CleanSpark Secures $100 Million Credit Facility to Drive Growth

TLDR

• CleanSpark has secured a new $100 million Bitcoin-backed credit facility with Two Prime.
• The financing increases CleanSpark’s total collateralized lending facilities to $400 million.
• The company plans to use the funds to expand its Bitcoin mining hashrate and invest in high-performance computing.
• CleanSpark aims to further develop its Digital Asset Management strategies with the new capital.
• The $100 million credit facility supports CleanSpark’s growth without issuing additional equity.

CleanSpark, Inc. (Nasdaq: CLSK), a leading Bitcoin miner, has successfully secured a new $100 million Bitcoin-backed credit facility with Two Prime. This financing boosts CleanSpark’s total collateralized lending facilities to $400 million. The company aims to use the funds to accelerate its data center growth and invest in high-performance computing capabilities.

Capital to Support Bitcoin Mining and Digital Asset Strategies

CleanSpark plans to deploy the new capital to expand its Bitcoin mining hashrate. The company will also focus on investing in its Digital Asset Management strategies and enhancing its computing infrastructure. This strategic financing comes as CleanSpark continues to evolve and diversify its business operations, particularly in the digital asset space.

Matt Schultz, CEO and Chairman of CleanSpark, expressed enthusiasm about the new credit facility. “We are excited to add $100 million in non-dilutive financing with Two Prime to our mature capital stack,” he said. Schultz highlighted the importance of this financing in accelerating the company’s growth and capitalizing on new opportunities.

CleanSpark Leverages Bitcoin for Strategic Growth

The new financing arrangement allows CleanSpark to maintain its strong financial position without issuing additional equity. Gary A. Vecchiarelli, CleanSpark’s CFO, emphasized the company’s efficient use of its treasury balance, which includes nearly 13,000 Bitcoin.

CleanSpark has been proactive in leveraging its Bitcoin holdings to support its growth. With this new credit facility, the company has positioned itself to meet its evolving capital needs. The partnership with Two Prime reinforces CleanSpark’s commitment to maintaining a strong capital base while advancing its strategic objectives.

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