Bitcoin miner CleanSpark has secured a new $100 million credit facility from Coinbase Prime, with the credit backed by CleanSpark's Bitcoin holdings. The arrangement is designed to provide liquidity without equity dilution, allowing the company to fund growth initiatives such as energy expansion, mining scalability, and high-performance computing (HPC) projects.
CleanSpark's CFO, Gary A. Vecchiarelli, emphasized that this non-dilutive financing strategy supports accretive growth and distinguishes the firm from peers who rely on equity sales or increased leverage. CleanSpark currently holds 12,703 BTC, valued at approximately $1.43 billion, making it the 10th largest public company holder of Bitcoin.
This credit extension builds on an earlier facility expanded to up to $200 million in April 2024. The move aligns with a sector-wide trend, as miners like Hut 8 and Riot Platforms have also pursued Bitcoin-backed credit lines amid rising network difficulty, low transaction fees, and import tariffs that pressure mining margins.