Convertible notes are all the rage in Bitcoin mining today. How did CleanSpark structure its note? We dig in!
Welcome back to The Mining Pod! On today’s show, were joined by CleanSpark CEO Zach Bradford and CFO Gary Vecchiarelli to discuss their convertible note offering. In this show, we go through the mechanics of the note (it’s complicated, trust me), the purpose for using the funds, growing to 50 EH/s and why CleanSpark chose not to buy Bitcoin with the capital on hand. Lastly we talk about the institutional space for Bitcoin investments including metrics and topics to watch out for in 2025!
Timestamps:
00:00 Start
02:10 Cleanspark update
04:11 How the note works
07:53 Why not buy Bitcoin?
13:35 Why 0% interest
16:16 Why the cap call?
19:34 Choosing the right financial option
25:38 Why convertible note bull market?
30:16 Deal coordination
31:17 Bond market new to miners?
32:31 Shareholder value
36:51 ATM
38:05 Why not deploy capital immediately?
40:12 Institutional investors
41:34 Best metrics to watch
43:02 What does 2025 look like?
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Thank you to our sponsor, CleanSpark, America’s Bitcoin miner!
"The Mining Pod" is produced by Sunnyside Honey Inc. with Senior Producer Damien Somerset.
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