Nov 26, 2025
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CleanSpark Repays Bitcoin-Backed Debt, Stock Rises 7.8%
CleanSpark Repays Credit Facilities Amid Market Volatility
- CleanSpark has repaid its credit facility with Coinbase and Two Prime due to falling Bitcoin prices affecting mining profitability.
- The company eliminated outstanding balances on both Bitcoin-backed credit lines by November 2024.
- Initially, the Coinbase facility was $50 million, later increased to $300 million, with interest rates between 8.25% and 9%.
Financial Performance and AI Expansion
- Reported revenue of $766.3 million for FY 2025, marking a 102% growth year-over-year.
- Net income stood at $364.5 million, with total assets valued at $3.2 billion.
- CleanSpark raised $1.15 billion through convertible notes, using a portion to retire debt and fund AI data center expansion.
- The company retains approximately $400 million in undrawn borrowing capacity.
Impact of Bitcoin's Hashprice Decline
- Bitcoin's hashprice is near $35/PH/s/Day, resulting in thin profit margins for miners.
- CleanSpark's net margins are near break-even following Bitcoin price drops.
CleanSpark's stock showed volatility after fiscal results but gained up to 7.8% following analyst upgrades. The stock traded between $12.74 and $12.98, closing around $12.12 amid strategic financial management and operational growth.
