CleanSpark secures $100 million in Bitcoin-backed financing from Coinbase Prime
Quick Take
- The American bitcoin mining firm said it has expanded its bitcoin-backed credit facility with Coinbase Prime by $100 million.
- The company plans to utilize the additional funding to expand its energy infrastructure and scale up its mining operations.
U.S.-based bitcoin miner CleanSpark announced Monday that it has secured an additional $100 million in credit line through an expanded Bitcoin-backed lending arrangement with Coinbase Prime, the institutional arm of crypto exchange Coinbase.
In a statement released Monday, CleanSpark said that the company plans to use the added funding for capital expenditures across three key areas: expanding its energy infrastructure, scaling bitcoin mining operations, and developing high-performance computing capabilities at select facilities.
"Delivering accretive growth using non-dilutive financing is at the core of CleanSpark's capital strategy," Gary Vecchiarelli, chief financial officer and president of CleanSpark, said in the statement.
CleanSpark CEO Matt Schultz indicated the company sees "tremendous opportunity" to accelerate mining growth while simultaneously optimizing our assets. "We are proud to expand our relationship with Coinbase Prime as we continue to add megawatts to our portfolio and take steps toward alternative use cases for some of our data centers," said Schultz.
CleanSpark operates multiple data centers across the U.S., positioning itself in markets with favorable electricity pricing. The company reached 50 EH/s of operational hashrate in June, according to its latest earnings report. It has also grown its bitcoin treasury to over $1 billion in value as of the end of June.
CleanSpark's stock closed up 0.88% at $13.74 on Monday and gained another 5% in extended trading, according to Google Finance data.
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