Key Highlights
- CleanSpark plans to raise $1 billion through convertible notes.
- The remaining funds will go toward AI projects, data centers, and Bitcoin-backed loans.
Out in the sun-scorched backyards of Las Vegas, where the dust has never been drier and the dreams have always been gaudier, CleanSpark Inc. has decided to play the part of a modern-day Prometheus. On November 10, they announced a grand plan to raise $1 billion through zero-coupon convertible notes-because who needs interest when you can have hope? These notes, due in February 2032, are as appetizing as a dry martini to a dehydrated coyote: no regular interest, just the sweet, sweet gamble of converting them into stock or a cash-share chimera, depending on the company’s whim.
The first batch of investors, presumably those with more faith than money, will also get a side dish of up to $200 million in additional notes if the market gods smile upon them. One can only imagine the fervent prayers being muttered in boardrooms across the Mojave.
– CleanSpark Inc. (@CleanSpark_Inc) November 10, 2025
Expanding into AI and Data Centers
A month prior, CleanSpark had the audacity to enter the AI arena, appointing Jeffrey Thomas-a name that sounds like it belongs to a 19th-century inventor-to lead the charge. They’ve purchased 271 acres in Texas, a plot so large it could double as a golf course for extraterrestrials, to build an AI data center capable of guzzling 285 megawatts of power. For cooling solutions, they’ve partnered with Submer, because nothing says “cutting-edge” like submerging servers in fluid. It’s like putting your computer in a bathtub and calling it innovative. 💧
CleanSpark’s Bitcoin mining operations, which have hit a record 50 exahashes per second, fund these moonshots. They own 13,011 BTC, a stash so hefty it could buy a small island-or at least a very expensive divorce. In October, they sold 589 BTC to secure the Texas land and power deals, proving that sometimes, you have to spend money to make money… and then spend some more to keep the lights on. 💡
Earlier this year, the company secured a $200 million credit line from Coinbase Prime, backed by their Bitcoin hoard, and later added another $200 million via agreements with Coinbase and Two Prime. Their Q3 revenue jumped 91% to $198.6 million, a number that sounds impressive until you realize it’s still less than what Elon Musk spends on Twitter rants.
Yet, for all this glittering ambition, CleanSpark’s shares have taken a nosedive, trading at $14.18-a 5.56% slump-and languishing 25% below October’s lofty peaks. It’s the financial equivalent of ordering a steak dinner and getting a salad. Investors, it seems, are as confused as a chihuahua in a Doberman convention. 🐕💥
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2025-11-11 23:51