CleanSpark Leverages Bitcoin Reserves for Infrastructure-Driven Growth

CleanSpark, Inc. (Nasdaq: CLSK) has expanded its non-dilutive financing options by securing two $100 million Bitcoin-backed credit facilities, bringing its total collateralized lending capacity to $400 millionCleanSpark Expands Credit Capacity to $400M with Two Bitcoin-Backed Facilities^[1]. The first facility, announced on September 22, 2025, was arranged with Coinbase Prime, while the second, disclosed on September 25, was secured with Two Prime, an institutional Bitcoin yield platformCleanSpark Opens $100M Bitcoin-Backed Credit Facility with Two Prime^[2]. Both agreements are non-dilutive, allowing CleanSpark to access liquidity without issuing new shares, preserving shareholder equity while leveraging its substantial Bitcoin treasury of nearly 13,000 BTC, valued at over $1.4 billionCleanSpark Expands Growth Strategy with New Bitcoin-Backed Credit Facility^[3]. The company’s shares, down 2.5% to $14.15 at the time of the announcement, reflect broader market dynamics but underscore the strategic flexibility gained through these arrangementsCleanSpark Expands Credit Capacity to $400M with Two Bitcoin-Backed Facilities^[1].

The funds will be allocated to accelerate data center expansion, increase Bitcoin hashrate capacity, and scale high-performance computing (HPC) infrastructureCleanSpark Opens $100M Bitcoin-Backed Credit Facility with Two Prime^[2]. CleanSpark’s CEO, Matt Schultz, emphasized the strategic use of these facilities to “maximize current megawatts in our portfolio, accelerate potential development of high-performance compute campuses, and further invest in our Digital Asset Management strategies”CleanSpark Opens $100M Bitcoin-Backed Credit Facility with Two Prime^[2]. The non-dilutive nature of the financing aligns with the company’s “Infrastructure First” capital strategy, which prioritizes operational growth over equity issuanceCleanSpark Opens $100M Bitcoin-Backed Credit Facility with Two Prime^[8]. CFO Gary Vecchiarelli noted that the $400 million capacity remains largely undrawn, providing CleanSpark with financial agility to rapidly repay debt if neededCleanSpark Opens $100M Bitcoin-Backed Credit Facility with Two Prime^[2].

The credit facilities are part of a broader industry trend where Bitcoin miners use their digital asset holdings as collateral rather than selling them. CleanSpark’s approach mirrors strategies adopted by peers like Riot Platforms and Marathon Digital, who have similarly leveraged Bitcoin reserves for financingCleanSpark Adds Second $100M Bitcoin Credit Line This Week^[5]. The Two Prime facility, for instance, is secured at a 62.5% loan-to-value ratio with a 160% initial collateralization level, featuring risk mitigation clauses such as a 135% collateral call threshold and a 125% liquidation levelCleanSpark Taps Two Prime for $100M Bitcoin-Backed Loan at^[4]. The facility’s annual interest rate is Term SOFR plus 3.55%, currently around 7.71%CleanSpark Taps Two Prime for $100M Bitcoin-Backed Loan at^[4]. This structure reflects the maturation of Bitcoin-backed lending as a viable alternative to traditional debt or equity financing, particularly for firms with large BTC treasuries.

CleanSpark’s shift toward HPC and energy infrastructure marks a departure from its earlier identity as a “pure-play” Bitcoin miner. The company plans to repurpose some data centers near urban hubs into HPC campuses, diversifying revenue streams into AI and data-intensive computing. This pivot aligns with industry peers like Core Scientific and TeraWulf, who have expanded into HPC to capitalize on growing demand for computational power. The Coinbase Prime facility, which includes a $100 million expansion of an existing $200 million line, also supports CleanSpark’s energy portfolio growthCoinbase Grants CleanSpark $100 Million Bitcoin-Backed Credit^[6]. The dual focus on Bitcoin mining and HPC underscores the company’s efforts to mitigate risks associated with Bitcoin’s price volatility while tapping into higher-margin computing opportunities.

The expansion of Bitcoin-backed financing has broader implications for the crypto ecosystem. Institutional lenders like Two Prime and Coinbase Prime are increasingly offering secured loans to institutional Bitcoin holders, with Two Prime’s $3 billion lending capacity and Coinbase’s $500 million+ facilities illustrating the sector’s growthCleanSpark Opens $100M Bitcoin-Backed Credit Facility with Two Prime^[2]CleanSpark Loosens Pure-Bitcoin Focus With Coinbase Loan^[9]. These developments highlight Bitcoin’s evolving role as a collateral asset, with miners and corporate treasuries adopting it as a strategic reserve. For CleanSpark, the ability to access capital without diluting shareholders positions it to compete in a capital-intensive industry while maintaining exposure to Bitcoin’s potential appreciation.