CleanSpark Shares Drop 5% After Upsizing $1.15B Convertible Note for Expansion
November 11, 2025 – Bitcoin miner and data center operator CleanSpark (CLSK) saw its shares fall 5% Tuesday following the announcement of an upsized $1.15 billion convertible note offering to fund infrastructure and power expansion.
The Las Vegas-based firm said approximately $460 million of the proceeds will be used for a share repurchase program at $15.03 per share, while the remainder will support new data center development, land and power acquisitions, repayment of bitcoin-backed credit lines, and general corporate purposes. The notes carry a 0% coupon and a 27.5% conversion premium, with an additional $150 million available if underwriters exercise their option fully.
The offering, led by Cantor Fitzgerald and BTIG, reflects a wider trend of convertible debt issuance among bitcoin miners and AI-focused data infrastructure firms, as investors seek hybrid exposure to both digital assets and computing capacity. Comparable deals have recently been completed by TeraWulf (WULF) and Galaxy Digital (GLXY).
CleanSpark’s shares traded around $14 pre-market, down 5%, with the drop likely driven by short-term delta hedging from banks managing their exposure to the convertible notes—a common occurrence following such deals.
The company’s upsized financing underscores growing institutional appetite for capital-efficient expansion in the bitcoin mining and data infrastructure sectors, even amid temporary market volatility.
