CleanSpark received BTC-backed funding from Coinbase Prime.
American Bitcoin mining company CleanSpark announced it has received a $100 million Bitcoin-secured loan from Coinbase Prime, the institutional arm of crypto exchange Coinbase.
The miner said it plans to use the additional funding for «capital expenditures in three key areas: expanding its energy infrastructure, scaling its Bitcoin mining operations, and developing high-performance computing capacity at select sites.»
Achieving additional growth through non-dilutive financing is at the core of CleanSpark’s capital strategy, he said. CFO and President of CleanSpark Gary Vecchiarelli.
CleanSpark CEO Matt Schultz said the company sees significant opportunities to accelerate mining growth while optimizing assets.
“We are proud to expand our partnership with Coinbase Prime, continuing to grow megawatts in our portfolio and taking steps to explore alternative uses for some of our data centers,” said Schultz.
CleanSpark operates several data centers in the US. According to its latest earnings report, the company reached 50 EH/s operational hashrate in June. Furthermore, as of the end of June, its Bitcoin treasury had grown to over $1 billion.
