CleanSpark Upsizes $1B Convertible Note to $1.15B, Expands Texas Power Portfolio

In a significant move, bitcoin miner and data center operator CleanSpark (Nasdaq: CLSK) has upsized its announced 0% convertible senior note package to $1.15 billion from the initial $1 billion. This announcement comes just a week after CleanSpark revealed details about the acquisition of a 285MW site in the greater Houston, Texas area.

The newly acquired site sits on a major regional fiber backbone and is adjacent to natural gas pipelines, providing the flexibility to incorporate behind-the-meter generation if needed. CleanSpark has already begun developing the site and expects to have over 200MW of capacity online by the second half of 2027.

Notably, CleanSpark has also agreed to repurchase approximately $460 million of its common stock from investors at $15.03 per share, which was the closing price on November 10. The remaining funds will be used to further expand the company's power and land portfolio, develop data center infrastructure, and repay bitcoin-backed credit lines.

The convertible notes will be initially convertible at a rate of 52.1832 shares per $1,000 principal amount, equivalent to a conversion price of around $19.16 per share, representing a 27.5% premium to CleanSpark's closing price on November 10. The notes will mature on February 15, 2032, unless they are converted, redeemed, or repurchased earlier.