CleanSpark expands capital with additional $100M bitcoin-backed credit

[Gold Colored Bitcoin Symbol On Top Of Coin Stacks Before Black Background]
MicroStockHub

CleanSpark (NASDAQ:CLSK [https://seekingalpha.com/symbol/CLSK]) expanded its capital expenditure plans by increasing its bitcoin [https://seekingalpha.com/pr/20240326-cleanspark-expands-capital-strategy-with-additional-100m-bitcoin-backed-credit-capacity-from](BTC-USD [https://seekingalpha.com/symbol/BTC-USD])-backed credit facility with Coinbase (COIN [https://seekingalpha.com/symbol/COIN]) Prime by $100M, the company said on Monday.

The bitcoin miner expects to deploy the capital into areas, including expanding its energy portfolio, scaling its bitcoin mining operations, and investing in high-performance computing capabilities.

"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," CleanSpark (NASDAQ:CLSK [https://seekingalpha.com/symbol/CLSK]) Chairman and CEO Matt Schultz said.

CleanSpark (NASDAQ:CLSK [https://seekingalpha.com/symbol/CLSK]) stock climbed 5.4% in after-hours trading, while Coinbase Global (COIN [https://seekingalpha.com/symbol/COIN]) edged up 0.2%.

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