CleanSpark Shares Slide 5% as Company Expands $1.15B Convertible Offering to Fund Expansion

CleanSpark Stock Falls 5% as Bitcoin Miner Upsizes $1.15B Convertible Note to Fund Expansion

November 11, 2025

Bitcoin miner and data center operator CleanSpark (CLSK) saw its shares fall 5% on Tuesday after announcing an upsized $1.15 billion convertible note offering, aimed at accelerating power and infrastructure expansion.

The new financing aligns with a broader surge in convertible debt issuance among bitcoin miners and AI-linked data infrastructure companies, as capital markets respond to heightened demand for computing power and energy capacity.

According to CoinDesk Research, the growing overlap between AI infrastructure and bitcoin mining has driven record investor interest in hybrid debt instruments that blend exposure to both sectors.

The Las Vegas-based company will issue 0% Convertible Senior Notes due 2032, after increasing the size of the deal on strong institutional demand. CleanSpark intends to use roughly $460 million of the proceeds for a share repurchase program priced at $15.03 per share, while allocating the remainder toward land acquisition, new data center construction, power development, and debt repayment.

The notes carry a 27.5% conversion premium, with an additional $150 million available if underwriters exercise their option in full. Cantor Fitzgerald and BTIG are leading the transaction, which is expected to close on November 13.

CleanSpark’s pre-market decline to $14 per share was likely driven by delta hedging activity from banks managing exposure to the convertible issuance—a temporary market effect commonly seen in such financing deals.

The offering mirrors similar debt raises by peers TeraWulf (WULF) and Galaxy Digital (GLXY) as mining firms race to scale operations and capture the capital flows converging between bitcoin infrastructure and AI computing.

About The Author

ctleditor

See author's posts