TechFlow news, November 11 — According to The Block, Nasdaq-listed bitcoin mining company CleanSpark announced plans to raise $1 billion through a private placement of convertible senior notes.
The company said it will issue zero-coupon convertible notes due in 2032, with initial purchasers having the option to purchase up to an additional $200 million. CleanSpark intends to use up to $400 million of the proceeds to repurchase its own shares, with the remainder allocated to expanding its power and land portfolio, developing data center infrastructure, repaying its bitcoin-backed credit facility, and general corporate purposes.
The zero-coupon convertible notes will mature on February 15, 2032, and may be converted at the company's election into cash, stock, or a combination of both. The offering is expected to be priced before the opening of U.S. markets on Tuesday and will be sold by Cantor Fitzgerald and BTIG.
