Mentioned:
CLSK -6.97% COIN -7.09%
One of the largest Bitcoin miners in America has just raised a billion dollars through debt.
What’s happening:
- CleanSpark (NASDAQ: CLSK) has raised $1.15B USD in a new convertible note financing round
By the numbers:
- The new convertible notes issued by CleanSpark pay 0.00% interest and will be able to be converted into common shares at $19.16 USD per share, which is roughly a 27.5% premium to CleanSpark’s closing price
Why it matters:
- This is the single largest debt financing that CleanSpark has ever done
Going deeper:
- CleanSpark has publicly stated they new growth capital will go towards acquiring new data centres, land and access to power as well as repaying lines of credit they have accessed from Coinbase (NASDAQ: COIN) against their Bitcoin holdings
- CleanSpark just recently made waves when they purchased hundreds of acres of land in Texas for expanding into high performance computing and secured 285 megawatts of power
