CleanSpark shares closed 4.73% higher at about $13.40 after the Bitcoin miner announced plans for a $2.227bn private placement of senior secured notes to help develop its Sandersville data centre campus in Georgia.
The notes, issued by wholly owned subsidiary CSDC Finance I LLC, would mature in 2031. Most of the proceeds would fund construction, while some would reimburse equity already invested in the project and establish debt-service reserve accounts.
CSRE Properties Sandersville LLC, another CleanSpark subsidiary, would guarantee the notes. The debt would also be secured by a first-priority lien over most assets owned by the issuer and the property company, meaning Sandersville assets would serve as collateral.
The proposed notes cannot be converted into CleanSpark shares under the announced terms, unlike convertible bonds, so the transaction would not directly dilute shareholders through conversion. However, it would create interest and repayment obligations, with pledged assets potentially available to creditors if the issuer defaults.
CleanSpark has not yet disclosed the interest rate, issue price or closing date. Completion remains subject to market conditions and customary requirements, and the company warned there was no guarantee the offering would close on the proposed terms or at all.
If the financing does not provide enough money to complete Sandersville, CleanSpark would give a customary completion guarantee. Under that arrangement, the Nasdaq-listed parent would provide the additional funds required, subject to the final terms.
Because the placement is private, the notes will not be sold through a general public securities offering. Investors will need the final documents to assess the cost of the debt, covenants, construction timetable and rules governing the reserve accounts.
Sandersville project
The financing follows CleanSpark’s July announcement of a 20-year infrastructure lease with an unnamed investment-grade global technology company. The agreement covers 175 megawatts of computing capacity and could generate $6.6bn in contracted revenue during its initial term.
Two optional five-year extensions could increase the total value to $11.6bn if both are taken up. CleanSpark expects the initial capacity to become available from the fourth quarter of 2027. The company has not named the customer, so reports identifying Meta remain unconfirmed.
CleanSpark bought the Sandersville Bitcoin mining facility from Mawson Infrastructure Group in October 2022. The acquisition included nearly 6,500 mining machines with about 560 petahashes per second of computing power. The site was planned to reach 230 megawatts, with 175 megawatts later allocated to high-performance computing.
The company now describes itself as a digital infrastructure developer serving Bitcoin mining and compute-intensive workloads, including artificial intelligence infrastructure. It has said that existing power access and grid connections can assist redevelopment, although the Sandersville conversion still requires more than $2bn of proposed funding and a parent-company guarantee.
Bitcoin operations
CleanSpark produced 593 BTC in August, up from 586 BTC in July, taking its 2026 total to 4,903 BTC. It held 13,703 BTC on 31 August, compared with 13,931 BTC at the end of July.
In July, it sold 229 BTC on the spot market and delivered 350 BTC through call-option contracts, recording an average realised price of $66,133 per Bitcoin including option premiums.
Bitcoin was trading near $76,300 on 17 September after falling towards $75,000. Resistance was reported around $77,000 and $78,000, while daily momentum remained under pressure.
CleanSpark’s fiscal third-quarter revenue reached $198.6m, up from $104.1m a year earlier, but it recorded a net loss of $236.2m compared with net income of $379.4m in the same period of 2025. The company attributed much of the loss to changes in the fair value of its Bitcoin holdings.
At 30 June, CleanSpark reported $933.3m in cash and Bitcoin and total debt of $1.8bn, before the proposed Sandersville notes. Mining profitability had also weakened in June, when hashprice fell by nearly 18% over 30 days to about $30.77 per petahash per second.
