertible notes to expand mining.
• The company will use some of the funds for share buyback and to invest in a new AI data center project.
• CleanSpark achieved record revenue and hashrate as it shifts towards power expansion and AI integration.

CleanSpark has announced plans to raise $1.15 billion through a senior convertible note offering. The Bitcoin miner aims to use the proceeds to fund its expansion in mining and data center infrastructure. The company expects to generate about $1.13 billion in net proceeds. That amount could rise to $1.28 billion if investors exercise their options to buy additional notes. The offering will close on November 13 after all required conditions are met.

Advertisement

JUST IN: 💡 @CleanSpark_Inc announces a $1.15 billion offering of 0.00% Convertible Senior Notes due 2032, with a 27.50% conversion premium. Funds will aid stock buyback, growth, and debt repayment. Completion expected by Nov 13. The deal expands their power and data assets.… pic.twitter.com/ogG1Gyh9Oa

— Bitcoin Mining Stock (@miningstockinfo) November 11, 2025

The notes will mature in February 2032 and will not carry regular interest payments. Investors will have the right to convert them into common stock or a mix of shares and cash. This flexibility gives CleanSpark a financial cushion to support its long-term growth. The company has become one of the top Bitcoin miners globally, operating with a hashrate of 46.6 exahashes per second. Its shares on Nasdaq traded at $15.03 on November 10, slightly down from the previous close.

CleanSpark indicated that it would use the capital raised to grow its mining business, acquire land, and build new data center infrastructure. The company also desires to settle past Bitcoin-backed loans and other corporate requirements. The aim of these steps is to build its balance sheet and position itself to grow its activities in Bitcoin and artificial intelligence infrastructure in the future.

CleanSpark Plans Share Buyback and AI Infrastructure Push

CleanSpark will allocate $460 million from the proceeds to repurchase its common shares. The remaining funds will support its move into artificial intelligence and power expansion projects. The company will buy back its shares from investors in privately negotiated transactions at a price of $15.03 each. This move seeks to stabilize its stock after a month-long decline of nearly 25%.

The miner has also launched an AI-focused division led by industry expert Jeffrey Thomas. Recently, it purchased a 271-acre property in Texas to build a 285-megawatt power campus to support AI and data operations. CleanSpark collaborated with Submer to develop liquid-cooled and prefabricated high-performance computing systems. The partnership aims to achieve efficiency and energy optimization, which are some of the crucial aspects in AI data center operations.

Other mining companies are pursuing the same strategies. IREN entered into a $9.7 billion agreement with Microsoft to supply NVIDIA GPUs to AI workloads. Core Scientific also signed a $3.5 billion contract with CoreWeave to host 200 megawatts of infrastructure. The move underscores an increased connection between Bitcoin mining and AI technology as miners look to diversify their revenue streams. The strategy of CleanSpark is in line with that industry transformation.

IREN's partnership with Microsoft AI positions it for huge growth, targeting $18.6B revenue and marking a major move in the cloud energy sector. pic.twitter.com/bb4Xc6NK9V

— Bitcoin Dominance (@MoneyHustl41075) November 10, 2025

Financial Performance and Market Outlook

CleanSpark recorded a 91% year-over-year rise in quarterly revenue to $198.6 million. The company called it the most successful quarter in its history. It also achieved a record 50 exahashes per second in hashrate and increased its Bitcoin holdings to 13,011 BTC. In October, it sold 589 BTC to finance its Texas expansion and energy deals.

Earlier this year, the company expanded a $200 million Bitcoin-backed credit facility through Coinbase Prime. It later added another $200 million in capacity via new agreements with Coinbase and Two Prime. These financing sources offered liquidity and flexibility as the company scaled up its infrastructure development.

Although CleanSpark is performing well financially, its shares have dropped as a result of the price fluctuations in Bitcoin. The buyback program might, however, bring investor confidence back and help it in the market. The company still has to strike a balance between its expansion in Bitcoin mining and its growing interest in AI solutions to data.

Advertisement