CleanSpark Secures $100 Million Credit Facility from Coinbase Prime, Bolstering Bitcoin Mining and HPC Initiatives
CleanSpark, a prominent U.S.-based Bitcoin mining firm, has significantly enhanced its financial flexibility by securing a new $100 million credit line from Coinbase Prime. This strategic move is backed by the company’s substantial Bitcoin holdings and is earmarked for critical capital expenditures. The funds are intended to fuel expansion in key areas, including the development of energy infrastructure, scaling of mining operations, and the burgeoning field of high-performance computing (HPC).
The expansion of this credit facility underscores CleanSpark’s proactive approach to capital management within the dynamic cryptocurrency landscape. CEO and Chairman Matt Schultz highlighted the significance of this partnership, stating, “We are proud to expand our partnership with Coinbase Prime as we continue to add megawatts to our portfolio and make strides towards alternative uses for our data centers. We see immense opportunities to accelerate our mining growth and optimize assets, particularly near major metropolitan areas, by developing HPC campuses.” This suggests a forward-thinking strategy that aims to leverage existing infrastructure for diversified revenue streams beyond traditional Bitcoin mining.
This financing arrangement is seen as a validation of CleanSpark’s innovative capital strategy. Brett Tejpaul, Head of Coinbase Institutional, commented on the development, noting, “We view this as a significant step forward for the crypto ecosystem through targeted capital deployment.” Such endorsements from major financial institutions like Coinbase signal a growing institutional confidence in the infrastructure and long-term viability of Bitcoin mining companies.
CleanSpark’s financial strategy, described by Chief Financial Officer and President Gary A. Vecchiarrelli as “Infrastructure First,” has a proven track record. This approach is expected to continue driving shareholder value as the company diversifies into broader computing capabilities. This emphasis on foundational infrastructure is crucial for maintaining operational efficiency and scalability in a competitive market.
The company has demonstrated a consistent trajectory of growth in its Bitcoin reserves. Earlier in January 2025, CleanSpark reported an increase in its Bitcoin reserves to 10,097 BTC, marking a substantial 236% year-over-year increase. By February, the firm had added an additional 624 BTC, bringing its balance to 11,177 BTC and achieving an operational hashrate of 40.7 EH/s. As of the latest data, CleanSpark holds approximately 12,703 BTC, positioning it as the tenth-largest corporate Bitcoin holder globally and third among cryptocurrency miners, following MARA (formerly Marathon Digital) and Riot Platforms. This positions CleanSpark as a significant player in the digital asset mining sector.
Blockchain developer and writer, Daniel combines hands-on coding experience with accessible storytelling. He holds multiple blockchain certifications and authors technical explainers, protocol deep-dives, and developer tutorials to help readers navigate the intersection of code and finance.