CleanSpark Bitcoin Miner Drops 10% on $800M Share Offering
Skip to content
AZC.News
en EN
BTC Coin BTC
-0.05%
ETH Coin ETH
1.08%
USDT Coin USDT
-0.03%
BNB Coin BNB
-0.29%
SOL Coin SOL
-0.95%
XRP Coin XRP
-0.63%
USDC Coin USDC
0.00%
DOGE Coin DOGE
-4.55%
ADA Coin ADA
-1.50%
AVAX Coin AVAX
-0.74%
BTC Coin BTC
-0.05%
ETH Coin ETH
1.08%
USDT Coin USDT
-0.03%BNB Coin BNB
-0.29%
SOL Coin SOL
-0.95%
XRP Coin XRP
-0.63%
USDC Coin USDC
0.00%
DOGE Coin DOGE
-4.55%
ADA Coin ADA
-1.50%
AVAX Coin AVAX
-0.74%
Search...
Home > News
Published: 29/03/2024
-
Author: Leexim
CleanSpark Bitcoin Miner Drops 10% on $800M Share Offering
Given its $4.2 billion market capitalization, an $800 million stock offering would result in a 19% dilution of CLSK shares, significantly impacting existing shareholders.
Azcnews (3)
CleanSpark’s bitcoin mining tool experienced a 10% decline in after-hours trading on Thursday following the company’s adjustment to its market (ATM) offering agreement, expected to sell up to $800 million of its shares. Initially, CleanSpark had inked a $500 million ATM machine offering agreement with investment bank HC Wainwright & Co in New York on January 5, 2024. In this agreement, CleanSpark stated they could offer and sell their common stock at $0.001 per share, according to SEC filings on March 28.
d1043771 d2e9 4d02 ab08 e13381d5146bCleanSpark’s at the market agreement with H.C. Wainwright & Co. LLC.
Primary stock dilution is a common strategy that publicly listed companies often employ to raise additional capital. CleanSpark is not the only Bitcoin mining company involved in this ATM agreement. Alongside Riot Platforms and Marathon Digital Holdings, both participated in $750 million ATM agreements in August and October of the previous year.
With a market capitalization of $4.2 billion, the $800 million stock offering is projected to dilute CLSK shares by up to 19%. CLSK stock started trading at $23.20 but has since dropped by 16% to $19.10 after hours, including an 8.2% decrease during trading hours, according to Google Finance. Despite the stock downturn, CLSK has still surged by 95% in 2024 and 685% over the past 12 months.
049740f1 44c5 40d7 8778 eca4cf65cf2bCleanSpark’s change in stock price over the last trading day. Source: Google Finance
CleanSpark is one of many Bitcoin mining tools gearing up for the upcoming Bitcoin halving event, scheduled for April 20. This event will witness the Bitcoin mining reward decrease from 6.25 BTC ($441,000) to 3.125 BTC ($220,500). The company prides itself on having the lowest production cost to mine a Bitcoin post-halving, according to a CoinShares research report on January 12.
Related: BlackRock CEO Very Bullish as Bitcoin ETF Hits $17B
On February 6, CleanSpark announced their intention to double their mining rate in the first half of 2024 through a recent agreement to purchase four new mining facilities in Mississippi, valued at $19.8 million, generating 2.4 exahashes per second (EH/s) for the company. They also agreed to acquire another mining facility in Dalton, Georgia for $6.9 million, expected to produce 0.8 EH/s. However, this facility is still under construction and is not expected to be completed until April 2024.
Read More
4.4/5
(5 votes)
Avatar of
Anonymous
29/03/2024 at 5:31 am
Is this looking good?
Like Reply Share
Avatar of Ibrahim muhammad
Ibrahim muhammad
29/03/2024 at 8:39 pm
Yeah
Like Reply Share
Avatar of Sajawal Hassan
Sajawal Hassan
31/03/2024 at 1:27 am
Looking good
Like Reply Share
Avatar of Onyeji Mathew Chibuike
Onyeji Mathew Chibuike
30/03/2024 at 10:56 am
Clean spark Bitcoin mining is the best
Like Reply Share
Leave a Reply
Your email address will not be published. Required fields are marked *
Comment *
Twitter
Telegram
Name
Save my name, email, and website in this browser for the next time I comment.
LATEST
Azcnews Breaking
News | Altcoin | Editor Choice 31/03/2024
MEW – Another Memecoin on Solana Impresses Investors
Yet another memecoin on the Solana network has impressed investors as its Market Cap has surpassed 500 million in just a mere 5 days since its launch. This meme is called Cat in a Dogs World (MEW).
Azcnews Breaking (1)
News | Bitcoin | Editor Choice 31/03/2024
Institutional Buying of Bitcoin Resumes in the US
The widening Coinbase premium suggests significant institutional buying of Bitcoin, while the potential surge in spot Bitcoin ETF inflows indicates a substantial increase in capital entering the market.
Azcnews Breaking
News | Altcoin | Editor Choice 30/03/2024
Vitalik Buterin Shares Views on Memecoins
The cryptocurrency market is heating up day by day, especially with Memecoins, a type of cryptocurrency that lacks many utilities but is proving to be a force to be reckoned with. Recently, Ethereum CEO Vitalik Buterin shared his perspective on this type of coin.
Azcnews Breaking
News | Altcoin | Editor Choice | Research 29/03/2024
What is Dusk Network? Information about DUSK Token?
Privacy and security rights in digital platforms always receive significant attention from the cryptocurrency community. Dusk Network has been developed to address this issue. So, what is Dusk Network? Let's find out right away!
Azcnews Breaking
News | Altcoin | Editor Choice | Research 29/03/2024
What is Ethena (ENA)? Information about ENA Token?
Recently, Binance announced the listing of Ethena (ENA) as its 50th Binance Launchpool project. So, what is Ethena (ENA)? Let's explore ENA Token.
Top views
1
Ether.fi (ETHFI) Announces Token Airdrop
2
Short-Term Bitcoin Investors Have Reaped Profits
3
Guide to Participating in Eclipse Testnet
4
NIM Network Announces Airdrop of 90 Million Tokens
5
Standard Chartered Forecasts Bitcoin to Rise to $250,000
6
How to Participate in the Backpack Airdrop
7
Bitcoin Halving Chart History Analysis
8
What is ChatAI? Information about CHATAI Token?
9
Solana Earns the Title of Ethereum Slayer
10
The Resurgence of “RWA” Token Category
About AZC.News
About Us
Contact Us
Privacy Policy
Terms of Services
Market
Analytics
Top Crypto Exchange
Top Cryptocurrency
Knowledge
Research
Glossary
Earn
Airdrop
Social Community
Copyright 2024 © AZ Coiner