CleanSpark, a U.S.-based cryptocurrency mining firm, has received $100 million in financing from Coinbase Prime, using its Bitcoin reserves as collateral. The deal aims to strengthen the company’s liquidity and support operational growth amid a volatile crypto market.
The funding will enable CleanSpark to scale mining operations, invest in energy-efficient infrastructure, and optimize production capacity. CEO Zach Bradford emphasized that the partnership with Coinbase Prime provides strategic flexibility without needing to liquidate existing Bitcoin holdings.
“This financing allows us to leverage our crypto assets responsibly, ensuring continued growth while maintaining our long-term investment strategy in Bitcoin,” Bradford said.
Analysts note that such asset-backed financing reflects a growing trend among mining companies and institutional crypto holders to secure liquidity while retaining exposure to digital assets. By using Bitcoin as collateral, CleanSpark avoids selling coins during periods of market uncertainty, protecting potential future gains.
The firm has previously focused on expanding its renewable energy initiatives to reduce operational costs and environmental impact, and this new funding round is expected to accelerate these sustainability efforts.
Industry experts also see this move as a signal of confidence in Bitcoin as a collateralizable asset and a growing collaboration between crypto-native financial services and mining operations.
