Summary
- CleanSpark said it will raise funds by issuing $1.15 billion in convertible bonds.
- It said the proceeds will be used for share repurchases, power and site portfolio expansion, new data center construction, and repayment of Bitcoin-collateralized loans.
- Following the news, CleanSpark's stock was reported to be trading at $14.36 in the pre-market, down 4.46%.
Bitcoin (BTC) miner CleanSpark is expanding the size of its convertible bond issuance to $1.15 billion.
According to CoinDesk on the 11th (Korean time), CleanSpark is pursuing funding through the issuance of convertible bonds maturing in 2032 with a 0% interest rate. This increase was an adjustment reflecting rising investor demand, and Cantor Fitzgerald and BTIG served as joint managers.
About $460 million of the proceeds will be used for share repurchases at $15.03 per share, and the remainder will be投入 into power and site portfolio expansion, new data center construction, and repayment of Bitcoin-collateralized loans. The conversion premium was set at 27.5%, and up to $150 million could be issued additionally upon exercise of the option.
The move is in line with a recent trend of Bitcoin miners and artificial intelligence (AI) data infrastructure companies raising funds through large convertible bond issuances. CoinDesk analyzed, "Investor demand for exposure to both Bitcoin and computing infrastructure is surging."
CleanSpark's stock was trading at $14.36 in the pre-market, down 4.46% from the previous day.
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.
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