CleanSpark just boosted its Coinbase Prime credit facility by $100 million, using part of its 13,000 Bitcoin holdings as collateral.
The mining company plans to deploy the funds across Bitcoin mining expansion, high-performance computing, and energy infrastructure projects.
Investors responded positively, pushing CleanSpark shares up 5% in after-hours trading, from $13.74 to $14.44, reflecting enthusiasm for this non-dilutive financing approach. The company now holds approximately $300 million in total Bitcoin-backed credit through Coinbase Prime.
Chief Business Officer Harry Sudock emphasized the company’s strategy of maximizing value across all power contracts and energy assets.
CleanSpark’s data centers operate in markets with favorable electricity pricing, and its versatile approach allows some contracts to support high-performance computing while others focus on Bitcoin mining, creating broader growth opportunities than single-purpose operations.
CleanSpark recently reported record revenue of $198.6 million, mining 657 Bitcoin in August—a 37.5% year-over-year increase. Operational hashrate reached 50 EH/s as of June.
The Bitcoin-backed credit strategy generates shareholder value while keeping most of CleanSpark’s treasury untouched as long-term holdings.
CFO Gary Vecchiarelli highlighted that non-dilutive financing avoids equity issuance while funding expansion.
CEO Matt Schultz sees this as a chance to accelerate mining growth and optimize existing assets, with Coinbase Prime providing both immediate capital and strategic flexibility.
