On the 15th (local time), CleanSpark made an official announcement that it has increased its Bitcoin-backed credit limit with Coinbase Prime to $200 million.
The company also revealed that it has expanded its capital strategy by investing in Bitcoin and other cryptocurrencies, and that it will sell a portion of its monthly Bitcoin production to cover operating expenses.
Zach Bradford, CEO of CleanSpark
Bradford explained, "Through this strategy, we are one of the few companies that can not only raise our own operating funds, but also expand our Bitcoin assets and secure growth capital."
The company added that it has also opened an institutional Bitcoin trading desk to support this.
The weakness in mining stocks is due to a broader sell-off that has continued into the quarter. According to Morningstar, WGMI, an exchange-traded index fund that tracks a range of mining stocks, is in the red.
The CoinShares Crypto Miners ETF has fallen by more than 40% since the beginning of the year. Bradford said, "We are looking forward to a nearly 100% holding strategy that we have introduced in mid-2023.
"It's time to move away from a strategy of using a portion of monthly production as operating expenses," he said. The recent decline in mining stock prices has led to higher capital costs and put strain on financial institutions on repayment schedules.
This could put pressure on Joule to move forward. Meanwhile, CleanSpark currently holds over 12,000 BTC, worth roughly $3 billion.
2025/04/16 10:14 KST
Copyright(C) BlockchainToday wowkorea.jp 118