CleanSpark, a Bitcoin mining company, surged 5% in after-hours trading after securing a $100M financing deal with Coinbase Prime. The deal involves using a portion of its 13,000 BTC holdings as collateral to scale up mining ventures, high-performance computing, and energy portfolio. Shares closed at $13.74 and rose to $14.44 after the announcement.

CleanSpark is focusing on scaling up high-performance computing and energy ventures in addition to Bitcoin mining. The company’s chief business officer emphasized the importance of maximizing asset value and highlighted the versatility needed for long-term competitiveness. CleanSpark aims to optimize its operations and leverage its BTC holdings for growth.

CleanSpark has received approximately $300 million in BTC-backed financing from Coinbase Prime. The company is strategically utilizing its Bitcoin holdings to enhance investor value and expand operations. Despite the focus on leveraging BTC, CleanSpark is only using a portion of its holdings for this purpose. The company recently achieved record revenue of $198.6 million in the third quarter, mining 657 BTC in August.

Read more at Cointelegraph: CleanSpark Secures $100M Bitcoin-Backed Loan