Key Notes
- The miner eliminated all outstanding balances under facilities worth up to $300 million by November 2024.
- CleanSpark raised $1.15 billion through convertible notes to retire debt and fund AI data center expansion.
- Bitcoin hashprice near $35/PH/s/Day has squeezed mining margins to break-even levels for the company.
Bitcoin miner CleanSpark [NC] has repaid its credit facility with Coinbase, acting decisively amid falling Bitcoin
BTC
$89 696
24h volatility:
2.4%
Market cap:
$1.79 T
Vol. 24h:
$64.68 B
prices and declining hashprice levels. The move signals a shift toward greater financial caution amid market volatility that is pressuring mining profitability.
CleanSpark disclosed in its annual report that it fully repaid the Bitcoin-backed revolving line of credit from Coinbase, as well as a separate facility with Two Prime, which was announced in September 2024. By November 2024, the company had eliminated outstanding balances under both credit lines, as reported on Nov. 26.
Today $CLSK reported transformative full fiscal year 2025 financial results (ended 9/30/25), setting the stage for our AI expansion.
*Revenue: $766.3 million (102% growth YoY)
*Net Income: $364.5 million
*Total Assets: $3.2 billion
*Power Under Contract: 1.31 GW (as of 10/31/25)… pic.twitter.com/eWue73hg8Y— CleanSpark Inc. (@CleanSpark_Inc) November 25, 2025
The Coinbase facility, capped initially at $50 million and later expanded to $300 million, allowed CleanSpark to borrow using Bitcoin as collateral. Interest rates ranged from 8.25% to 9%, with substantial flexibility for Coinbase to manage the posted assets, as with most Bitcoin-backed loans.
CleanSpark Raises $1.15 Billion and Pivots to AI Expansion
Earlier this quarter, CleanSpark raised $1.15 billion through 0% convertible senior notes, generating over $1.1 billion in net proceeds. Part of this capital was used to retire Bitcoin-backed debt, and the remainder is allocated to expanding into AI data centers power, new infrastructure, and general corporate needs.
After those repayments, CleanSpark holds approximately $400 million in undrawn borrowing capacity across committed lines, according to TheMinerMag.
Bitcoin’s Hashprice Decline Squeezes Mining Margins
Bitcoin’s hashprice now trades near $35/PH/s/Day, narrowing profit margins even for operators with low mining costs. Worth clarifying that hashprice refers to the value expected to earn by maintaining a 1 PH/s of mining power per day, which is a critical metric to evaluate the profitability of a mining operation. This metric is highly dependent on the Bitcoin price.
CleanSpark’s net margins have approached break-even following the latest drop in Bitcoin prices. Throughout 2024, the company used Bitcoin-secured credit as part of its operating liquidity strategy, but in recent payments, it has opted to retain undrawn capacity instead.
Graph of Bitcoin hashprice index. Source: Hashrate Index
On Nov. 26, CleanSpark’s shares displayed notable volatility following its fiscal year results. The stock initially fell after earnings missed analyst expectations, but soon reversed, climbing by as much as 7.8% during mid-day trading after a key analyst upgrade, with buy ratings and raised price targets adding further momentum.
Graph of stock prices for CLSK. Source: Yahoo! Finance
CleanSpark traded at $12.74, with an intraday high of $12.98. At the time the article was published, it was around $12.12. Despite market pressure from the Bitcoin sector’s downturn, the company’s strategic financial management and operational growth supported the stock’s recovery throughout the session.
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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
José Rafael Peña Gholam is a cryptocurrency journalist and editor with 9 years of experience in the industry. He wrote at top outlets like CriptoNoticias, BeInCrypto, and CoinDesk. Specializing in Bitcoin, blockchain, and Web3, he creates news, analysis, and educational content for global audiences in both Spanish and English.
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