CleanSpark Raises $1.15 Billion to Expand Bitcoin Mining and AI Infrastructure

CleanSpark, a Nasdaq-listed Bitcoin mining company, has announced plans to raise $1.15 billion through a senior convertible note offering, signaling its intent to scale both its Bitcoin mining capacity and emerging artificial intelligence (AI) data center operations. 

The move follows a growing trend among major crypto miners seeking to diversify revenue streams beyond Bitcoin.

The offering, unveiled on Tuesday, is expected to generate approximately $1.13 billion in net proceeds, or up to $1.28 billion if investors exercise their full options to purchase additional notes. The transaction is set to close on November 13, subject to standard conditions.

CleanSpark said around $460 million of the funds will be used to repurchase common stock from investors at $15.03 per share, matching Monday’s Nasdaq closing price. The remaining proceeds will go toward expanding power and land holdings, developing data center infrastructure, repaying Bitcoin-backed credit, and covering general corporate expenses.

The move comes nearly a year after CleanSpark completed a $550 million private convertible note offering in December 2024. According to data from BitcoinMiningStock.io, the firm is currently the second-largest Bitcoin miner globally, with an operational hashrate of 46.6 EH/s, trailing only Marathon Holdings.

Bitcoin Miners Pivot Toward AI

CleanSpark’s capital raise comes as the broader Bitcoin mining industry accelerates its pivot toward AI infrastructure. The shift has been driven by the post-halving decline in block rewards and increasing energy costs, prompting miners to leverage their data center expertise for high-performance computing (HPC) and AI workloads.

When CleanSpark first revealed plans to expand into AI on October 20, its stock surged 13% in a single day, reflecting investor enthusiasm for the move. 

“We have been reviewing the entire portfolio from first principles to evaluate AI suitability and have identified Georgia as a strategic region for both potential conversion as well as expansion,” said Scott Garrison, the company’s Chief Development Officer and Executive Vice President.

Industry-Wide Shift Gains Momentum

CleanSpark is not alone in this transition. Earlier this month, rival Bitcoin mining company IREN signed a $9.7 billion, five-year deal with Microsoft to provide access to Nvidia GPUs hosted in its data centers. 

Similarly, in June, Core Scientific announced a $3.5 billion partnership with AI cloud provider CoreWeave to supply 200 megawatts of infrastructure for HPC operations. This deal could generate over $3.5 billion over 12 years.

Core Scientific’s successful pivot to AI effectively revived the company after it filed for Chapter 11 bankruptcy in 2022.

As CleanSpark positions itself at the intersection of Bitcoin and AI, the company’s latest capital raise underscores a broader transformation across the digital infrastructure landscape — where crypto miners are rapidly evolving into the next generation of AI data powerhouses.