Bitcoin mining company CleanSpark (CLSK) has secured a new $100 million credit facility with Coinbase Prime, giving it access to fresh capital without selling its bitcoin holdings or raising equity.
The shares rose nearly 6% in post-market trading, after the announcement on Monday.
The mining company will use the proceeds for strategic capital expenditures, including expanding CleanSpark’s energy portfolio, scaling its bitcoin mining operations, and investing in high-performance computing (HPC) capabilities, the company said in a press release.
Rather than selling bitcoin to raise cash or selling additional shares of the firm—a move that can dilute the current shareholders—CleanSpark is using the asset as collateral to keep growing while holding on to what it mines.
“Delivering accretive growth using non-dilutive financing is at the core of CleanSpark’s capital strategy,” said Gary A. Vecchiarelli, CleanSpark’s CFO. “Our…
