CleanSpark Plans to Raise $1.15 Billion to Expand Bitcoin Mining and AI Infrastructure

According to Cointelegraph, Nasdaq-listed Bitcoin mining company CleanSpark has announced plans to raise funds through the issuance of $1.15 billion in senior convertible notes to expand its Bitcoin mining and data center operations. The net proceeds are expected to be $1.13 billion, and if the initial purchasers exercise their full additional purchase rights, the total amount could reach $1.28 billion. The issuance is expected to be completed on November 13. CleanSpark plans to allocate $460 million for repurchasing common stock, with the remaining funds used to expand its portfolio of power and land assets, develop data center infrastructure, repay Bitcoin-backed loan balances, and cover company operating expenses. The company previously raised $550 million in similar funding in December 2024. CleanSpark is the world's second-largest Bitcoin mining company, with a computing power of 46.6 EH/s, second only to Marathon Holdings. Additionally, CleanSpark and other major mining companies are gradually expanding into AI data center infrastructure to address revenue pressures following Bitcoin halving and diversify their income sources.