CleanSpark Secures $100 Million Credit Facility

Bitcoin mining company CleanSpark (CLSK) has secured a new $100 million credit facility with Coinbase Prime, allowing it access to fresh capital without selling its bitcoin holdings or raising equity.

The shares rose nearly 6% in post-market trading following the announcement on Monday.

The mining company will use the proceeds for strategic capital expenditures, including:
– Expanding CleanSpark’s energy portfolio
– Scaling its bitcoin mining operations
– Investing in high-performance computing (HPC) capabilities
According to a press release by the company, rather than selling bitcoin to raise cash or sell additional shares—which can dilute existing shareholders—CleanSpark is leveraging the asset as collateral to grow while retaining its mined bitcoin.

> “Delivering accretive growth using non-dilutive financing is at the core of CleanSpark’s capital strategy,” stated Gary A. Vecchiarelli, CleanSpark’s CFO. “Our ‘Infrastructure First’ strategy has been proven historically and will further enhance shareholder value as we expand into more diversified compute opportunities.”

The new capital raise follows recent leadership changes signaling the miner’s intent to diversify beyond bitcoin mining into other revenue streams. The focus on HPC aligns with a growing trend, as more bitcoin miners pivot to host machines catering to HPC and artificial intelligence computing, which demand substantial energy in their data centers.

Read more: GPU Gold Rush: Why Bitcoin Miners Are Powering AI’s Expansion