CleanSpark Inc. (NASDAQ:CLSK) stock rose 5% after the Bitcoin mining company announced it has expanded its Bitcoin-backed credit facility with Coinbase Prime (NASDAQ:COIN) by $100 million.
The additional financing will be deployed into strategic capital expenditures, including expanding CleanSpark’s energy portfolio, scaling its Bitcoin mining operations, and investing in high-performance computing capabilities.
Matt Schultz, CleanSpark’s Chief Executive Officer and Chairman, stated that the company sees "tremendous opportunity to accelerate mining growth while simultaneously optimizing our assets, particularly those near major metro centers and in our immediate pipeline, through the potential development of high-performance compute campuses."
The expanded credit facility represents a continuation of CleanSpark’s capital strategy focused on non-dilutive financing. Gary A. Vecchiarelli, CleanSpark’s Chief Financial Officer and President, emphasized that delivering "accretive growth using non-dilutive financing is at the core of CleanSpark’s capital strategy."
Brett Tejpaul, Head of Coinbase Institutional, noted that Coinbase views "CleanSpark’s innovative approach to expanding its capital strategy as a significant step forward for growing the crypto ecosystem through focused capital deployment."
CleanSpark describes itself as "America’s Bitcoin Miner" and is listed on the Nasdaq under the ticker CLSK.
