CleanSpark Launches $1.15B Convertible Note Offering to Expand Bitcoin and AI Operations

Nasdaq-listed Bitcoin mining large CleanSpark has introduced plans to elevate $1.15 billion by a senior convertible notice providing to broaden its Bitcoin mining capability and speed up its push into synthetic intelligence (AI) infrastructure.

The firm expects to generate about $1.13 billion in internet proceeds, or up to $1.28 billion if underwriters absolutely train their choices.

The providing is about to shut on November 13, topic to normal closing situations, CleanSpark stated Tuesday.

CleanSpark to Use $460M for Stock Buyback

Of the proceeds, $460 million will go towards repurchasing widespread inventory from traders, whereas the rest might be used to broaden the agency’s energy and land portfolio, develop information middle infrastructure, repay Bitcoin-backed loans, and cowl normal company prices.

CleanSpark stated the inventory repurchases will happen by privately negotiated transactions at $15.03 per share, matching Monday’s Nasdaq closing worth.

The transfer comes roughly a yr after the corporate raised $550 million in the same personal convertible notice providing accomplished in December 2024.

According to Bitcoinminingstock.io, CleanSpark ranks because the world’s second-largest Bitcoin miner, boasting an operational hashrate of 46.6 exahashes per second (EH/s), trailing solely Marathon Holdings.

https://t.co/MdSn9YxoMh

— CleanSpark Inc. (@CleanSpark_Inc) November 11, 2025

The funding push aligns with a broader trade shift towards AI and high-performance computing (HPC).

Following April’s Bitcoin halving, which minimize block rewards by half, miners have been exploring methods to repurpose extra power and infrastructure for AI workloads to offset shrinking revenue margins.

CleanSpark’s inventory jumped 13% in late October after it introduced its AI growth technique.

Chief improvement officer Scott Garrison stated the corporate has recognized Georgia as a “strategic area” for each potential conversion and future growth.

The pattern extends past CleanSpark. In latest months, IREN secured a $9.7 billion cope with Microsoft to host AI GPUs in its information facilities, whereas Core Scientific signed a $3.5 billion settlement with CoreWeave to provide 200 megawatts of HPC infrastructure.

Once a struggling miner that filed for chapter in 2022, Core Scientific has since revived its fortunes by its AI partnership, a shift that CleanSpark seems prepared to mirror.

TeraWulf Q3 Revenue Surges 87% to $50.6M

As reported, Bitcoin miner TeraWulf posted a sharp rebound in the third quarter, almost doubling its year-over-year income as the corporate benefited from Bitcoin’s worth surge and rising publicity to synthetic intelligence infrastructure.

The US-based firm stated complete income rose 87% to $50.6 million, pushed largely by increased Bitcoin costs and extra earnings from high-performance computing (HPC) leasing. Of that complete, $43.4 million got here from “digital asset income.”

Notably, Bitcoin miners are facing mounting pressure as profitability plunges to its lowest stage in months, pushed by rising energy prices, declining Bitcoin costs, and decreased block rewards following April’s halving.

The key profitability metric, generally known as hash worth, has dropped to round $42 per PH/s, nearing break-even ranges that threaten smaller operations and squeeze trade margins.

The downturn has rippled throughout the provision chain, with {hardware} gross sales slowing and tools producers struggling as miners delay purchases or cancel orders.

Some corporations, like Bitdeer, have turned to self-mining, whereas others are pivoting to AI and high-performance computing (HPC) to capitalize on stronger margins and regular demand.

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