CleanSpark: $1.15B Bond, 5% Dip, 0% Chill 😱💸

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Markets

What’s the deal? 🤷‍♂️

  • CleanSpark decided to go big or go home with a $1.15B convertible note at 0%. Bold move, Cotton. Let’s see if it pays off. 💼💰
  • Apparently, $460M is for buying back shares at $15.03. The rest? Power expansion, data centers, and paying off debts. Because why not? 🏗️🔌
  • Shares dropped 5% pre-market. Classic Larry David energy: “Why does this always happen to me?!” 📉😩

So, CleanSpark (CLSK), the bitcoin miner and data center operator, took a 5% nosedive after announcing their $1.15B convertible bond offering. Big money, big problems, am I right? 🤑🤦‍♂️

Turns out, everyone’s jumping on the debt train these days-bitcoin miners, AI firms, you name it. It’s like a party, but instead of drinks, they’re serving convertible notes. 🥳📜

CoinDesk Research says AI-aligned bitcoin miners are drowning in convertible debt. Investors can’t get enough of this hybrid bitcoin-computing action. Who knew? 🤖🔗

CleanSpark’s 0% Convertible Senior Notes due 2032 are all the rage. Strong demand? Check. Increased target? Check. Larry David would say, “What’s next, a parade?!” 🎉🤷‍♂️

Here’s the breakdown: $460M for share repurchases, the rest for power, land, data centers, and paying off debts. Oh, and general corporate purposes. You know, the usual. 🏦🏭

The zero-coupon notes have a 27.5% conversion premium. And if the purchasers feel extra spicy, they can add another $150M. Cantor Fitzgerald and BTIG are leading the charge. Deal closes Nov. 13. Mark your calendars. 📅💼

Shares are down 5% pre-market, trading at $14. Delta hedging? Banks? Short-term pressure? Sounds like a Wall Street soap opera. 🧼📉

Bottom line: CleanSpark’s move is part of a trend, but the market’s like, “Eh, not today.” Larry David would’ve seen this coming. “I told you not to upsize the note, Jerry!” 😤🤣

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2025-11-11 12:38