CleanSpark Raises $1.15B via Zero-Coupon Convertibles Amid Mining Shakeout
CleanSpark announced on Nov. 12, 2025 that it sold $1.15 billion of zero-coupon convertible notes in a 144A private placement due in 2032, using the proceeds to buy additional power and mining rigs. The deal bears no periodic interest and sets an initial conversion price around $19.16, roughly a 27.5% premium to the company’s $15.03 share price at the time of the announcement.
The move underscores the strain on miners as tightening margins and a turbulent BTC market force aggressive financing and capex strategies. For investors, the notes offer institutional capital without near-term cash interest but create a potential dilution overhang if shares rally to the conversion level. Market watchers will be watching how added capacity affects competition and how the conversion feature impacts CleanSpark’s equity and balance sheet dynamics.