CleanSpark Secures $100 Million Bitcoin-Backed Credit Facility with Two Prime

TLDR

• CleanSpark secured a second $100 million Bitcoin-backed credit facility this week with Two Prime, bringing total borrowing capacity to $400 million
• The financing is non-dilutive, meaning no new shares were issued that would reduce existing shareholder value
• CleanSpark holds nearly 13,000 BTC on its balance sheet, making it the ninth-largest public Bitcoin holder
• The company also expanded its Coinbase Prime credit facility by $100 million earlier this week
• Funds will support data center expansion, hashrate deployment, and high-performance computing infrastructure

Bitcoin mining company CleanSpark announced Thursday it has secured a $100 million credit facility with Two Prime, an institutional Bitcoin yield platform. The deal marks the second Bitcoin-backed credit line the company has obtained this week.

The new facility is entirely backed by CleanSpark’s Bitcoin treasury holdings. Two Prime specializes in providing institutional-grade Bitcoin yield solutions and lending services to corporate clients.

Total Borrowing Capacity Reaches $400 Million

With this latest agreement, CleanSpark’s total collateralized lending capacity now stands at $400 million. The company had previously expanded its existing credit facility with Coinbase Prime by $100 million earlier in the week.

Both facilities are separate arrangements that contribute to the mining company’s financial flexibility. A CleanSpark representative confirmed to media outlets that the Two Prime and Coinbase Prime facilities operate independently.

CleanSpark currently holds nearly 13,000 BTC on its balance sheet. This makes the company the ninth-largest public Bitcoin holder according to BitcoinTreasuries.NET data.

The company’s Bitcoin treasury was valued at over $1 billion by the end of June 2024. CleanSpark reached 50 EH/s of operational hashrate in June according to its latest earnings report.

CEO Matt Schultz said the financing supports the company’s continued evolution across all business segments. He cited opportunities to maximize current megawatts in the portfolio and accelerate development of high-performance compute campuses.

Non-Dilutive Financing Strategy

The Bitcoin-backed credit facilities represent non-dilutive financing for CleanSpark. This means the company did not issue new shares that would reduce the ownership percentage of existing shareholders.

Public companies traditionally raise growth capital through equity offerings. However, this approach can dilute existing shareholders’ stakes in the company.

By using its Bitcoin holdings as collateral instead, CleanSpark maintains shareholder value while accessing needed liquidity. The strategy allows the company to preserve exposure to Bitcoin’s potential price appreciation.

CleanSpark plans to use the credit facilities for multiple purposes. The funding will support Bitcoin mining hashrate deployment and investment in high-performance computing capabilities.

The company will also use proceeds to fund its evolving digital asset management strategies. CleanSpark operates multiple data centers across the United States in markets with favorable electricity pricing.

Other major Bitcoin miners have adopted similar financing strategies. Riot Platforms, which holds more than 19,300 BTC, secured a $100 million credit facility from Coinbase Prime earlier this year.

Bitcoin-backed lending has grown as the cryptocurrency’s value has increased. Some investors use these loans to purchase real estate without selling their Bitcoin holdings.

CleanSpark’s stock traded down 2.5% to $14.15 following the announcement. The company’s shares have experienced volatility alongside Bitcoin price movements throughout 2025.

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