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CleanSpark secured an additional $100 million in Bitcoin-backed financing from Coinbase Prime.
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Funds will support energy infrastructure, mining growth, and high-performance computing.
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The U.S.-based miner now holds over $1 billion in bitcoin on its balance sheet.
New Financing Deal
CleanSpark, a leading U.S.-based bitcoin mining company, announced it has expanded its credit line with Coinbase Prime, securing an additional $100 million through a Bitcoin-backed lending agreement. This move strengthens the firm’s access to non-dilutive capital while leveraging its growing bitcoin holdings.
How Funds Will Be Used
According to the company, the financing will go toward three key areas: expanding energy infrastructure, scaling up mining operations, and developing high-performance computing capabilities at select facilities. CFO Gary Vecchiarelli described the deal as central to CleanSpark’s strategy of pursuing growth without diluting shareholder equity.
Building Out Mining Capacity
CEO Matt Schultz said the company sees “tremendous opportunity” to accelerate its mining expansion while also preparing alternative use cases for some of its data centers. CleanSpark has already achieved 50 exahashes per second of hashrate, according to its June earnings report, and continues to add megawatts to its portfolio.
Bitcoin Treasury Growth
Beyond mining, CleanSpark has built a substantial bitcoin treasury, which now exceeds $1 billion in value. This positions the firm not only as a miner but also as one of the larger corporate holders of BTC in the U.S.
Market Reaction
Shares of CleanSpark (CLSK) closed at $13.74 on Monday, up 0.88% on the day, and gained another 5% in after-hours trading. The deal with Coinbase Prime highlights institutional lenders’ growing role in providing credit secured by bitcoin, further validating BTC’s role as a financial asset.
