CleanSpark signed a $6.6 billion data center lease, marking the largest single customer commitment from a bitcoin miner-turned-infrastructure player.
CleanSpark is accelerating its transformation from a Bitcoin mining company into a broader digital infrastructure platform. The company has signed a 20-year, $6.6 billion triple-net lease for its Sandersville data center development with a high investment-grade tenant. CleanSpark 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 step in CleanSpark's strategy to commercialize its power and data center portfolio beyond Bitcoin mining. Management indicated the 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 portfolio gives the company multiple pathways to monetize its access to grid-connected power.
The diversification pivot comes amid significant headwinds in Bitcoin mining. In fiscal third quarter, revenue declined 30.5% year-over-year to $138 million. The company reported a net loss of $239.8 million, compared with net income of $257.4 million in the prior-year quarter. Adjusted EBITDA fell to negative $113 million from positive $377.7 million a year earlier.
Much of the earnings deterioration stemmed from CleanSpark's Bitcoin holdings. The company recorded a $116.3 million loss on the fair value of Bitcoin during the quarter, versus a $268.7 million gain a year earlier, along with a $16.5 million loss related to Bitcoin collateral.
Despite the weaker mining results, CleanSpark's balance sheet remained solid. The company ended June with $202.6 million in cash, $814.9 million in Bitcoin holdings, total assets of $2.7 billion, working capital of $761 million, and long-term debt of approximately $1.8 billion.
The Sandersville project addresses these challenges by converting a portion of CleanSpark's power infrastructure into a long-duration leased data center asset, establishing cash flows less directly exposed to Bitcoin prices and mining economics.
"We continue to successfully execute on our strategic evolution to a diversified digital infrastructure platform," said Matt Schultz, CEO and Chairman of CleanSpark. "Our recently announced Sandersville lease offers an ideal combination of long-term, durable cash flows and de-risked economic returns for our shareholders."
"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," said Gary Vecchiarelli, President and CFO. "Despite currently challenging bitcoin mining economics, we have a portfolio of scarce, grid-connected power assets and multiple pathways to commercialization."