Group 1 - Investors are observing volatile Bitcoin prices, particularly noting the recent drop below $100k as a potential buying opportunity [1] - Gary Alexander has extensive experience in technology sectors, having worked on Wall Street and in Silicon Valley, and advises seed-round startups [1] - Alexander has been a contributor to Seeking Alpha since 2017 and his insights are featured in various trading apps like Robinhood [1]

Core Insights - CleanSpark Inc. has achieved a significant milestone by surpassing 10,000 bitcoin in its treasury, all of which are self-mined from U.S.-based operations [1][2] - The company reported a 236% year-over-year increase in its bitcoin-denominated treasury, indicating strong growth in a dynamic market [2] Company Performance - The achievement reflects CleanSpark's commitment to operational excellence, strategic growth, and disciplined capital management [2] - The company emphasizes its focus on sustainable growth and innovation within the global bitcoin ecosystem, highlighting its dedication to using American energy and creating jobs [2][3] Financial Strategy - CleanSpark's financial strategy is designed to align with sound risk management principles, avoiding unfavorable counterparty exposure while leveraging bitcoin to lower capital costs [3] - The company aims to drive long-term value for stakeholders while contributing to the development of the global bitcoin and digital asset ecosystem [3] Operational Excellence - CleanSpark operates a portfolio of mining facilities across the United States, optimized for superior returns to shareholders through low-cost, high-reliability energy [4] - The company positions itself at the intersection of bitcoin, energy, operational excellence, and capital stewardship, which is crucial for success in the evolving digital asset landscape [4]

Group 1 - CleanSpark (NASDAQ: CLSK) shares were upgraded from 'hold' to 'buy' in October after a cautious outlook for most of 2024 [1] - CLSK experienced significant growth in 2023 after reaching a low point in December 2022 [1]

Core Insights - CleanSpark Inc. achieved significant growth in bitcoin mining, producing 668 bitcoin in December 2024 and a total of 7,024 bitcoin for the year [1][8] - The company reported a 287.9% increase in hashrate and a 33.3% improvement in efficiency year-over-year, reaching an operational hashrate of 39.1 EH/s and fleet efficiency of 17.59 J/Th by year-end [2][8] Mining Operations - In December 2024, CleanSpark's average hashrate was 35.52 EH/s, with an average of 21.56 bitcoin mined daily, peaking at 22.46 bitcoin in a single day [4] - The company sold 12.65 bitcoin in December at an average price of approximately $101,246 per bitcoin [4] Financial Updates - CleanSpark successfully closed a $650 million zero-coupon convertible bond offering in December to support its growth strategy, including reaching a target of 50 EH/s [5][2] - The company has a total of 9,952 bitcoin holdings as of December 31, 2024 [8] Expansion and Infrastructure - CleanSpark expanded its operations into three new states: Mississippi, Tennessee, and Wyoming, with multiple site expansions completed [2] - The Jackson, Tennessee site has an initial 12 MW of S21 XP Immersion miners, with a second phase adding 48 MW [6] - In Cheyenne, Wyoming, the company is constructing 75 MW of immersion-cooled bitcoin mining data centers, expected to contribute 5 EH/s upon completion [7]

Core Insights - CleanSpark has achieved an operating hashrate of 37.5 EH/s, exceeding its previous year-end target of 37 EH/s, with a fleet efficiency of 17.7 J/Th [3][4][8] - The company has accelerated its guidance for reaching 50 EH/s, now expected in the first half of 2025, supported by a recent $650 million zero-coupon convertible bond offering [5][8] - CleanSpark's bitcoin treasury balance is approaching 10,000 bitcoin, all of which have been mined by the company [5] Financial Performance - The company reported a nearly 300% increase in hashrate since the beginning of 2024 [4] - December has been highlighted as one of CleanSpark's strongest strategic months, with the capital raised expected to fully fund the expansion to 50 EH/s [5] Strategic Growth - The recent energization of new data centers in Tennessee and Wyoming is part of a multistage process aimed at increasing hashrate and fleet efficiency [8] - The growth strategy includes a mix of greenfield infrastructure development, organic growth through existing site expansion, and strategic mergers and acquisitions, all funded by the recent capital raise [8] Operational Excellence - CleanSpark operates a portfolio of mining facilities across the United States, leveraging globally competitive energy prices to optimize mining operations [9] - The company emphasizes its focus on bitcoin mining and operational excellence to deliver superior returns to shareholders [9]

Offering Details - CleanSpark completed a $650 million offering of 0.00% Convertible Senior Notes due 2030, including $100 million from the initial purchasers' full exercise of their option to buy additional notes [1] - The net proceeds to the company were approximately $633.6 million after deducting initial purchasers' discounts and estimated expenses [5] Use of Proceeds - Approximately $90.4 million of the net proceeds were used to pay for capped call transactions [5] - Approximately $145.0 million was used to repurchase 11.76 million shares of common stock [4][5] - The remaining proceeds will be used for repaying the company's line of credit with Coinbase, capital expenditures, potential acquisitions, and general corporate purposes [5] Capped Call Transactions - The company entered into capped call transactions with a cap price of $24.66 per share, representing a 100% premium over the December 12, 2024 closing price of $12.33 [3] - These transactions are expected to reduce potential dilution to common stock upon conversion of the Convertible Notes and offset potential cash payments in excess of the principal amount [3] Share Repurchase and Dilution Impact - The company repurchased 11.76 million shares for approximately $145 million, which will be removed from the outstanding share count [4] - The company will not have to issue additional shares (on a net basis) until the price of its common stock exceeds $33.67, considering the benefits of the capped call and share repurchase [4] Strategic Implications - The offering is expected to fully fund the company's growth through 50 EH/s and beyond [5] - The company plans to continue adding mined Bitcoin to its balance sheet and remains well-positioned for opportunistic acquisitions [5] - The offering provides greater clarity on near-term share count, with no immediate plans for another equity or equity-linked offering [5] Company Overview - CleanSpark is a market-leading, pure-play Bitcoin miner with a portfolio of mining facilities across the United States [8] - The company focuses on operational excellence, capital stewardship, and monetizing low-cost, high-reliability energy to secure Bitcoin [8]

Core Viewpoint - CleanSpark, Inc. has announced a $550 million offering of 0.00% Convertible Senior Notes due 2030, aimed at qualified institutional buyers, with the offering expected to close on December 17, 2024 [1][2]. Group 1: Transaction Details - The offering consists of $550 million in Convertible Senior Notes with a 20.00% conversion premium [2]. - The initial cap price for capped call transactions is set at $24.66 per share, representing a 100% premium to the common stock's closing price of $12.33 on December 12, 2024 [2][8]. - CleanSpark plans to repurchase approximately $145 million of its common stock from investors in the Convertible Notes [2][11]. - The initial purchasers have a 13-day option to buy an additional $100 million in Convertible Notes [2]. Group 2: Use of Proceeds - The net proceeds from the offering are expected to be approximately $535.9 million, or $633.6 million if the additional option is fully exercised [3]. - Approximately $76.5 million will be allocated to the capped call transactions, $145 million for share repurchases, and the remaining funds for repaying amounts under the line of credit with Coinbase, capital expenditures, acquisitions, and general corporate purposes [3]. Group 3: Convertible Notes Characteristics - The Convertible Notes will be senior unsecured obligations, maturing on June 15, 2030, and will not bear regular interest [4]. - The initial conversion rate is set at 67.5858 shares per $1,000 principal amount, equating to an initial conversion price of approximately $14.80 per share [5]. - The Company may redeem the Convertible Notes starting June 20, 2028, under specific conditions [6]. Group 4: Capped Call Transactions - Capped call transactions are designed to reduce potential dilution upon conversion of the Convertible Notes [9]. - The cap price for these transactions is initially set at $24.66 per share, with customary anti-dilution adjustments [8]. - The Company anticipates that the option counterparties may engage in market activities that could influence the stock price around the pricing of the Convertible Notes [10].

Core Viewpoint - CleanSpark, Inc. plans to offer $550 million in convertible senior notes due 2030, subject to market conditions, to qualified institutional buyers [1][10] Group 1: Offering Details - The company may grant initial purchasers an option to buy an additional $100 million of the convertible notes within 13 days of the initial issuance [2] - The convertible notes will be senior unsecured obligations, maturing on June 15, 2030, and will not bear regular interest [4] - The notes will be convertible into cash, shares of common stock, or a combination, with terms determined at pricing [5] Group 2: Use of Proceeds - Net proceeds will be used for capped call transactions, repurchasing up to $125 million of common stock, and repaying amounts under the line of credit with Coinbase, among other corporate purposes [3] Group 3: Capped Call Transactions - The company expects to enter into capped call transactions to reduce potential dilution upon conversion of the notes [6][7] - Initial hedging activities related to the capped call transactions may influence the market price of the common stock and convertible notes [8] Group 4: Share Repurchase - The company plans to repurchase shares of its common stock from certain investors in the convertible notes at the closing price on the pricing date [9]

CleanSpark ((CLSK) is a $4 billion technology enterprise that call's itself "America's Bitcoin Miner."I ran a year-to-date look at CLSK shares vs some other prominent miners. While CLSK is up nearly 20%, the big dog Marathon Digital ((MARA) is flat for the year, despite their big Bitcoin acquisitions.Meanwhile Iris Energy ((IREN) is up over 90% while Riot Platforms ((RIOT) is down over 20%.Here's how CleanSpark describes their mission...CleanSpark responsibly develops infrastructure for Bitcoin, an essentia ...

CleanSpark Inc CLSK shares were down on Tuesday, even after the company reported upbeat fourth-quarter results.The company reported its results amid an exciting earnings season. Here are some key analyst takeaways.HC Wainwright On CleanSparkAnalyst Mike Colonnese reiterated a Buy rating and price target of $27.CleanSpark, a Bitcoin mining company that offers investors "pure-play exposure" to the world's largest crypto, reported "solid" results for the fourth quarter and fiscal 2024, Colonnese said in a note ...