Key Highlights

● CleanSpark closed $2.276 billion of 7.875% senior secured notes due 2031 on 25 September.

● The Sandersville lease is a 20-year, $6.6 billion triple-net arrangement with a high investment-grade tenant.

● It mined 529 bitcoin in September and held 13,530 bitcoin at month-end.

● Quarterly revenue was $138.0 million, down 30.5%, with a net loss of $239.8 million.

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CleanSpark, Inc. (NASDAQ:CLSK) closed $2.276 billion of senior secured notes on 25 September 2026. The 7.875% notes, due 2031, were issued by CSDC Finance I, LLC, a CleanSpark subsidiary, and are unregistered securities. The company's 9 October operational update said the proceeds fund the data-centre build-out for its Sandersville lease, which it now describes as fully funded through completion.

That lease, announced with fiscal third-quarter results on 6 August, is a 20-year, $6.6 billion triple-net arrangement with what the company calls a high investment-grade tenant. The $6.6 billion is expected contracted revenue over the initial term, not realised revenue, and the tenant is not named.

Annual interest on the notes works out to roughly $179 million, before any fees or amortisation, a useful scale marker against quarterly revenue of $138.0 million.

September operations

The same update, covering the month ended 30 September 2026 and unaudited, showed 529 bitcoin mined in September and 5,432 for calendar 2026 to date. Holdings were 13,530 bitcoin at 30 September, down from 13,703 a month earlier, of which 3,475 were posted as collateral or held as receivables tied to derivative transactions.

The company sold 702 bitcoin in the month, two at spot and 700 through call exercises, at an average of $72,928 each. Operational hashrate was 50 EH/s, with 1.8 GW of contracted power and 808 MW utilised. CleanSpark also said it will move to quarterly reporting, ending monthly operational updates.

Roughly a quarter of the bitcoin held, 3,475 of 13,530, is therefore not freely available, which matters when comparing the holding with the cash balance of $202.6 million reported at 30 June.

Reported results

For the quarter ended 30 June 2026, revenue was $138.0 million, down 30.5% from $198.6 million, and the net loss was $239.8 million, or $0.89 per basic share. Adjusted EBITDA, a non-GAAP measure, was a loss of $113.0 million. Cash was $202.6 million, and bitcoin holdings were valued at $814.9 million at quarter-end.

Chief executive Matt Schultz described a strategic evolution to a diversified digital infrastructure platform. The numbers show the transition remains early: the mining business shrank in the period, while the lease and its financing are commitments whose benefits depend on construction and delivery on schedule.

Put in proportion, the 30 June bitcoin holding was roughly four times the cash balance, so liquidity depends partly on that holding and its value.

CleanSpark debt service and collateralised bitcoin

The company said it is continuing a commercial process across its portfolio, without further specifics. Meanwhile, the notes carry a 7.875% coupon, and annual interest of roughly $179 million compares with quarterly revenue of $138.0 million, while 3,475 of the 13,530 bitcoin held are posted as collateral or held as receivables.