CleanSpark plans to raise 1 billion USD through a private placement of zero-coupon convertible bonds maturing in 2032 to expand operations and improve finances. Initial investors may also purchase an additional 200 million USD. Approximately 400 million USD will be used for acquisition of shares, with the remainder allocated for expanding the power and land portfolio, developing data centers, repaying bitcoin-backed loans, and general corporate expenses.
Bonds that do not pay periodic interest and can be converted into cash, shares, or a combination at CleanSpark's discretion. The issuance is expected to be priced on Tuesday.
Recently, CleanSpark expanded into AI data center infrastructure and acquired 271 acres of land in Texas. Despite a 22% drop in shares over the past month, the company has still risen 63% since the beginning of the year, reflecting the trend of crypto companies using convertible bonds for growth.
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