Bitcoin mining company CleanSpark completes $650 million convertible senior notes issuance

According to official news, Nasdaq-listed Bitcoin mining company CleanSpark announced the completion of a $650 million convertible senior note issuance. In addition, the company also repurchased 11.76 million shares of common stock for approximately $145 million, which will be removed from the company's total number of issued shares. CleanSpark CEO and President Zach Bradford revealed that more funds are expected to be obtained from the proceeds through the issuance of 50 EH/s and above. After deducting the discounts of the initial purchasers and the company's estimated payable expenses related to the issuance, the net proceeds from the sale of convertible notes were approximately $633.6 million. The company has used approximately $90.4 million of the net proceeds from the issuance to pay the cost of capped call option transactions, approximately $145 million to repurchase its common stock from convertible note investors, and intends to use the remaining net proceeds to fully repay the company's outstanding amounts under Coinbase's credit line, capital expenditures, potential acquisitions and general corporate purposes.