Shares of bitcoin miner and data-centre operator CleanSpark ( CLSK ) fell 5% after the company announced an upsized convertible bond offering of $1.15 billion.

The move is part of a broader trend among bitcoin miners and AI-focused data infrastructure firms tapping the debt markets for fresh capital amid rapid sector growth.

CoinDesk Research reveals that AI-aligned bitcoin miners are witnessing a record issuance of convertible debt, indicating investor demand for hybrid exposure to both bitcoin and computing infrastructure.

The Las Vegas-based CleanSpark ( CLSK ) is offering 0% Convertible Senior Notes due 2032, following strong demand that led to an increase from its initial target.

The firm will use approximately $460 million of the proceeds to repurchase shares at $15.03 per share, while the remaining funds will support the expansion of its power and land portfolio, new data centre development, repayment of bitcoin-backed credit lines, and general corporate purposes. The zero-coupon notes, carrying a 27.5% conversion premium, may increase by another $150 million if the purchasers’ option is fully exercised.

The transaction, led by Cantor Fitzgerald and BTIG, mirrors recent convertible offerings by TeraWulf ( WULF ) and Galaxy Digital ( GLXY ) . The offering is expected to close Nov. 13.

CleanSpark ( CLSK ) shares are down 5% pre-market, trading at $14 per share.

The stock decline was likely driven by delta hedging from banks involved in the convertible note deal, a common short-term pressure as counterparties manage exposure. Similar price action has been observed in other miners that have issued convertible notes.