CleanSpark, Inc. announced that its wholly owned subsidiary CSDC Finance I, LLC has priced a $2.276 billion offering of 7.875% senior secured notes due 2031 at 98.500% of principal, according to a company press release. The notes will be sold in a private placement to qualified institutional buyers under Rule 144A and to non-U.S. persons under Regulation S, with the transaction expected to close on September 25, 2026.
The pricing shows how bitcoin mining and data center operators are using project-level debt to fund physical infrastructure rather than relying solely on equity or convertible markets. That pattern aligns with institutional themes covered on BTC-Pulse, including Bank Directors See Fintechs as Top Threat in 2026 Survey, which highlights how technology and infrastructure firms are increasingly competing for institutional attention and capital.
CleanSpark has positioned itself as a data center developer as well as a bitcoin miner, and the Sandersville Facility is a key part of that expansion. The note sale is designed to convert some of the company’s earlier equity contributions into longer-dated secured debt while preserving liquidity for the remaining buildout.
How the Senior Secured Notes Are Structured
CSDC Finance I priced the notes at 98.5% of face value, giving investors a 7.875% coupon and a modest original issue discount. The notes mature in 2031 and are fully and unconditionally guaranteed by CSRE Properties Sandersville, LLC, a direct subsidiary of the issuer. The obligations are secured by first-priority liens on substantially all assets of the issuer and CSRE Properties, other than certain excluded property, and on all equity interests of the issuer held by CSDC Holdings I, LLC.
CleanSpark is also providing a customary completion guarantee for the Sandersville Facility. Under that guarantee, the parent company may fund the issuer as needed to support timely completion of the data center. The structure ties repayment primarily to the project’s assets and cash flows rather than exposing the full parent balance sheet to the same claim priority.
What the Sandersville Financing Means for CleanSpark
Net proceeds will be used to finance remaining construction costs for the Sandersville Facility, reimburse the company for prior equity contributions, and fund debt service reserves. That allocation creates a clearer separation between project capital and corporate treasury spending, but it also adds secured leverage against a specific asset base.
The note pricing provides a benchmark for how private credit investors are receiving high-yield infrastructure issuers tied to bitcoin mining. It does not alter CleanSpark’s share count, but it does introduce fixed obligations with first-priority claims on the Sandersville assets. The September 25 close, subsequent construction progress, and any updates on debt service reserves are the next operational details to watch.
