Share this article
Bitcoin Miner CleanSpark Raises $35M in Equipment-Backed Debt From Trinity Capital
Equipment-based financing is becoming an increasingly popular option for mining firms to fund their growth.
By Aoyon Ashraf
Updated May 11, 2023, 6:53 p.m. Published Apr 26, 2022, 1:00 p.m.
Make us preferred on Google
Bitcoin miner CleanSpark (CLSK) has raised $35 million in equipment financing, backed by 3,336 new S19j Pro bitcoin miners from Trinity Capital (TRIN), a provider of venture debt financing.
The Henderson, Nevada-based sustainable miner will use the proceeds from the financing for growth capital. “As we mentioned in our Q1 earnings call, debt capital is currently the lowest cost of capital available to the Company,” said Gary Vecchiarelli, chief financial officer of CleanSpark, in a statement. “We intend to continue our efforts of obtaining non-dilutive capital to finance our growth [capital expenditure] needs,” he added.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
On CleanSpark’s earnings call in February, the company said that it prefers to raise capital by issuing rig-backed debt and that the company is in active talks with lenders. Other options include monetizing some of the company's bitcoin holdings via sales and/or yield.
The financing comes at a time when miners are looking to get creative with their financing as capital markets remain somewhat constrained after bitcoin prices came down from their peak last year. Using specialized bitcoin mining computers, called ASICs, as collateral for loans has become popular among miners to fund their growth plans.
“All the options available for the miners in terms of financing have fundamentally changed over the last year,” Mas Nakachi, head of crypto finance firm XBTO’s mining operations, told CoinDesk in a recent interview. “I think miners are starting to get more comfortable with equipment-based financing,” he added. Among other lending products, XBTO provides financing to miners through asset-backed loans, as well as using bitcoin as collateral.
Most recently, Australian bitcoin miner Iris Energy (IREN) said that it has secured $71 million in equipment financing from institutional bitcoin broker NYDIG with a 25-month term and 11% interest and backed by 19,800 Bitmain S19j Pro miners. Meanwhile, in March, NYDIG also provided about $81.4 million in S19 J Pro-backed loans to miner Greenidge Generation (GREE).
CleanSpark’s loan has a three-year term and carries an annual interest rate of 9.9%. The terms are similar to loan financing done by Trinity Capital last year, where it lent another crypto miner, Hut 8 (HUT), a $30 million equipment-backed loan, with a three-year term and 9.5% interest.
“We are excited to partner with the team at CleanSpark, which is on a mission to mine bitcoin responsibly, using a mix of sustainable energy including nuclear, hydroelectric, solar, and wind,” said Ryan Little, managing director of equipment financing at Trinity Capital, in a statement.
Read more: Scaramucci’s SkyBridge Starts Fund for Bitcoin Mining
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Michael Saylor's Strategy catches a break from MSCI, but analysts caution fight isn’t over yet
MSCI won’t drop firms like Strategy from indexes yet, but a broader rule change may still be on the table
What to know:
- Shares of Strategy rose 6% after MSCI decided not to exclude digital asset treasury firms from its indexes.
- The decision alleviates immediate pressure on companies holding large amounts of bitcoin but not directly operating in the blockchain sector.
- Analysts caution that the situation may not be resolved, as future MSCI rule changes could still impact firms like Strategy.
Top Stories
