CleanSpark Secures $100M Bitcoin-Backed Loan with Two Prime
US miner CleanSpark has secured a $100 million Bitcoin-backed credit facility from institutional lender Two Prime, raising its total collateralized financing capacity to $400 million. The loan, backed by over 12,000 BTC from the company’s treasury, provides non-dilutive funding for data center expansion and high-performance computing projects. This follows a recent $100 million line with Coinbase Prime and underscores an industry-wide shift toward Bitcoin-backed financing among major miners. CFO Gary Vecchiarelli highlighted the facility’s favorable cost of capital and enhanced liquidity without selling core assets, while Two Prime CEO Alexander Blume noted growing institutional confidence in BTC collateral. CleanSpark now operates at 50 EH/s of hashrate with a Bitcoin treasury exceeding $1 billion. Despite the new facility, CLSK shares remain steady near $13.68 as trading volumes surge, reflecting increased market interest.
Bullish
This news is bullish for Bitcoin. By securing a $100 million Bitcoin-backed credit facility without selling core assets, CleanSpark maintains its BTC exposure while scaling operations, which supports demand for Bitcoin collateral and signals strong institutional confidence. In the short term, increased trading volumes and positive investor sentiment may boost price momentum. Over the long term, wider adoption of Bitcoin-backed financing by miners can reduce sell pressure, underpinning price stability and growth potential.