CleanSpark Raises $1.15B Convertible Note for Bitcoin and AI Growth

NEW YORK, Nov 11 2025 – CleanSpark Inc. said on Monday it will raise $1.15 billion through a convertible senior note offering to expand its Bitcoin mining and artificial intelligence operations. The move comes as listed miners seek new capital to meet growing computing demand.

The Nevada-based company said in a filing that the notes will mature in 2030 and be offered to qualified institutional buyers under Rule 144A of the U.S. Securities Act. They will be convertible into CleanSpark’s common stock, subject to standard terms and adjustments. The company did not disclose the interest rate or conversion price.

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

CleanSpark said the proceeds will fund new data centers, increase mining capacity, and support high-performance computing for AI workloads. Some capital may go toward acquisitions or general purposes.

Shares of CleanSpark, traded on Nasdaq under ticker CLSK, fell 2.3% to $12.47 on Monday. Despite the drop, the stock is up almost 90% this year as Bitcoin prices recovered and investor interest in digital infrastructure grew. The company’s market value is about $3 billion.

Bitcoin was steady near $67,000 after a 15% rise in October. Analysts said the rally, helped by lower inflation and expectations of U.S. rate cuts in 2025, has lifted profit margins across the mining sector and improved access to financing.

CleanSpark said the offering will speed up expansion in Georgia and Mississippi and help upgrade existing sites. The company plans to use unused power capacity for machine-learning workloads when Bitcoin demand falls.

“The size of this issuance shows confidence in long-term computing demand,” said Paul Edwards, digital asset analyst at Northland Capital Markets. “Bitcoin mining and AI computing now share the same data-center resources and energy networks.”

The deal adds to other fundraising efforts by U.S. miners such as Marathon Digital Holdings and Core Scientific. Both companies have announced plans to integrate AI computing to reduce exposure to Bitcoin’s price cycles.

CleanSpark reported fiscal third-quarter revenue of $163 million, up 28% year over year, as its hash rate surpassed 20 exahashes per second. The company expects to reach 25 exahashes in 2026 as new facilities open. It ended the quarter with about $300 million in cash and digital assets.

Earlier this year, CleanSpark raised $300 million through stock and debt sales to finance post-halving expansion. The April halving cut mining rewards by 50%, forcing smaller operators to consolidate or shut down. CleanSpark expanded during that period by buying distressed sites and securing long-term power contracts.

Analysts said issuing convertible debt gives CleanSpark large-scale funding without immediate share dilution. “A billion-dollar convertible is a signal of scale,” said James Heller, equity strategist at Wedbush Securities. “It helps the company compete for digital infrastructure and AI contracts while keeping flexibility on costs.”

The offering is expected to close this week, subject to conditions. J.P. Morgan Securities and Cantor Fitzgerald are acting as joint book-running managers. CleanSpark did not say whether the sale includes an additional allotment option.

The announcement comes as regulators increase scrutiny of energy use in mining and data centers. CleanSpark said it plans to rely on renewable and low-cost natural-gas power to improve efficiency and reduce emissions.

The company’s financing underscores how miners are repositioning as infrastructure providers, bridging cryptocurrency and artificial intelligence. Both industries depend on power, chips, and scale. CleanSpark, Inc. said it will share details on spending once the deal is complete. For more context, see our coverage here.

Recap

• CleanSpark announced a $1.15 billion convertible note sale due 2030.
• Funds will expand Bitcoin mining and AI computing capacity.
• CLSK shares fell 2.3% after the news but remain up almost 90% in 2025.
• The deal follows a broader trend of miners pursuing hybrid crypto-AI infrastructure.
• J.P. Morgan and Cantor Fitzgerald will manage the sale, expected to close this week.