PANews reported on December 13 that according to PR Newswire, Nasdaq-listed Bitcoin mining company CleanSpark, Inc. announced that it plans to offer a total of $550 million of convertible senior notes due in 2030 to the first subscribers, subject to market conditions and other factors. CleanSpark also expects to grant the initial purchasers of the convertible notes the option to purchase additional convertible notes with a total principal amount of up to $100 million within 13 days of the date of the first issuance of the convertible notes.

The Company intends to use the net proceeds from the offering to pay the cost of the capped call option transactions, use up to $125 million of the net proceeds to repurchase the Company's common stock from convertible note investors, and use the remaining net proceeds to repay in full the Company's outstanding amount under its credit facility with Coinbase, capital expenditures, acquisitions, and for general corporate purposes.