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    CleanSpark Obtains $100 Million Loan Secured by Bitcoin

    Ethan CarterBy No Comments3 Mins Read
    1758604600

    Bitcoin mining firm CleanSpark experienced a 5% increase in after-hours trading following the announcement on Monday that it has secured a $100 million financing deal with institutional-investor focused Coinbase Prime.

    This agreement allows CleanSpark to access additional credit from Coinbase Prime by using a portion of its 13,000 total Bitcoin (BTC) holdings as collateral. The capital will be utilized to enhance its Bitcoin mining operations, high-performance computing (HPC) capabilities, and energy portfolio.

    CleanSpark (CLSK) shares closed at $13.74 on September 22, and the price has since risen by approximately 5% to reach $14.44 in after-hours trading after the news.

    Cryptocurrencies, Bitcoin Price, United States
    CleanSpark gained over 5% in after-hours trading. Source: Google Finance

    CleanSpark Scaling Up Bitcoin Mining and Computing

    Many leading Bitcoin mining companies have shifted their focus to AI in recent years.

    When asked about CleanSpark’s emphasis on expanding its HPC and energy initiatives relative to Bitcoin mining, Chief Business Officer Harry Sudock informed Cointelegraph that the company does not view its strategy in such terms.

    “We’re not really framing it in a ratio across the portfolio. Our main objective is to optimize the value of every asset. This starts with a thorough evaluation of every power contract, land plot, and energy relationship we have currently,” he stated.

    Sudock stressed that adaptability is crucial for CleanSpark, asserting that this approach will allow the company to thrive and compete effectively in the coming years.

    “Some elements of our power pipeline may not be suited for Bitcoin mining, but could be excellent for high-performance computing. By developing both capacities within our expertise, we’ll have a much larger opportunity for power portfolio growth than we could with either capability alone.”

    “Versatility leads to opportunity maximization,” Sudock concluded.

    CleanSpark Continues with Bitcoin-Backed Loans

    To date, CleanSpark has secured around $300 million in BTC-backed financing from Coinbase Prime as part of a strategic collaboration with the firm.

    Sudock indicated that the company is focused on extracting maximum value from its Bitcoin to benefit investors and expand its operations.