CleanSpark to start selling Bitcoin in 'self-funding' pivot
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CleanSpark plans to sell mined Bitcoin each month and has secured a $200M credit line from Coinbase Prime as it shifts toward self-funding operations.
CleanSpark will start selling a portion of the Bitcoin earned from its mining operations each month in a bid to become financially self-sufficient, the US Bitcoin miner said on April 15.
In addition, CleanSpark secured a $200 million credit facility backed by Bitcoin (BTC) through an agreement with Coinbase Prime, the institutional brokerage division of the crypto exchange, according to a statement.
Together, the Bitcoin sales and credit line mean CleanSpark has “achieved escape velocity — the ability to self-fund operations, augment our bitcoin treasury, and contribute to expansion capital through operational cash flow,” Zach Bradford, CEO of CleanSpark, said.
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