Cryptominer CleanSpark has secured two $100 million credit facilities and is looking to expand into hosting HPC and AI infrastructure.

The firm this week announced it was increasing its Bitcoin-backed credit facility with Coinbase Prime by $100m. The funds will be “strategic capital expenditures,” including expanding CleanSpark's energy portfolio, scaling its Bitcoin mining operations, and investing in high-performance computing capabilities.

This week also saw the company opening a new $100m Bitcoin-backed credit facility with Two Prime. This too is expected to be used towards supporting Bitcoin mining hashrate deployment and investment in HPC capabilities.

Describing itself as “America’s Bitcoin Miner,” CleanSpark currently has around 33 Bitcoin mining sites in operation across Wyoming, Tennessee, Mississippi, and Georgia. The company has more than 1GW of capacity under contract.

Details of any planned HPC facilities weren’t shared.

"We are proud to expand our relationship with Coinbase Prime as we continue to add megawatts to our portfolio and take steps toward alternative use cases for some of our data centers," CleanSpark CEO Matt Schultz said. "We see tremendous opportunity to accelerate mining growth while simultaneously optimizing our assets, particularly those near major metro centers and in our immediate pipeline, through the potential development of high-performance compute campuses."

The two deals take CleanSpark’s total collateralized lending facilities to $400m.

Schultz added that the company has a “range of exciting opportunities to maximize current megawatts in our portfolio, accelerate potential development of high-performance compute campuses, and further invest in our digital asset management strategies. This financing supports CleanSpark's continued evolution across all business segments."

Coinbase Prime is a prime brokerage platform for institutional crypto investment. Two Prime Lending Limited delivers secured credit solutions to institutional Bitcoin holders, offering more than $3 billion in lending capacity.

"We see CleanSpark's innovative approach to expanding its capital strategy as a significant step forward for growing the crypto ecosystem through focused capital deployment," said Brett Tejpaul, head of Coinbase Institutional. "Our Coinbase Prime offering delivers robust, secure, and regulated infrastructure alongside industry-leading custody management, supporting institutions as they scale.”

"We are thrilled to support CleanSpark with this credit facility," added Alexander Blume, Two Prime CEO. "At Two Prime, we take pride in being a trusted partner to leading institutional bitcoin firms, delivering fair pricing and reliable capital as the industry matures. Our commitment is to empower clients like CleanSpark with the resources they need to grow, and we look forward to building on this strong relationship well into the future."

Amid increased demand for capacity and limited supply, crypto-focused companies with ample amounts of cheap power are pivoting to serve AI cloud firms. The likes of Hive Digital Technologies, Northern Data, Applied Digital, Iris Energy, Hut 8, Mawson Infrastructure, Crusoe, and others are just a few of the many companies making the shift.

AI cloud provider CoreWeave, itself a former cryptomining firm, has signed large deals with the likes of Galaxy and Applied Digital – as well as acquiring Core Scientific. AI cloud firm FluidStack has signed large leases with TeraWulf and Cipher Mining as both firms look to expand into HPC data centers, with Google taking investment in both as part of the deals.