Coinbase Provides $100 Million BTC-Backed Financing To Miner CleanSpark

CleanSpark said Monday it secured a new $100m credit line from Coinbase Prime, extending the miner’s existing arrangements with the exchange and adding fresh liquidity for expansion.

The facility is backed by CleanSpark’s Bitcoin holdings and aims to fund “accretive growth using non-dilutive financing,” Gary A. Vecchiarelli, CFO at CleanSpark, wrote in a statement.

The company said the proceeds will support energy buildouts, mining capacity and new high-performance computing projects.

“We see tremendous opportunity to accelerate mining growth while simultaneously optimizing our assets, particularly those near major metro centers and in our immediate pipeline,” CleanSpark CEO Matt Schultz said.

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— CleanSpark Inc. (@CleanSpark_Inc) September 22, 2025

With BTC Holdings At $1.43b, CleanSpark Leans On Credit Rather Than Selling Coins

The deal builds on earlier steps. CleanSpark expanded its facility with Coinbase Prime by up to $200m in April, part of a broader shift among miners toward revolving credit secured by Bitcoin rather than equity issuance or coin sales.

Peers have moved in the same direction. Hut 8 doubled its line to $130m in June, while Riot Platforms tapped Coinbase for a $100m arrangement in April. These lines give miners flexibility to post BTC as collateral, preserve treasury balances and time market sales more carefully.

CleanSpark holds 12,703 BTC, worth about $1.43b at current prices, and ranks among the largest public company holders, according to Bitcoin Treasuries data. The company said the added credit will help match capital needs with a network that keeps getting tougher.

Record Hashrate And Lower Fees Squeeze Miner Margins, Costs Keep Rising

Bitcoin’s hashrate and difficulty have reached records this year, while transaction fees fell below 1% of block rewards in August, reducing a variable revenue buffer. As a result, miners lean more on fixed subsidies and balance sheet tools to manage rising energy and equipment costs.

Costs have also climbed due to hardware and logistics. As early as March, tariffs on imported rigs from Asia added to the burden, creating potential liabilities for past shipments and complicating procurement timelines for US operators.

Even so, CleanSpark posted its strongest quarter last month, reporting revenue of $198.6m for its fiscal third quarter, up 91% from $104m a year earlier and ahead of analyst forecasts of about $195m. Net income rose to $257.4m, reversing a loss of $236.2m in the prior year period.

BTC-backed financing now functions as a bridge between volatile cash flows and steady infrastructure needs. When prices are firm, collateral capacity rises and lines can be upsized. When prices soften, the structure can still reduce forced selling, especially when treasuries are significant.

For miners, that mix of credit access, treasury management and network efficiency has become central to strategy.