CleanSpark Unwinds Coinbase Credit Line as Bitcoin Hashprice Hits All-Time Low
CleanSpark has repaid its bitcoin-backed revolving line of credit with Coinbase in full, reflecting a more cautious liquidity stance as bitcoin’s market downturn and declining hashprice pressure mining margins.
The company disclosed the repayment in its annual report filed Tuesday, noting that all outstanding balances under both its Coinbase and Two Prime credit facilities were cleared in November. CleanSpark now has about $400 million of undrawn borrowing capacity across its committed lines of credit.
The decision comes shortly after CleanSpark raised $1.15 billion in 0% convertible senior notes due 2032, providing more than $1.1 billion in net proceeds. A portion of the capital was earmarked to retire bitcoin-backed debt balances, with the rest directed toward power expansions, new data-center infrastructure and general corporate uses.
CleanSpark’s repayment underscores how the recent slide in bitcoin’s hashprice—now hovering near $35/PH/s—has narrowed profitability across the sector. Even for CleanSpark, which sits on the lower end of cash-based hashcost among public miners, net margins have approached break-even levels following bitcoin’s recent price pullback.
The company had relied on bitcoin-secured credit throughout the year as part of its operating liquidity toolkit. Under the Coinbase Master Loan Agreement signed in August 2024, CleanSpark could draw against a facility initially capped at $50 million with bitcoin pledged as collateral. The loan carried interest between 8.25% and 9% and allowed Coinbase to sell, pledge or rehypothecate the posted bitcoin during the term, requiring the company to derecognize the transferred bitcoin and mark a receivable at fair value.
The facility was upsized several times—first to $200 million in April 2025 and later to an indicative capacity of $300 million under a September side letter. As of September 30, 2025, CleanSpark had $174.5 million outstanding and 2,384 bitcoin posted as collateral, valued at $271.9 million.
CleanSpark also opened a separate $100 million revolving facility with Two Prime in September 2025, similarly secured by bitcoin and structured with loan-to-value thresholds, margin-call triggers and liquidation levels. The company had not drawn on this line before repaying both facilities in November.