CleanSpark Inc ( CLSK ) shares are outpacing Bitcoin (CRYPTO: BTC) mining peers on Wednesday. Here’s a look at what’s going on.

What To Know: Bitcoin mining stocks and other crypto-related names are pulling back from recent strength on Wednesday as Bitcoin takes a breather. Bitcoin was down about 2% over a 24-hour period, but was still up more than 4% for the week, trading around $104,350 at last check, according to Benzinga Pro.

CleanSpark ( CLSK ) is outpacing mining peers, up 0.48% at $12.42 at the time of publication, compared to a 2.5% decline in MARA Holdings Inc ( MARA ) and a 3% drop in shares of Riot Platforms Inc ( RIOT ) .

CleanSpark ( CLSK ) announced the closing of its offering of $650 million worth of 0.00% convertible senior notes due 2030 and provided an update on financing late Tuesday.

"We are proud to have closed this offering with some of the strongest institutional investors in the world and are excited to share that our growth through 50 EH/s and beyond is now expected to be more than fully funded from the proceeds," said Zach Bradford, president and CEO of CleanSpark ( CLSK ).

CleanSpark ( CLSK ) said the additional capital will allow the company to keep adding the Bitcoin it mines to its balance sheet. The Bitcoin miner held a total of 9,297 Bitcoin as of Nov. 30 after mining 622 Bitcoin in November and selling approximately 26 coins.

See Also: Donald Trump Reportedly Discussed Bitcoin Reserve In Meeting With Crypto․com CEO Kris Marszalek

Net proceeds from the offering were approximately $633.6 million. CleanSpark said it repurchased 11.76 million shares of its common stock, using $145 million in net proceeds from the offering. The company also used $90.4 million of the proceeds for capped call transactions.

CleanSpark ( CLSK ) said the remaining proceeds will be used to repay the company's line of credit with Coinbase, as well as for capital expenditures, potential acquisitions and general corporate purposes.

"Importantly, this offering provides our stockholders greater clarity on near-term share count, given our ATM offering was completed in early November, and we have no immediate plans to commence another equity or equity-linked offering, as the capital received from this offering sufficiently covers our near-term strategic objectives," Bradford said.

CLSK Price Action: CleanSpark ( CLSK ) shares were trading narrowly higher, hovering around $12.42 per share at the time of publication while other mining stocks face selling pressure, according to Benzinga Pro.