Highlights

  • CleanSpark closed USD 2.276 billion of secured notes to finance construction supporting its long-term Sandersville data-centre lease.
  • The company describes Sandersville construction as fully funded, while contracted lease revenue remains dependent on future delivery.
  • September bitcoin sales exceeded monthly production, and collateral arrangements restricted access to part of the company's holdings.
  • Quarterly revenue declined 30.5%, while CleanSpark reported a net loss as it pursued a broader infrastructure strategy.

A large financing package has advanced CleanSpark (NASDAQ:CLSK) toward its Sandersville data-centre build, even as its reported mining business contracted. The company closed USD 2.276 billion of senior secured notes on 25 September 2026. Its subsequent operational update described the construction programme supporting a long-term lease as fully funded through completion.

Debt Supports a Long-Term Lease

The notes were issued by subsidiary CSDC Finance I and carry a 7.875% coupon, with maturity in 2031. They are unregistered securities. CleanSpark said the proceeds fund the Sandersville development.

The associated lease, announced with fiscal third-quarter results on 6 August, is a 20-year, USD 6.6 billion triple-net arrangement. Management described the tenant as high investment grade, but did not name it.

The USD 6.6 billion represents expected contracted revenue across the initial lease term. It is neither revenue already earned nor a current-period financial result. Construction and delivery remain necessary before the planned infrastructure can produce its intended benefits.

September Sales Exceed Bitcoin Production

The unaudited update released on 9 October covered operations through 30 September. CleanSpark mined 529 bitcoin during September, bringing calendar-year production to 5,432 bitcoin.

The company sold 702 bitcoin in the month at an average price of USD 72,928 each. Two were sold at spot, while 700 were sold through call exercises. Holdings declined to 13,530 bitcoin from 13,703 a month earlier.

Of the closing holdings, 3,475 bitcoin were posted as collateral or held as receivables connected with derivative transactions. That distinction matters when separating total holdings from bitcoin freely available to the business.

Operational hashrate was 50 EH/s. Contracted power stood at 1.8 GW, of which 808 MW was utilised. The figures distinguish operating mining capacity from the wider portfolio of contracted power.

Quarterly Loss Frames the Transition

For the quarter ended 30 June 2026, revenue fell 30.5% to USD 138.0 million from USD 198.6 million. The net loss was USD 239.8 million, equivalent to USD 0.89 per basic share.

Adjusted EBITDA was a loss of USD 113.0 million. Cash stood at USD 202.6 million, while bitcoin holdings were valued at USD 814.9 million at quarter-end.

Chief executive Matt Schultz described a strategic evolution toward a diversified digital infrastructure platform. The reported figures show that this transition combines a weaker mining quarter with a major construction commitment whose lease revenue lies ahead.

Disclosure Moves to a Quarterly Rhythm

CleanSpark said it would end monthly operational updates and move to quarterly reporting. That change will lengthen the intervals between disclosures of production, bitcoin sales and operating capacity.

The company also said a commercial process across its portfolio was continuing, without providing further specifics. Neither the next results date nor a Sandersville ready-for-service date was confirmed.

The financing milestone resolves the company's stated construction funding requirement for that project. It does not remove the delivery requirements attached to the lease, the interest obligations on the notes or the distinction between contracted revenue and recognised income.