CleanSpark Secures $200M Bitcoin Credit Facility

Proceeds from this credit facility will support accretive growth on non-dilutive terms. CleanSpark, Inc. (Nasdaq: CLSK), known as America's Bitcoin Miner®, has announced a significant expansion of its capital strategy with a new $200 million credit facility from Coinbase Prime. This move is part of the company’s transition to self-funded operations, aiming for a 50 EH/s capacity.

CEO Zach Bradford expressed pride in deepening the relationship with Coinbase, noting that this funding will enhance their capital management strategy. With a strong focus on non-dilutive funding options, CleanSpark aims to support both operations and long-term growth. The company has successfully reached what they term 'escape velocity', allowing them to self-fund operations and enhance their Bitcoin treasury.

Bradford also highlighted that with over 12,000 Bitcoins valued at approximately $1 billion, it is time to shift from a nearly 100% holding strategy. Instead, they will utilize a portion of their monthly Bitcoin production to support operational costs, distinguishing CleanSpark from peers who rely on equity dilution.

Brett Tejpaul, Head of Coinbase Institutional, emphasized Coinbase's commitment to supporting CleanSpark’s innovative capital management strategies. The partnership aims to deliver institutional-grade lending and custody management.

As CleanSpark targets a growth phase of 50 exahash and beyond, the company is positioned favorably to deliver sustained, long-term shareholder value by executing its strategic vision amidst evolving market conditions.

About CleanSpark: CleanSpark operates a portfolio of mining facilities across the United States, optimized for superior returns through low-cost energy and effective capital stewardship. For more information, visit www.cleanspark.com.