CleanSpark Upsizes Convertible Bonds to $1.15B as Bitcoin Miner Debt Wave Accelerates

CleanSpark has upsized its convertible note offering to $1.15 billion, extending a record wave of debt issuance among bitcoin miners seeking to fund power and HPC expansion amid tightening hashprice.

CleanSpark announced on Monday that the zero-coupon convertible senior notes, due 2032, carry an initial conversion price of about $19.16 per share—representing a 27.5% premium to its $15.03 closing price on Nov. 10.

CleanSpark expects to net approximately $1.13 billion from the deal, or $1.28 billion if the initial purchasers exercise their option to buy up to an additional $150 million. About $460 million of the proceeds will go toward repurchasing shares from participating investors, with the remainder earmarked for power and land acquisitions, data center development, repayment of bitcoin-backed credit lines, and general corporate purposes.

The move underscores the ongoing financing wave reshaping the mining sector, as detailed in recent Miner Weekly reports. Over the past year, public miners have collectively announced more than $12 billion in convertible notes offerings, as well as another $5 billion via senior secured note offerings. A large portion of the investment is designed to finance the pivot from pure bitcoin mining toward HPC and AI hosting infrastructure.

CleanSpark, which brands itself as “America’s Bitcoin Miner,” is the latest bitcoin mining operator that has pivoted away from its previous pure-play bitcoin strategy to explore revenue diversification as bitcoin’s mining margin continues to squeeze due to rising difficulty. Following the recent market slump, bitcoin’s hashprice has slumped to the low $40/PH/s range.