Bitcoin Mining Company CleanSpark Increases Credit Facility With Coinbase Prime to $200 Million

CleanSpark, Inc. (Nasdaq: CLSK), a U.S. Bitcoin mining company, announced Tuesday it has increased its credit facility with Coinbase Prime (Nasdaq: COIN) to $200 million and launched a Bitcoin treasury desk to manage its digital assets.

CleanSpark, Inc. (Nasdaq:CLSK) has reportedly increased its credit facility with Coinbase Prime (Nasdaq:COIN) to $200 million and launched a Bitcoin treasury desk to manage its digital assets.

According to a report by Benzinga, the move aims to provide flexible funding for the U.S. Bitcoin mining company's operations without issuing new shares.

The credit line is backed by Bitcoin and will be used to cover operational needs as CleanSpark scales its mining capacity. The treasury desk will handle borrowing, lending, custody, and derivatives for the company's Bitcoin holdings, which exceed 12,000 coins and are valued at about $1 billion as of April 14, 2025, based on a Bitcoin price of $84,500.

CleanSpark plans to use part of its monthly Bitcoin production to cover operating costs, aiming for a balance between immediate needs and maintaining reserves.

The company's approach to selling part of its mined coins marks a shift from a strategy of holding all coins, which was adopted in mid-2023. The move also reflects CleanSpark's focus on diversifying its financial management as it expands its mining operations.

CleanSpark is targeting 50 exahash per second in mining capacity, a significant increase that could reduce reliance on equity sales, a common practice among Bitcoin miners facing high operational costs.

The deal with Coinbase Prime highlights the growing ties between cryptocurrency miners and institutional finance platforms in response to Bitcoin's value and the need for flexible funding options.

Bitcoin Mining Overview

Bitcoin mining involves verifying blockchain transactions to earn rewards, requiring substantial energy and computing power. With Bitcoin priced at $84,500 in April 2025, miners face opportunities and challenges, including volatile prices and regulatory pressures. The industry is concentrated in regions with affordable energy, such as parts of the U.S., where CleanSpark operates multiple facilities.

Market growth is closely tied to cryptocurrency adoption, although concerns about energy use remain a subject of discussion. Miners are increasingly exploring financial tools like lending to stabilize cash flow and adjust to changing market conditions.