CleanSpark to raise $550M via bond, not buy BTC with proceeds
CleanSpark will raise $550 million through a private convertible note offering, maturing in 2030, with pricing completed. The offering is set to close on December 17, with an option for initial purchasers to buy an additional $100 million in notes. Net proceeds are expected to be approximately $535.9 million after costs, or $633.6 million if the additional option is fully exercised. No regular interest will be paid on the notes, which can be redeemed starting June 20, 2028. The initial conversion rate is set at $14.80 per share, a 20% premium over the stock price on December 12. Proceeds will cover outstanding debt to Coinbase and fund capital expenditures and acquisitions. CleanSpark held 9,297 BTC as of November 30, and has not indicated plans to increase its BTC holdings. Other miners like MARA and Riot have also issued convertible bonds recently.
