CleanSpark secures $100 million bitcoin financing from Coinbase Prime

Key points:

• CleanSpark has expanded its credit line with Coinbase Prime by $100 million, securing it with bitcoins.
• The funds will be directed toward energy, mining scaling, and the launch of HPC solutions.
• The company has exceeded $1 billion in bitcoin reserves and achieved a hashrate of 50 EH/s by June 2025.

US-based bitcoin mining company CleanSpark has announced a $100 million credit line extension in partnership with Coinbase Prime. Gary Vecchiarelli, the company’s CFO and president, noted that raising loans allows the company to grow without issuing new shares and diluting the stakes of current shareholders.

The funds raised will be used in three areas: expanding energy infrastructure, scaling bitcoin mining operations, and developing high-performance computing (HPC) systems at select facilities.

Growth strategy

CleanSpark CEO Matt Schultz emphasized that the deal with Coinbase Prime strengthens the company’s position:

“We are proud to expand our relationship with Coinbase Prime as we continue to add megawatts to our portfolio and take steps toward alternative use cases for some of our data centers. We see tremendous opportunity to accelerate mining growth while simultaneously optimizing our assets,” he said.

Gary Vecchiarelli noted that the company is seeking growth by taking out loans backed by bitcoins rather than issuing new shares. According to him, the focus on infrastructure development has proven effective and will contribute to further growth in the company’s value.

Coinbase Prime gave a positive assessment of the deal. Brett Tejpaul, the head of Coinbase Institutional, said that CleanSpark demonstrates an innovative approach to capital and the development of the crypto ecosystem, while the Coinbase platform provides a reliable infrastructure and security for custodial assets.

Current performance and outlook

The company operates data centers across the United States, locating them in regions with favorable electricity prices. In June 2025, CleanSpark’s operating hashrate reached 50 EH/s, which corresponds to 5,8% of the global bitcoin network hashrate.

In August, the company mined 657 BTC, representing a 37,5% year-over-year increase. The sale of 533,5 BTC generated $60,7 million, and the company held 12 827 BTC in its accounts, up 69,7% from August 2024.

CleanSpark miner reports 91% growth in quarterly revenue for the year

Second-quarter earnings per share significantly exceeded analysts’ forecasts

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According to its Q2 2025 report, CleanSpark’s revenue grew 91% to $198,6 million, and net income was $257,4 million, compared to a loss a year earlier.

In the same report, the company stated that it owns 12 703 BTC worth approximately $1,48 billion, making it the ninth-largest public holder of the first cryptocurrency. CleanSpark’s market capitalization is estimated at $3,862 billion.