Bitcoin mining company CleanSpark raised 5% in after-hours trading after announcing Monday it has secured a $100 million funding agreement with Coinbase Prime, which focuses on institutional investors.
Under the agreement, CleanSpark secures further credit from Coinbase Prime by using a portion of its 13,000 total Bitcoin (BTC) holdings as collateral. Using capital, we will expand our Bitcoin mining ventures, high-performance computing (HPC) capabilities and energy portfolio.
Shares in CleanSpark (CLSK) closed at $13.74 on September 22, then rose by about 5%, reaching $14.44 in after-hours trading after the announcement.
CleanSpark Scaling both Bitcoin mining and computing
Many major Bitcoin mining companies have announced pivots to AI over the past few years.
When asked how much focus CleanSpark’s CEO Harry Sudock was on scaling its HPC and energy-focused venture compared to Bitcoin Mining, CleanSpark told Cointelegraph that the company doesn’t necessarily see things that way.
“We don’t think much about that in terms of the overall portfolio ratio. What we really do is maximize the value of all assets. And that’s going to start today with a comprehensive review of all the electricity contract plots of land and energy relations we have contracted,” he said.
Sudock emphasized that versatility is important for Cleanspark, arguing that this will be the best and most sustainable way to move forward and compete in the coming years.
“There are some incredible pipelines that may not be suitable for Bitcoin mining, but are suitable for high-performance computing. You’ve got both abilities well within your skill set, allowing you to have a much larger power portfolio growth opportunity than one ability or the others.”
“Vernability leads to maximizing opportunities,” Scock added.
CleanSpark rolls on with Bitcoin-assisted loans
So far, CleanSpark has acquired approximately $300 million worth of BTC-backed funding from Coinbase Prime as part of its strategic partnership with the company.
Sudock said the company is currently focusing on squeezing all juices out of Bitcoin to provide investors’ value and scale-up operations.
“We have nearly 13,000 bitcoins on our balance sheet and we want to make that bitcoin work for us and our shareholders,” he said.
However, Sudock also emphasized that the company is doing this only in the set portion of its BTC holdings, not the entire Stash.
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The company’s latest push is fresh from behind the strongest quarter to date, after posting revenue of $186.6 million in third quarter on the company’s records.
The increase in revenues showed a 37.5% increase compared to the same month in 2024, with a total of 657 BTC mining in August.
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