CleanSpark Secures $100M Bitcoin-Backed Loan to Supercharge Mining Expansion

Bitcoin miner CleanSpark just pulled off a nine-figure power play—using their existing BTC holdings as collateral to fuel aggressive growth.

The $100 Million Gambit

Forget traditional financing. CleanSpark bypassed conventional lenders entirely, leveraging their bitcoin treasury to secure massive capital. This move signals deep conviction in both their mining strategy and bitcoin's long-term value proposition.

Expansion Mode Activated

Every dollar gets deployed toward scaling mining operations—acquiring more efficient hardware, securing premium energy contracts, and expanding infrastructure. They're betting big that bitcoin production will outpace their borrowing costs.

Wall Street's Watching

While traditional finance still scratches its head over crypto collateral, CleanSpark's bold maneuver demonstrates how bitcoin evolves from speculative asset to productive capital. Though let's be honest—watching miners use digital gold to build more digital gold mines would give any legacy banker heart palpitations.

This isn't just expansion—it's a masterclass in leveraging crypto assets while maintaining bullish exposure.

CleanSpark’s expansion strategy

According to CleanSpark’s chief business officer Harry Sudock, the company is focusing on maximizing the value of all its assets, including power contracts and energy relationships. Sudock explained:

“We’re not really thinking about it in terms of a ratio across the portfolio. What we’re really looking to do is maximize the value of every asset. And so that’s going to start with a comprehensive review of every power contract plot of land and energy relationship that we have contracted today.”

He noted that some parts of CleanSpark’s power pipeline may be better suited for HPC rather than Bitcoin mining, emphasizing the importance of versatility for future growth.

Ongoing use of bitcoin-backed loans

This latest deal brings CleanSpark’s total Bitcoin-backed financing from Coinbase Prime to around $300 million.

Sudock stated the firm is committed to making its Bitcoin holdings productive for shareholders, while only pledging a portion of its reserves:

“We’re holding nearly 13,000 Bitcoin on the balance sheet. And we want to make that Bitcoin go to work for us and for our shareholders.”

Record quarter drives momentum

CleanSpark’s aggressive expansion comes after it reported $198.6 million in revenue for the third quarter, its best performance to date.

In August alone, the company mined 657 BTC, a 37.5% increase over the same period in 2024.