THE MINING POD: CleanSpark’s $650M Convert Deal

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4.7 • 698 Ratings

🗓️ 17 December 2024

⏱️ 47 minutes

🔗️ Recording | iTunes | RSS

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Summary

Convertible notes are all the rage in Bitcoin mining today. How did CleanSpark structure its note? We dig in! Welcome back to The Mining Pod! On today’s show, were joined by CleanSpark CEO Zach Bradford and CFO Gary Vecchiarelli to discuss their convertible note offering. In this show, we go through the mechanics of the note (it’s complicated, trust me), the purpose for using the funds, growing to 50 EH/s and why CleanSpark chose not to buy Bitcoin with the capital on hand. Lastly we talk about the institutional space for Bitcoin investments including metrics and topics to watch out for in 2025! Timestamps: 00:00 Start 02:10 Cleanspark update 04:11 How the note works 07:53 Why not buy Bitcoin? 13:35 Why 0% interest 16:16 Why the cap call? 19:34 Choosing the right financial option 25:38 Why convertible note bull market? 30:16 Deal coordination 31:17 Bond market new to miners? 32:31 Shareholder value 36:51 ATM 38:05 Why not deploy capital immediately? 40:12 Institutional investors 41:34 Best metrics to watch 43:02 What does 2025 look like? Published twice weekly, "The Mining Pod" interviews the best builders and operators in the Bitcoin and Bitcoin mining landscape. Subscribe to get notifications when we publish interviews on Tuesday and a news show on Friday! 👉Enjoying the show? Check out our newsletter at miningpod.blockspace.media! 👉 Check out Bitcoin Season 2 and The Gwart Show! Follow our hosts on Twitter: @wsfoxley, @cbspears, @AsILayHodling, @MatthewKimmell - Thank you to our sponsor, CleanSpark, America’s Bitcoin miner! "The Mining Pod" is produced by Sunnyside Honey Inc. with Senior Producer Damien Somerset. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Transcript

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0:00.0	Hey, welcome back to the mining pod. On today's show, we're joined by Gary Veckeurelli, the CFO of CleanSpark and Zach Bradford, the CEO of CleanSpark, to discuss their new convertible note that they put out into the market last week, and they finished up at beginning of this week.
0:14.1	Convertible notes are in vogue right now, micro strategies doing them, Marathon, Riot, others are doing them. And a lot of times people are using them to
0:21.5	buy Bitcoin. Clean Spark stands out in this case where they've chosen to use this convertible
0:25.9	note, but they're using it to continue mining Bitcoin at a discount to spot. So we had an
0:32.6	opportunity to fly down and talk to Zach and Gary about this convertible note. Thank you to both
0:37.2	them for making the show happen. Gary sort of walks us through and Gary about this convertible note. Thank you to both of them for making
0:37.6	the show happen. Gary sort of walks us through the mechanics of a convertible note, since it's a little
0:42.7	different than an ATM or anything else that most people who are day trading on Wall Street
0:47.9	know about. And then Zach tells us about the future goals with the cash that they're going to have
0:52.7	on hand from using this convertible note. Again, thank you to Clean Spark for making this happen. A few words from
0:57.9	our sponsors and then on to the show. Are you retail or institutional investor interested in
1:03.0	Bitcoin mining companies? The Miner Mag brings you free data and analysis from all major
1:07.0	NASDAQ listed Bitcoin mining operations to know who stands out. Check out visualized metrics and data-dependent stories at theminermag.com.
1:15.0	Thanks for listening to The MiningPod.
1:16.9	Want more?
1:17.7	Subscribe to our main feed on Apple, Spotify, YouTube, or wherever else you get your podcast for another weekly show on Bitcoin stocks.
1:25.0	And check out our newsletter at Mining.blocspace. Media today.
1:29.7	Welcome back to the mining pod, Gary, Zach. Great to have you guys join. Zach, third time on the show.
1:35.2	First time for me here at Vegas with you. We've been Nashville, Jackson Hole, and now Vegas.
1:40.6	So we're international. Yeah, we really like to pick good locations. Yes, we do.
1:44.6	Thanks for, thanks for coming down. Yeah, no, thank you for the invite. Gary, first time on the show.
1:49.3	Yeah, thanks for having me. Yeah. Well, we have much discussed, much technical stuff. So for those
	...

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