CleanSpark Buys Miners With Bitcoin in Sign of Shifting ASIC Market Power

CleanSpark has acquired 13,200 Bitcoin miners using bitcoin in a deal that underscores a shift in bargaining power toward buyers, as weakening mining economics cool demand for new hardware—even with Bitcoin reclaiming the $100,000 level.

According to its first-quarter filing on Thursday, CleanSpark exercised a purchase option in April to buy the machines—valued at $76.6 million net of prior deposits—by transferring 691 BTC to the manufacturer, which is believed to be Bitmain.

The structure of the deal effectively valued the bitcoin at around $110,900 each, meaning Bitmain accepted below-market BTC in exchange for securing the sale. That marks a stark contrast to its more aggressive stance during past bull markets.

Bitcoin traded between $74,436 and $95,768 in April, averaging roughly $86,447. At that average price, the 691 BTC used in the transaction was worth approximately $60 million at the time. Although the 691 BTC has since appreciated to around $71.8 million following the rally in May, Bitmain would need BTC to surpass its previous all-time highs to recoup the dollar value of the contract fully.

As part of the agreement, CleanSpark also secured the right to repurchase the same 691 BTC at $110,900 per coin—effectively embedding a call option that lets it retain potential upside if Bitcoin surpasses that level. The company said it funded the transaction by drawing on its Coinbase Line of Credit to acquire the bitcoin at spot price.

The deal—structured with discounted BTC payments and embedded upside exposure—highlights the growing leverage of well-capitalized public miners. Amid softening demand and tightening margins, hardware suppliers appear to become increasingly flexible with pricing and terms.

While Bitcoin’s headline price remains high, the post-halving slump in hashprice has significantly eroded mining profitability, prompting several major miners—including Riot Platforms (NASDAQ: RIOT), Bitfarms (NASDAQ: BITF), and Iris Energy—to slow or halt expansion plans and reduce their demand for mining hardware.