Quick Breakdown
- $100M financing secured: CleanSpark expands BTC-backed credit line with Coinbase Prime.
- Shares rally: CLSK stock rose 5% in after-hours trading following the announcement.
- Growth outlook: Company eyes expansion in both Bitcoin mining and HPC after record $198.6M quarter.
CleanSpark expands credit line with Coinbase Prime
CleanSpark, Inc. widely recognized as America’s Bitcoin Miner, has expanded its capital strategy by securing an additional $100 million in Bitcoin-backed financing through Coinbase Prime.
The funds will be allocated toward scaling Bitcoin mining operations, growing the company’s energy portfolio, and investing in high-performance computing (HPC) infrastructure.
Driving growth through non-dilutive financing
CEO and Chairman Matt Schultz highlighted that the partnership allows CleanSpark to strengthen its mining footprint while exploring alternative use cases for data centres, particularly those located near major metropolitan areas.
CFO Gary A. Vecchiarelli emphasized that the company remains committed to non-dilutive financing as part of its “Infrastructure First” strategy, designed to optimize assets and deliver long-term shareholder value.
Coinbase Institutional’s Head, Brett Tejpaul, praised CleanSpark’s approach, noting that Coinbase Prime’s regulated infrastructure and secure custody services enable institutions to scale their digital asset strategies effectively.
Market response and company momentum
The announcement boosted CleanSpark’s stock by 5% in after-hours trading on September 22, with shares climbing from $13.74 to $14.44 according to Google Finance data.
This latest financing marks a continuation of CleanSpark’s reliance on BTC-backed credit, bringing the total secured from Coinbase Prime to nearly $300 million. The company recently reported record third-quarter revenue of $198.6 million and mined 657 BTC in August, up 37.5% year-on-year.
Record-breaking quarter boosts momentum
The financing comes on the heels of CleanSpark’s strongest quarter to date, reporting $198.6 million in revenue. In August alone, the company mined 657 BTC—up 37.5% compared with the same month in 2024.
Meanwhile, CleanSpark Inc. achieved a significant milestone in June, reaching its mid-year target of 50 exahashes per second (EH/s) in operational hashrate. The company is the first publicly traded Bitcoin miner to hit this mark using fully self-managed infrastructure, with operations spanning four U.S. states.
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