CleanSpark stock on Tuesday pared its surge after gapping out of a buy zone in early trade. The bitcoin miner on Monday announced a $100 million financing deal with Coinbase.
CleanSpark announced it expanded its capital strategy by increasing its bitcoin-backed credit facility with Coinbase Prime by $100 million. Coinbase Prime is the crypto exchange's institutional brokerage platform.
CleanSpark said it plans to use the funding for strategic capital expenditures, including expanding its energy portfolio, scaling bitcoin mining operations, and investing in high-performance computing capabilities.
"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 in the release. "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."
CleanSpark Stock
Shares of the bitcoin miner jumped nearly 8% early Tuesday to jump out of a buy zone for an eight-week cup base. CleanSpark pared its Tuesday advance, closing in the buy zone with a 1.2% gain.
CLSK stock first pushed above the 13.66 buy point on Friday.
CleanSpark has rallied more than 51% this year and is trading at its highest level since December.
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