Cleanspark Inc. Shares ticked higher Monday, stretching in last week’s Bullish Momentum after the company announced an extended Bitcoin-supported credit facility with Coinbase Prime.
The Las Vegas-based mining company closed regular trade to $ 13.74, but jumped more than 8% in posterity and reached $ 14.86 after news about the deal. The share has currently risen by 6% after hours and is trading almost $ 14.60.
Cleanspark knocked on an extra $ 100 million in credit, supported by its Bitcoin reserves. Instead of selling coins on the market, the company leans on its Bitcoin stocks as security. This is basically a strategy that transforms extracted bitcoin into a functioning asset.
For shareholders, this means that growth can be financed without issuing a new share that offers a non-dilutive way of keeping scaling.
Cleanspark uses its Bitcoin as company security
Cleanspark has been tapping more often on its Bitcoin stocks to raise capital. This is a strategy that is becoming more and more common among listed miners.
Basically, by setting up its Bitcoin as security, companies that keep Bitcoin keep exposure to the potential upside of the asset while unlocking cash can actually work.
“This extension with Coinbase Prime allows us to finance growth without sacrificing the shareholder’s equity or liquidate bitcoin,” said CEO and chairman Matt Schultz. “We see a huge opportunity to accelerate mining growth, while also preparing selected data centers for high benefit -calculating applications.”
Cleanspark said revenue will go to efforts such as expanding its energy portfolio, scaling Bitcoin mining and building high-sessional calculation options.
It includes the conversion of some facilities near Metro Centers to diversified calculation plates, where the demand for AI and cloud services is growing rapidly. This approach gets traction as competition is heated among US-based miners. Cleanspark has especially leaned on energy expansion and efficiency to stay in front of the package.
The company has also signaled a willingness to branch out to other forms of calculation in addition to mining, a sign of flexibility as the industry develops.
Brett Tejpaul, who heads Coinbase Institutional, described Cleanspark’s latest capital strategy as “a significant step forward to grow the crypto ecosystem through focused capital installation.”
He highlighted Coinbase Prime’s role in providing custody and credit infrastructure behind the agreement.
Cleanspark’s share has risen by 33% in the last five trading days, according to market data.