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## Bitcoin Miner CleanSpark Plunges 10% After Amending ATM Offering Agreement

Bitcoin miner CleanSpark saw a sharp decline of 10% in after-hours trading on Thursday following the amendment of its at-the-market (ATM) offering agreement to sell up to $800 million of its stock.

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CleanSpark initially entered into a deal for a $500 million ATM offering with New York investment banking firm H.C. Wainwright & Co on Jan. 5, 2024. According to a March 28 SEC filing, the agreement allows CleanSpark to offer and sell shares of its common stock at $0.001 per share. The increase in the offering amount to $800 million signifies the company’s intention to raise additional capital through primary stock dilution.

The use of an ATM agreement is not unique to CleanSpark in the Bitcoin mining industry. Other companies like Riot Platforms and Marathon Digital Holdings have also opted for similar agreements, with both entering into $750 million ATM agreements previously.

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With a current market capitalization of $4.2 billion, the $800 million stock offering would lead to a 19% dilution of CLSK shares. Despite the stock plunge, CleanSpark has shown significant growth, being up 95% in 2024 and 685% over the last 12 months.

CleanSpark’s preparation for the upcoming Bitcoin halving event on April 20 is evident, as the company aims to maintain its competitive edge in Bitcoin mining. By doubling its hash rate in the first half of 2024 through strategic acquisitions of mining facilities, CleanSpark is gearing up for the post-halving landscape.

AI legalese decoder can assist in deciphering the legal implications of CleanSpark’s acquisitions and financial agreements, enabling investors to make informed decisions based on a clear understanding of the company’s strategic moves and future prospects.

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