Bitcoin mining company CleanSpark rallied 5% in after-hours trading after announcing on Monday that it had secured a $100M financing deal with institutional-investor focused Coinbase Prime.
CleanSpark secured further credit through the deal. Coinbase Prime is able to use up a small portion of the total 13,000 Bitcoins (BTCIt will use the capital to scale up its business. The capital will be used to expand its Bitcoin mining venturesHigh-performance computing capabilities (HPC), and an energy portfolio.
CleanSpark shares (CLSK), which closed on Sept. 22, at $13.74, have since gone up around 5% in the after-hours market to reach $14.44.
CleanSpark: scaling Bitcoin mining AND computing
In the past couple of years, many major Bitcoin-mining firms have announced that they are shifting their focus to AI.
Harry Sudock, CleanSpark’s Chief Business officer told Cointelegraph when asked about the focus that CleanSpark places on scaling up its HPC- and energy-focused ventures in comparison with Bitcoin mining that they don’t always look at things that way.
“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 said.
Sudock stressed that CleanSpark’s versatility is important. He argued this would be the most effective and sustainable way to compete and move the company forward in the future.
“There are portions of our power pipeline that might not be a good fit for Bitcoin mining, but would be a phenomenal fit for high-performance computing. As we get both capabilities well within our skill set, we’re going to be able to have a much larger power portfolio growth opportunity than we would with one capability or the other.”
“Versatility leads to opportunity maximization,” Sudock is added.
CleanSpark continues to offer Bitcoin-backed loans
CleanSpark, as part of a strategic partnership between the two companies, has secured approximately $300,000,000 worth of BTC financing.
Sudock stated that the company’s current focus is on extracting the maximum value from its Bitcoin in order to maximize investor returns and expand operations.
“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,” Then he said.
Sudock, however, also made it clear that this is only a portion of the BTCs the company holds, and not all.
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Recent developments in the business are a continuation of previous initiatives. strongest quarter to dateThe company posted a record revenue of $198.6 Million for the third-quarter.
Increased revenue was seen by the company mining a total The August 2018 BTC price was 657 BTC, a 38.5% rise compared with the same period in 2024.
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Source: cointelegraph.com
