Bitcoin miner CleanSpark (CLSK) has announced a strategic shift in its approach to its mined bitcoin, moving away from a strict policy of holding all of its BTC. The company will now sell a portion of its mined bitcoin to support its ongoing operations.
Key Points:
- CleanSpark’s bitcoin holdings now exceed 12,000 BTC, valued at just over $1 billion at current market prices.
- CEO Zach Bradford expressed, “We think a more effective strategy for enhancing shareholder value is to strike a balance between generating revenue from new production and establishing long-term assets.”
(Translation: We think a more effective strategy for enhancing shareholder value is to strike a balance between generating revenue from new production and establishing long-term assets.) - Additionally, the company has increased its credit facility with Coinbase Prime to $200 million, avoiding the need to sell equity to fund its operations.
CleanSpark aims to enhance its mining capacity, currently at 40.2 exahash per second (EH/s), to 50 EH/s, positioning itself for future growth in the competitive bitcoin mining landscape.
This shift comes as the broader bitcoin mining sector continues to face challenges, with CoinShares Bitcoin Miners ETF currently experiencing setbacks. CleanSpark’s stock experienced a rise of just over 1% before leveling off in early trading.
