CleanSpark’s Bitcoin Holdings Fell 173 BTC in September

CleanSpark’s Bitcoin (BTC) holdings declined by 173 BTC in September after the miner sold more Bitcoin than it produced, while a subsidiary completed debt financing for its Sandersville, Georgia, data-center expansion.

The company held 13,530 BTC on Sept. 30, down from 13,703 BTC at the end of August. CleanSpark produced 529 BTC during September and sold 702 BTC, including two BTC at spot prices and 700 BTC through call-option exercises at an average price of $72,928 per Bitcoin.

Of the remaining holdings, 3,475 BTC was posted as collateral or recorded as receivable in connection with derivative transactions.

CleanSpark’s average daily production was 17.64 BTC, while its highest single-day output reached 18.99 BTC. Its deployed mining fleet totaled 199,745 miners, and operational hashrate reached 50 exahashes per second. Average operating hashrate was 36.0 exahashes per second, with 808 megawatts of utilized power from 1.8 gigawatts of contracted capacity.

The treasury reduction came as financing for the company’s data-center expansion was completed. CSDC Finance I, LLC, a wholly owned indirect subsidiary of CleanSpark, completed a private offering of $2.276 billion in 7.875% senior secured notes due 2031 on Sept. 25.

The notes were issued at 98.5% of principal. Proceeds are intended to fund remaining construction costs at the Sandersville facility, reimburse certain prior equity contributions and establish debt-service reserves. Interest is payable semiannually beginning April 1, 2027, and the notes mature Oct. 1, 2031.

CleanSpark has described the Sandersville lease as a 20-year triple-net agreement with two five-year extension options. The company previously said the initial term could generate approximately $6.6 billion in contracted revenue.

“With non-dilutive bond financing now in place, our Sandersville project is fully funded through completion,” Matt Schultz, CleanSpark’s CEO and chairman, said.

CleanSpark also said it would provide additional funds if the notes and available funds were insufficient to finish the facility.

The company will discontinue its monthly operational updates and move to standard quarterly reporting. The September operating figures were unaudited.