CleanSpark Taps $200M Coinbase Credit, Adjusts Bitcoin Hodl Strategy
CleanSpark has expanded its credit facility with Coinbase Prime to $200 million, marking a strategic shift away from fully retaining mined Bitcoin amid a challenging hashprice environment.
In a release on Tuesday, CleanSpark said it launched a new institutional-grade Bitcoin treasury desk aimed at optimizing its Bitcoin reserve. The company highlighted the expanded Coinbase-backed facility as part of a broader reliance on non-dilutive capital sources.
The move follows a competitive partner selection process covering borrowing, lending, custody, and derivatives to support CleanSpark’s evolving treasury strategy.
“With our Bitcoin holdings now exceeding 12,000 BTC, valued at around $1 billion, we believe this is the right time to evolve from a nearly 100% hold strategy,” said CEO Zach Bradford.
He noted that CleanSpark will now allocate a portion of its monthly production to cover operational expenses while leveraging the treasury desk to fund growth—rather than relying solely on equity dilution or new debt.
The shift comes as Bitcoin’s hashprice remains stagnant below $45/PH/s, tightening margins even for the largest public miners.
CleanSpark’s latest earnings report shows an all-in cash cost of around $52,000 per BTC—or $34.30 per realized PH/s—when including both direct mining and corporate expenses. Based on these figures, the company may need to sell more than 60% of its monthly Bitcoin production to fully cover its costs in April.
The new facility builds on CleanSpark’s existing relationship with Coinbase, which previously provided a $50 million credit line backed by Bitcoin collateral and custodial services through its Prime platform.
CleanSpark’s approach mirrors a broader industry trend, as miners like BitFuFu, Canaan, Marathon Digital (NASDAQ: MARA), and Cipher increasingly turn to Bitcoin-backed loans to improve capital efficiency and preserve liquidity in a depressed revenue environment.
