CLEANSPARK’S BIGGEST DEAL HAS NOTHING TO DO WITH BITCOIN — $6.6 BILLION FROM META OVER TWENTY YEARS — AND THE PRESS RELEASE WOULD NOT SAY THE NAME

CleanSpark filed an 8-K at 7:35 this morning. The headline number is $6.6 billion, and none of it comes from mining bitcoin.

Sandersville, Georgia. A 175 megawatt data center, leased for twenty years with two five-year extension options, about $330 million of average annual net operating income, a triple net lease at roughly a 100 percent margin with a 3 percent annual escalator. Rent starts in the fourth quarter of 2027.

The company press release calls the tenant a “high-investment grade global technology company.” The investor presentation attached to the same filing, exhibit 99.1, names it on page three. The tenant is Anviran, LLC, a wholly owned subsidiary of Meta, and Meta guarantees the rent.

The second exhibit is the part an operator should read twice. A CleanSpark subsidiary is offering $2.227 billion of senior secured notes due 2031, secured by first-priority liens on substantially all the assets of the issuer and the property company, and on the equity of the issuer itself. Proceeds finish the build, fund debt service reserves, and reimburse CleanSpark for equity it already put in.

The notes come due in 2031. The lease runs to about 2047. The money has to be refinanced sixteen years before the rent stops.

And read how the company now describes itself in its own boilerplate. “CleanSpark is a market-leading data center developer.” Bitcoin appears once, in a list, between energy and capital stewardship.