CleanSpark, a leading Nasdaq-listed Bitcoin mining firm, is raising $1.15 billion to strengthen its mining operations and expand into artificial intelligence (AI) data infrastructure.
The company announced a senior convertible note offering on Tuesday, aiming for net proceeds of roughly $1.13 billion, or $1.28 billion if initial purchasers exercise their full options. The offering is expected to close on Nov. 13, contingent on standard closing conditions.
Of the funds, $460 million will be used to repurchase common stock from investors, while the remainder will support CleanSpark’s power and land portfolio expansion, develop data center infrastructure, repay outstanding Bitcoin-backed credit balances, and cover general corporate expenses.
Repurchases will occur through privately negotiated transactions at $15.03 per share, matching the Nasdaq closing price on Monday.
This follows a similar private convertible note raise of $550 million in December 2024, reflecting a consistent strategy of capital expansion to support both Bitcoin mining and infrastructure growth. With an operating hashrate of 46.60 exahashes per second (EH/s), CleanSpark ranks as the second-largest Bitcoin miner globally, behind Marathon Holdings.
Integrating mining and AI infrastructure
CleanSpark’s strategy shows the growing overlap between cryptocurrency mining and AI computing. By leveraging existing mining infrastructure to host high-performance computing workloads, the company aims to stabilize revenue while meeting surging demand for AI processing power.
Scott Garrison, chief development officer and executive vice president, explained that Georgia has been identified as a strategic region for both facility conversion and expansion. Following the Oct. 20 announcement of its AI expansion, CleanSpark shares rose 13 percent, reflecting investor optimism about this dual-pronged growth approach.
Industry peers are following similar paths. IREN recently signed a five-year, $9.7 billion agreement with Microsoft to provide Nvidia GPU access in its data centers. Core Scientific secured a 12-year, $3.5 billion deal with CoreWeave to host 200 megawatts of AI computing infrastructure, a move credited with reviving the company after its 2022 Chapter 11 filing.
A deliberate strategy for long-term growth
CleanSpark’s capital raise and AI integration demonstrate a clear long-term vision: balance traditional Bitcoin mining with emerging AI workloads to diversify income and strengthen operational resilience.
“We are reviewing every asset to ensure it can support AI workloads efficiently,” Garrison said, emphasizing a research-driven, strategic approach.
Previously, CleanSpark has reached a critical milestone in its Bitcoin holdings. As of September, the company held approximately 13,011 BTC, representing one of the largest corporate treasuries in the mining sector.
This achievement coincided with a record operational hashrate of 50 EH/s, underscoring both asset accumulation and hardware scale.
By combining a growing Bitcoin reserve with the planned infrastructure build-out for artificial intelligence and data processing, CleanSpark is clearly positioning for a diversified future rather than relying solely on mining margins.
Oleksii Shumak
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