CleanSpark has secured a new $100 million bitcoin-backed credit facility through a strategic partnership with Two Prime, further enhancing its non-dilutive growth strategy.
Key Takeaways
- CleanSpark locked in a $100 million credit facility backed by its bitcoin treasury, with institutional lender Two Prime.
- This brings CleanSpark’s total borrowing capacity to $400 million, with most of it still undrawn.
- No new shares were issued, preserving shareholder value while supporting data center and hashrate expansion.
- Funds will support high-performance computing and digital asset management strategies, leveraging nearly 13,000 BTC held in treasury.
What Happened?
CleanSpark, one of the leading bitcoin mining companies in the United States, has entered a new $100 million bitcoin-backed credit facility with Two Prime. The deal increases its total collateralized lending capacity to $400 million and strengthens its ability to grow without issuing new equity. The company aims to use the funds to expand its Bitcoin mining operations and invest in high-performance computing infrastructure.
— CleanSpark Inc. (@CleanSpark_Inc) September 25, 2025
CleanSpark Strengthens Capital Strategy
CleanSpark has now secured two separate $100 million bitcoin-backed loans in the same week, the first with Coinbase Prime and the second with Two Prime. Both agreements are designed to provide non-dilutive liquidity, helping the company fuel growth while maintaining shareholder equity.
- The credit line is fully secured by CleanSpark’s bitcoin treasury of nearly 13,000 BTC.
- CleanSpark emphasizes “responsibly sized leverage” to reduce risk and maintain financial health.
- The company’s current ratio of 4.37x reflects strong liquidity.
Chief Financial Officer Gary A. Vecchiarelli explained that the company is in a position to quickly repay debt if needed, and the $400 million credit facility remains largely undrawn.
Funding Fuels Expansion and Innovation
The newly raised capital will be directed toward:
- Expanding data center capacity.
- Increasing bitcoin mining hashrate.
- Scaling high-performance computing infrastructure.
- Enhancing digital asset management capabilities.
CEO Matt Schultz called the Two Prime credit facility an important addition to the company’s “mature capital stack” and a key driver of future development projects, including new high-performance compute campuses.
Two Prime CEO Alexander Blume described the firm as a trusted partner offering “fair pricing and reliable capital as the industry matures.”
Rise of Bitcoin-Backed Financing
The deal reflects a growing trend where companies use bitcoin holdings as collateral rather than selling them. This trend helps preserve long-term exposure to bitcoin while unlocking growth capital.
- Riot Platforms also used its BTC reserves earlier this year to secure a $100 million loan.
- Many firms now prefer bitcoin-backed credit for its cost efficiency and tax advantages.
Bitcoin’s value appreciation has changed how miners manage their treasuries. Instead of liquidating mined bitcoin to fund operations, companies like CleanSpark are increasingly leveraging their holdings for strategic financing.
CoinLaw’s Takeaway
In my experience covering crypto finance, this move is a textbook example of how bitcoin is becoming a real financial asset class. CleanSpark is proving that you don’t have to dilute shareholders to fund big growth plans. Leveraging a strong bitcoin treasury to secure $100 million in credit is not just smart, it’s strategic. I found it especially impressive that they’ve lined up two major facilities in one week without overextending themselves. That shows both confidence and operational discipline.
