THE MINING POD: CleanSpark’s $650M Convert Deal

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?

Published twice weekly, "The Mining Pod" interviews the best builders and operators in the Bitcoin and Bitcoin mining landscape. Subscribe to get notifications when we publish interviews on Tuesday and a news show on Friday! 

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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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