CleanSpark shares gained 4.73% to close near $13.40 after the Bitcoin miner announced a proposed $2.227 billion senior secured notes offering due in 2031. The notes would be issued through wholly owned subsidiary CSDC Finance I LLC via a private placement, with proceeds directed toward completing the Sandersville data center in Georgia, reimbursing earlier equity investments and establishing debt-service reserve accounts. Another subsidiary, CSRE Properties Sandersville LLC, would guarantee the notes, which would carry a first-priority lien on most assets of the issuer and the property company.
The proposed debt is structured as senior secured debt rather than convertible equity, meaning no share conversion or direct dilution is expected under the announced terms. CleanSpark has not yet disclosed the interest rate, issue price or final closing date. If proceeds are insufficient to finish the Sandersville facility, CleanSpark said it would provide a completion guarantee. The financing follows a July announcement of a 20-year infrastructure lease covering 175 megawatts of compute capacity at the Georgia campus. That initial lease term could generate $6.6 billion in contracted revenue, with optional extensions potentially raising the total to $11.6 billion. Reports have named Meta as the tenant, though CleanSpark has not publicly confirmed the customer.
CleanSpark continues to operate a major Bitcoin mining business. The company produced 593 BTC in August, up from 586 BTC in July, lifting 2026 production to 4,903 BTC. It held 13,703 BTC as of Aug. 31, down from 13,931 BTC at the end of July. CleanSpark sold 229 BTC on the spot market and delivered 350 BTC under call options, reporting an average realized price of $66,133 per Bitcoin including option premiums. Bitcoin was trading near $76,300 on Sept. 17. Mining economics had weakened earlier in the summer, with hashprice falling nearly 18% over 30 days to about $30.77 per petahash per second in June.
CleanSpark reported fiscal third-quarter revenue of $198.6 million, up from $104.1 million a year earlier, while recording a net loss of $236.2 million. The company held $933.3 million in cash and Bitcoin as of June 30, with total debt of $1.8 billion before the newly proposed Sandersville notes offering. Analysts maintain a consensus Buy rating with an average price target of $24.22, including targets of $26 from B. Riley and Cantor Fitzgerald and $21 from Chardan Capital.
