According to a Monday press release, CleanSpark (NASDAQ: CLSK) has expanded its capital strategy with a new $100 million bitcoin-backed credit facility from Coinbase Prime. The company intends to deploy the funds into its energy portfolio, bitcoin mining operations, and, importantly, investment into high performance computing capabilities.
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This morning, shares of CleanSpark surged as much as 10%, driven by investor enthusiasm over the company’s push into HPC campuses alongside its core mining business.
The credit facility adds to CleanSpark’s existing credit arrangements with Coinbase Prime and allows the firm to leverage its bitcoin holdings as collateral for fundraising rather than selling coins or issuing equity. CleanSpark CEO Matt Schultz remarked: “We see tremendous opportunity to accelerate mining growth while simultaneously optimizing our assets, particularly those near major metro centers and in our immediate pipeline, through the potential development of high-performance compute campuses.”
The pivot from mining to HPC data centers has been a core driver of outsized returns in the public Bitcoin miners industry.
Read More: Inside CleanSpark’s bitcoin treasury strategy
At time of publication, CLSK is up 10% from yesterday’s close.
