CleanSpark secures another $100 million credit facility to fund growth

Bitcoin miner CleanSpark (ticker CLSK) said Thursday it has opened a $100 million Bitcoin-backed credit facility with Two Prime in order to fund growth.

The capital will "support Bitcoin mining hashrate deployment, invest in high-performance computing (HPC) capabilities, and fund the company's evolving Digital Asset Management strategies," CleanSpark said in a statement.

Earlier this week, CleanSpark expanded its bitcoin-backed credit facility with Coinbase Prime by $100 million.

This new credit facility with Two Prime brings CleanSpark's "total collateralized lending facilities to $400 million," the company said.

"We have a range of exciting opportunities to maximize current megawatts in our portfolio, accelerate potential development of high-performance compute campuses, and further invest in our digital asset management strategies," said CleanSpark CEO Matt Schultz. "This financing supports CleanSpark's continued evolution across all business segments."

CleanSpark operates multiple data centers across the U.S., positioned in markets with favorable pricing for electricity. The Bitcoin miner reached 50 EH/s of operational hashrate in June, according to its latest earnings report. By the end of June, its bitcoin treasury was worth over $1 billion.

CleanSpark's shares are down 2.5% to $14.15 as of 11:22 a.m. ET, according to The Block's price data.