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! 👉Enjoying the show? Check out our newsletter at miningpod.blockspace.media! 👉 Check out Bitcoin Season 2 and The Gwart Show! Follow our hosts on Twitter: @wsfoxley, @cbspears, @AsILayHodling, @MatthewKimmell - Thank you to our sponsor, CleanSpark, America’s Bitcoin miner! "The Mining Pod" is produced by Sunnyside Honey Inc. with Senior Producer Damien Somerset. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.