CleanSpark announces $6.6 billion data center lease agreement, pivoting its former Bitcoin mining operations to AI data center deployment with 4+ GW capacity trajectory.
CleanSpark is accelerating its transformation from a Bitcoin mining company into a broader digital infrastructure platform following a 20-year, $6.6 billion triple-net lease for its Sandersville data center development with a high investment-grade tenant. The company has fully funded the anticipated equity portion of the project and prepaid for the long-lead equipment required to meet its targeted ready-for-service date.
The agreement represents a significant strategic shift in how CleanSpark monetizes its power and data center portfolio. Management said the Sandersville lease is designed to provide long-term, durable cash flows while reducing project-level economic risk. CleanSpark controls a portfolio of more than 1.8 GW of power, land, and data centers across the U.S., positioning these assets for opportunities spanning Bitcoin mining, high-performance computing, and artificial intelligence infrastructure.
This diversification move comes as the Bitcoin mining sector faces headwinds. In fiscal third quarter, CleanSpark's revenue declined 30.5% year-over-year to $138 million, while the company reported a net loss of $239.8 million compared with net income of $257.4 million a year earlier. Adjusted EBITDA swung to negative $113 million from positive $377.7 million in the prior-year quarter.
A significant portion of the earnings volatility stemmed from Bitcoin holdings. CleanSpark recorded a $116.3 million loss on the fair value of Bitcoin during the quarter, compared with a $268.7 million gain a year earlier, plus a $16.5 million loss related to Bitcoin collateral.
Despite weaker mining results, CleanSpark ended June with $202.6 million in cash and $814.9 million in Bitcoin. Total assets reached $2.7 billion, working capital stood at $761 million, and long-term debt totaled approximately $1.8 billion.
By converting a portion of its power infrastructure into a long-duration leased data center asset, CleanSpark is seeking to establish cash flows that are less directly exposed to Bitcoin prices and mining economics. CEO and Chairman Matt Schultz stated: "We continue to successfully execute on our strategic evolution to a diversified digital infrastructure platform. Our recently announced Sandersville lease offers an ideal combination of long-term, durable cash flows and de-risked economic returns for our shareholders."
President and CFO Gary Vecchiarelli added: "By fully funding our anticipated equity commitment for Sandersville and securing the long-lead equipment required to meet the project ready-for-service schedule, we have materially de-risked execution while preserving balance sheet flexibility. Despite currently challenging bitcoin mining economics, we have a portfolio of scarce, grid-connected power assets and multiple pathways to commercialization."