US Publicly-Listed Bitcoin (BTC) Miners Strengthen Financial Positions through Capital Raises as Bitcoin Trades above $108,000

Leading US publicly-listed Bitcoin (BTC) miners from Wall Street are strengthening their financial positions through significant capital raises

Major US Bitcoin (BTC) mining firms listed on Wall Street are bolstering their financial war chests with substantial capital raises as Bitcoin trades above $108,000. Mining industry heavyweights CleanSpark (NASDAQ: CLSK) and Bitfarms (NASDAQ: BITF) both announced key financial initiatives to fuel their expansion strategies.

CleanSpark Raises $650 Million in Zero-Coupon Note Sale

In a significant move, CleanSpark has completed a $650 million offering of zero-coupon convertible senior notes, employing financial engineering to protect shareholder interests.

The company structured the deal with capped call transactions at $24.66 per share, which represents a 100% premium over its closing price. To further enhance shareholder value, CleanSpark also executed a share repurchase program, buying back 11.76 million shares for approximately $145 million.

"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, CEO and President. "In addition to funding the growth to 50 EH/s, share buyback, and capped call, the additional capital will allow us to keep adding the bitcoin we mine to our balance sheet.”

Bitfarms' Equity Program Progress

Meanwhile, another publicly listed Bitcoin mining firm, Bitfarms, has filed an updated prospectus supplement for its ongoing at-the-market equity program. The company has already successfully raised $288 million through the distribution of 128.8 million common shares, with $87 million still available under the program.

The fresh capital is earmarked for expanding existing mining operations and strengthening working capital positions.

Elsewhere, another publicly listed Bitcoin miner, Riot Platforms (NASDAQ: RIOT) has finalized a loan deal to continue its BTC purchasing strategy. The company closed a $594.4 million offering of 0.75% convertible senior notes due in 2030.

Strategic Timing Amid Bitcoin's Price Discovery

These financial maneuvers come at a crucial moment as Bitcoin enters a new price discovery phase reaching $108,000. Mining companies are capitalizing on favorable market conditions to secure their competitive positions in the evolving digital asset landscape.

The timing of these raises reflects the industry's confidence in Bitcoin's long-term prospects and the need for operational scale to maintain profitability in an increasingly competitive mining environment.

The results are plain to see, with profits from cryptocurrency mining reaching a seven-month high and US-listed companies now controlling nearly 30% of the global network hashrate. However, higher prices also mean increased competition and greater mining difficulty. While BTC continues to rise, miners are able to mine fewer coins with the same computing power.