1/ 🧵
CleanSpark $CLSK announced a $1B convertible note offering (up to $1.2B).

But the headline isn’t the raise, it’s the structure.

Up to $400M of proceeds are being used to buy back shares immediately.

This move changes the entire supply/demand profile of CLSK.

Let’s break down what we know and why it matters. 👇 2/
At a $15 share price, a $400M repurchase removes roughly:

$400M ÷ $15 = ~26.7 million shares

$CLSK currently has a float around ~272M.

This buyback retires roughly:
~10% of the public float

A 10% float reduction in one move is enormous… especially in a mining stock.