Shares of CleanSpark Inc (NASDAQ:CLSK) are moving higher Tuesday after the company announced an expanded credit facility to invest in high-performance computing capabilities and expand its energy portfolio.
What Happened: Bitcoin (CRYPTO: BTC) miner CleanSpark said it increased its Bitcoin-backed credit facility with Coinbase Prime by $100 million.
The company plans to use the additional $100 million financing to expand its energy portfolio, scale mining operations and invest in high-performance computing capabilities.
“Delivering accretive growth using non-dilutive financing is at the core of CleanSpark’s capital strategy. We are excited to expand our strategic relationship with Coinbase as our business continues to evolve, and our Digital Asset Management team will continue to drive growth and efficiency,” said Gary Vecchiarelli, president and CFO of CleanSpark.
CleanSpark’s data center business previously focused on Bitcoin mining. The company’s move into more diversified compute opportunities is being applauded by investors on Tuesday.
How To Buy CLSK Stock
By now you're likely curious about how to participate in the market for CleanSpark – be it to purchase shares, or even attempt to bet against the company.
Buying shares is typically done through a brokerage account. You can find a list of possible trading platforms here. Many will allow you to buy “fractional shares,” which allows you to own portions of stock without buying an entire share.
If you're looking to bet against a company, the process is more complex. You'll need access to an options trading platform, or a broker who will allow you to “go short” a share of stock by lending you the shares to sell. The process of shorting a stock can be found at this resource. Otherwise, if your broker allows you to trade options, you can either buy a put option, or sell a call option at a strike price above where shares are currently trading – either way it allows you to profit off of the share price decline.
CLSK Price Action: CleanSpark shares were up 6.99% at $14.70 at the time of publication on Tuesday, according to Benzinga Pro.
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