CleanSpark Shares Slide 5% After $1.15B Convertible Note Upsize
November 11, 2025 – CleanSpark (CLSK), the bitcoin miner and data center operator, saw its shares drop 5% following the announcement of an upsized $1.15 billion convertible note offering aimed at accelerating expansion.
The Las Vegas-based firm plans to allocate roughly $460 million to share repurchases at $15.03 per share, with the remainder funding new data centers, power and land acquisitions, repayment of bitcoin-backed credit lines, and general corporate purposes. The zero-coupon notes carry a 27.5% conversion premium, with an extra $150 million available if underwriters exercise their full option.
The offering, led by Cantor Fitzgerald and BTIG, highlights the recent surge in convertible debt among bitcoin miners and AI-focused data infrastructure companies. Analysts noted the pre-market decline likely reflects delta hedging by banks involved in the transaction.
