Prime

Bitcoin

Bitcoin mining company CleanSpark secured its second $100 million credit line this week without issuing new shares, highlighting the growing role of digital assets as collateral in mainstream finance.
The latest facility, disclosed Thursday, was arranged with Two Prime, an institutional Bitcoin (<a href="/bitcoin-price" rel="noopener noreferrer">BTC</a>) yield platform, and is backed entirely by CleanSpark’s Bitcoin treasury. With this agreement, CleanSpark’s total collateralized lending capacity is now $400 million.
The non-dilutive nature of the financing is particularly notable. Public companies often raise growth capital through equity offerings, which can dilute existing shareholders’ stakes. By using its nearly 13,000 BTC holdings as collateral instead, CleanSpark gains access to liquidity while preserving shareholder value.
This deal follows <a href="https://cointelegraph.com/news/cleanspark-scaling-up-bitcoin-mining-computing-100m-loan" rel="noopener noreferrer nofollow">another $100 million credit facility</a> announced earlier in the week with Coinbase Prime, also secured against Bitcoin reserves. A company representative clarified to Cointelegraph that the Two Prime and Coinbase Prime facilities are separate arrangements, both contributing to the firm’s expanding financial flexibility.
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 <img src="https://s3.cointelegraph.com/uploads/2025-09/01998195-8c73-79c2-88b5-c6e1b07f50ca" title="" alt="CleanSpark secures second BTC-backed credit line this week without share dilution">
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 CleanSpark is the ninth-largest public Bitcoin holder, with nearly 13,000 BTC on its balance sheet. Source: <a href="https://bitcointreasuries.net/" rel="noopener noreferrer nofollow" target="https://bitcointreasuries.net/">BitcoinTreasuries.NET</a>
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The funding provides CleanSpark with added flexibility to deploy capital quickly while avoiding excessive leverage. The company plans to use the credit to expand data centers, increase Bitcoin hashrate capacity and scale its <a href="https://cointelegraph.com/news/hive-digital-ai-pivot-bitcoin-miner-hpc-expansion" rel="noopener noreferrer nofollow">high-performance computing infrastructure</a>.
CleanSpark isn’t alone in tapping Bitcoin reserves for financing. Riot Platforms, which holds more than 19,300 BTC, <a href="https://cointelegraph.com/news/riot-platforms-bitcoin-backed-loan-coinbase" rel="noopener noreferrer nofollow">secured a $100 million credit facility</a> from Coinbase Prime earlier this year — the company’s first Bitcoin-backed loan.
Related: <a href="https://cointelegraph.com/news/twenty-one-capital-bitcoin-loans-tether-btc-treasury" rel="noopener noreferrer nofollow">Twenty One Capital eyes Bitcoin-backed USD loans: Report</a>
<h2 id="the-growth-of-bitcoin-backed-financing">The growth of Bitcoin-backed financing</h2>
Bitcoin’s rising value and the wealth it has created for both companies and individuals have fueled demand for Bitcoin-backed loans — with some investors even using them to <a href="https://cointelegraph.com/news/bitcoin-backed-loans-real-estate-capital-gains" rel="noopener noreferrer nofollow">purchase real estate without selling their BTC</a>, a strategy that also helps avoid triggering capital gains taxes.
For Bitcoin miners, this trend has changed treasury management. Instead of immediately selling their mined BTC to cover operating costs, <a href="https://cointelegraph.com/news/bitcoin-miners-treasury-strategy-diversified-business-2024-report" rel="noopener noreferrer nofollow">more miners are holding Bitcoin on their balance sheets</a>. As a result, collateralized lending has become an attractive option.
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 <img src="https://s3.cointelegraph.com/uploads/2025-09/01998195-9045-7de7-b361-f84550b609a7" title="" alt="CleanSpark secures second BTC-backed credit line this week without share dilution">
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 The largest Bitcoin miners, including Marathon Digital, CleanSpark, Riot Platforms, and Cango, hold substantial amounts of BTC on their balance sheets. Source: <a href="https://cointelegraph.com/news/bitcoin-mining-stocks-outperform-btc-as-investors-bet-on-ai-pivots" rel="noopener noreferrer nofollow" target="_self">The Miner Mag</a>
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Such financing offers miners a non-dilutive way to raise capital while preserving exposure to Bitcoin’s potential upside. For miners with sizable BTC treasuries, borrowing against their holdings can sometimes be cheaper than traditional debt financing.
<a href="https://cointelegraph.com/magazine/7-reasons-bitcoin-mining-terrible-business-idea-bit-digital/" rel="noopener noreferrer nofollow">Magazine: 7 reasons why Bitcoin mining is a terrible business idea</a>

CleanSpark secures second BTC-backed credit line this week without share dilution

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