CleanSpark Bridges Bitcoin Mining and HPC with $200M Bitcoin-Backed Expansion

CleanSpark, Inc. (Nasdaq: CLSK) has expanded its capital strategy by increasing its Bitcoin-backed credit facility with Coinbase Prime (Nasdaq: COIN) by $100 million, bringing the total available credit to $200 million following an earlier expansion in April 2025CleanSpark Expands Capital Strategy with Additional $100M Bitcoin-Backed Credit Capacity from Coinbase Prime^[1]. The financing, secured through Coinbase Prime’s regulated infrastructure, will be allocated to strategic capital expenditures, including the expansion of CleanSpark’s energy portfolio, scaling Bitcoin mining operations, and investing in high-performance computing (HPC) capabilitiesCleanSpark Expands Capital Strategy with Additional $100M Bitcoin-Backed Credit Capacity from Coinbase Prime^[1]. This non-dilutive capital structure allows CleanSpark to leverage its Bitcoin holdings—currently valued at $1.43 billion—without selling the asset, preserving treasury liquidity while funding growth initiativesCleanSpark Secures $100M BTC-Backed Credit From Coinbase^[3].

The company’s CEO, Matt Schultz, emphasized the strategic value of the financing, stating that the additional capital will accelerate mining growth and optimize data center assets, particularly those near major metro centers. Gary A. Vecchiarelli, CFO and President, highlighted that CleanSpark’s “Infrastructure First” strategy, which prioritizes accretive capital deployment, has historically driven shareholder value and will now extend into diversified compute opportunitiesCleanSpark Expands Capital Strategy with Additional $100M Bitcoin-Backed Credit Capacity from Coinbase Prime^[1]. The financing aligns with broader industry trends, as peers like Hut 8 and Riot Platforms have similarly expanded Bitcoin-backed credit lines to fund infrastructure and HPC projectsCleanSpark Secures $100M BTC-Backed Credit From Coinbase^[3].

Coinbase Institutional’s Brett Tejpaul noted CleanSpark’s innovative capital strategy as a model for the crypto ecosystem, underscoring Coinbase Prime’s role in providing secure custody and infrastructure for institutional clientsCleanSpark Expands Capital Strategy with Additional $100M Bitcoin-Backed Credit Capacity from Coinbase Prime^[1]. The $100 million facility also reflects CleanSpark’s ability to access liquidity during periods of elevated Bitcoin hashrate and difficulty, which have compressed miner margins by reducing transaction fees to less than 1% of block rewardsCleanSpark Secures $100M BTC-Backed Credit From Coinbase^[3].

CleanSpark’s Bitcoin-backed financing model addresses the dual challenges of rising energy and equipment costs, particularly as U.S. operators face tariffs on imported mining hardwareCleanSpark Secures $100M BTC-Backed Credit From Coinbase^[3]. The company’s recent fiscal third-quarter results, which saw revenue rise 91% year-over-year to $198.6 million, demonstrate the efficacy of this approachCleanSpark Secures $100M BTC-Backed Credit From Coinbase^[3]. By maintaining Bitcoin treasury balances while deploying capital for infrastructure, CleanSpark aims to balance volatile cash flows with long-term operational efficiency.

The expansion underscores the growing convergence between Bitcoin mining and HPC, as miners repurpose energy-intensive data centers to host compute workloads for artificial intelligence and other industriesCleanSpark Secures $100M BTC-Backed Credit From Coinbase^[3]. CleanSpark’s strategic pipeline includes developing HPC campuses near its existing facilities, leveraging its expertise in low-cost, high-reliability energy. The company’s shares rose nearly 6% post-announcement, reflecting investor confidence in its capital allocation strategyCleanSpark Shares Rise After Getting $100M Bitcoin-Backed Credit from Coinbase Prime^[2].