CleanSpark, a company listed on Nasdaq, has announced a huge $1.15 billion fundraising plan through something called a convertible note. In simple terms, it’s a way for them to borrow money now and possibly turn that debt into shares later. The main goal is to speed up their growth in Bitcoin mining and artificial intelligence (AI).
This move comes as many Bitcoin mining companies are looking for new ways to earn money. After Bitcoin’s recent halving, the rewards miners get were cut in half, which made profits tighter.
CleanSpark’s plan includes special notes that don’t pay interest and are due in 2032. Buyers also have the option to put in another $200 million if they choose. The company expects to make about $1.13 billion from this deal, and it could go up to $1.28 billion if all options are used.
Out of this amount, around $460 million will be used to buy back CleanSpark’s own shares at $15.03 each, which was the stock’s closing price at the time. This helps keep the stock stable after recent ups and downs. The rest of the money will go toward expanding Bitcoin mining, building AI-focused data centers, and paying off loans backed by Bitcoin.
This plan helps CleanSpark grow in two directions at once. It also lets them raise money without immediately affecting shareholders’ ownership. Overall, it shows that the company believes strongly in its future growth.
CleanSpark isn’t just sticking to mining. It’s now stepping into AI in a big way. The company is building a huge new campus in Texas that can support 285 megawatts of power for high-performance computing. It’s also teaming up with a company called Submer to explore new cooling solutions for AI systems.
According to CleanSpark’s chief development officer, Scott Garrison, Georgia could become another key location for AI expansion. The company plans to use some of its existing mining setups for digital computing and AI work.
CleanSpark is already one of the biggest Bitcoin miners in the world, running machines that deliver an impressive 50 exahashes per second. By combining strong mining power with new AI projects, CleanSpark hopes to create more ways to earn money while handling the pressure from the Bitcoin halving.
Recently, CleanSpark’s stock price has been a bit shaky. It dropped from over $23 in mid-October to around $15 now. Some of that drop is linked to market reactions to the new fundraising plan.
Even so, company leaders are confident that their strategy, mixing share buybacks, AI investments, and debt payments, will make the stock stronger over time. Other mining companies like Core Scientific and IREN are also adding AI and computing capabilities, showing that this is becoming an important trend in the industry.
With these steps, CleanSpark wants to stay profitable and future-ready by balancing Bitcoin mining with fast-growing opportunities in AI and high-performance computing.