Bitcoin miner CleanSpark is making its most aggressive move yet beyond traditional crypto mining. The Nevada-based company plans to raise $1.15 billion through a sale of convertible senior notes, a funding strategy that could both fortify its balance sheet and fast-track its expansion into artificial intelligence (AI) and data center infrastructure.
Key Points:
- CleanSpark aims to raise $1.15 billion in convertible notes maturing in 2032, plus a $200 million option.
- Roughly $460 million will be used for share buybacks, with the rest funding AI and data center expansion.
- The notes will not pay regular interest but can convert to equity at a 27.5% premium.
- CleanSpark’s pivot to AI infrastructure reflects a wider transformation in the Bitcoin mining sector.
The offering, aimed at institutional investors under Rule 144A, comes as miners across the industry are reimagining their business models. CleanSpark says it intends to use the funds to buy back a portion of its stock, retire debt, and acquire power and land assets essential to its growing network of AI-compatible data centers.
The deal, if completed, would rank among the largest financings ever by a U.S.-based mining firm — and a sign that CleanSpark is betting its future on high-performance computing (HPC), not just Bitcoin block rewards.
CEO Zach Bradford has spent much of 2025 positioning the company as a hybrid energy and compute powerhouse. Insiders describe the new note sale as part of a broader effort to secure long-term capital at a time when traditional miners are struggling with thinner margins.
Raising Cash in a Cooling Market
The proposed notes, maturing in February 2032, are senior unsecured obligations with a conversion premium of about 27.5%, meaning investors can eventually convert them into stock at a price above current levels. The company also granted an option for an extra $200 million in notes to be sold shortly after issuance, depending on demand.
Roughly $460 million of the proceeds will go toward share repurchases, with the remainder funding new projects, land purchases, and repayment of Bitcoin-backed credit lines. CleanSpark said the notes will carry no coupon or accretion — investors will profit only through conversion.
Market reaction was swift: the company’s stock dropped around 5% in after-hours trading, a typical response when firms issue new convertible debt.
The Miner’s AI Pivot
CleanSpark’s strategy mirrors a broader migration across the Bitcoin mining landscape. As block rewards halve and network difficulty rises, miners with access to cheap energy are turning their facilities into dual-purpose compute hubs — serving both blockchain validation and AI workloads.
The move isn’t new for CleanSpark. Late last year, the company raised $650 million through a similar note issuance to expand its mining and energy portfolio. What’s changed is the direction of that investment: away from pure crypto and toward AI data processing.
The company’s hiring of Jeffrey Thomas, a veteran in AI infrastructure, as Senior Vice President of AI Data Centers in October underscored that transition. Insiders say Thomas is now spearheading plans to turn CleanSpark’s Georgia operations — rich in land and renewable energy — into one of the Southeast’s largest HPC hubs.
A Growing Trend Among Miners
CleanSpark’s move follows a growing playbook among major mining firms. By leveraging their access to abundant power, miners are positioning themselves as suppliers of computing capacity for machine learning and generative AI — industries now hungry for the same resources that once powered Bitcoin mining.
According to sector analysts, the move also offers a hedge against crypto volatility. “If Bitcoin’s returns slow, the pivot to high-performance computing gives miners a second revenue stream that scales with the AI boom,” said one market strategist.
CleanSpark’s capital raise, then, isn’t just about keeping up — it’s about staying relevant in a market where miners must act more like energy-tech operators than crypto specialists.
The information provided in this article is for educational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.
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Source: https://coindoo.com/cleanspark-raises-1-15b-to-power-its-shift-from-bitcoin-mining-to-ai/
