The bitcoin miner expands financing to accelerate power and data center growth, joining a record surge in convertible debt issuance across bitcoin and AI firms.
Nov 11, 2025, 9:14 a.m.
Shares of bitcoin miner and data-centre operator CleanSpark (CLSK) fell 5% after the company announced an upsized convertible bond offering of $1.15 billion.
The move is part of a broader trend among bitcoin miners and AI-focused data infrastructure firms tapping the debt markets for fresh capital amid rapid sector growth.
CoinDesk Research reveals that AI-aligned bitcoin miners are witnessing a record issuance of convertible debt, indicating investor demand for hybrid exposure to both bitcoin and computing infrastructure.
The Las Vegas-based CleanSpark is offering 0% Convertible Senior Notes due 2032, following strong demand that led to an increase from its initial target.
The firm will use approximately $460 million of the proceeds to repurchase shares at $15.03 per share, while the remaining funds will support the expansion of its power and land portfolio, new data centre development, repayment of bitcoin-backed credit lines, and general corporate purposes. The zero-coupon notes, carrying a 27.5% conversion premium, may increase by another $150 million if the purchasers’ option is fully exercised.
The transaction, led by Cantor Fitzgerald and BTIG, mirrors recent convertible offerings by TeraWulf (WULF) and Galaxy Digital (GLXY). The offering is expected to close Nov. 13.
CleanSpark shares are down 5% pre-market, trading at $14 per share.
The stock decline was likely driven by delta hedging from banks involved in the convertible note deal, a common short-term pressure as counterparties manage exposure. Similar price action has been observed in other miners that have issued convertible notes.
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