CleanSpark gains 5% after securing $100M Bitcoin-backed loan

After its best quarter to date, CleanSpark is scaling up operations with another $100 million worth of financing from Coinbase.

Bitcoin mining company CleanSpark rallied 5% in after-hours trading after announcing on Monday that it had secured a $100M financing deal with institutional-investor focused Coinbase Prime.

The deal sees CleanSpark secure further credit from Coinbase Prime by using a portion of its 13,000 total Bitcoin (BTC) holdings as collateral. It will utilize the capital to scale up its Bitcoin mining ventures, high-performance computing (HPC) capabilities and energy portfolio. 

CleanSpark (CLSK) shares closed Sept. 22 at $13.74, and the price has since gained around 5% to hit $14.44 in after-hours trading following the announcement.

A host of major Bitcoin mining firms have announced their pivot to AI over the past few years.

When asked how much of a focus CleanSpark is putting into scaling its HPC and energy focused-ventures in comparison to Bitcoin mining, CleanSpark Chief Business Officer Harry Sudock told Cointelegraph that the company isn’t necessarily looking at things in that kind of way. 

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