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1h ago

CleanSpark Adds $100 Million Two Prime Loan, Lifting Bitcoin-Backed Credit Capacity to $400 Million

The miner is using Bitcoin collateral to fund expansion without issuing new equity.

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Overview

  • CleanSpark established a $100 million facility with Two Prime, bringing its total collateralized lending across two lines to $400 million.
  • The company plans to use the capital to grow mining hashrate, accelerate data center and high-performance computing builds, and advance digital asset management.
  • Executives said the firm holds nearly 13,000 BTC and characterized the facilities as non-dilutive with capacity largely undrawn at the time of the announcement.
  • The Two Prime agreement followed this week’s $100 million expansion of an existing Bitcoin-backed credit line with Coinbase Prime.
  • Shares traded lower on Thursday after the news, while industry peers increasingly adopt BTC-collateralized loans and Two Prime’s CEO pointed to rising lender confidence in Bitcoin as collateral.