Bitcoin Miner Cleanspark Secures $35 Million in Financing from Trinity Capital – Mining Bitcoin News

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Bitcoin Miner Cleanspark Secures $35 Million in Financing from Trinity Capital – Mining Bitcoin News
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On Tuesday, Bitcoin mining and energy technology company Cleanspark announced that it had secured $35 million in non-dilutive financing from Trinity Capital. Cleanspark aims to use the funds for growth capital expenditures, according to the company.

Cleanspark to support growth spending with Trinity Capital’s $35M financing

Cleanspark revealed that it has finalized a $35 million financing deal with venture debt financing provider Trinity Capital to boost the company’s growth. The financing deal follows Cleanspark’s most recent expansion in Texas in March, when the company announced plans to expand operations in the Lone Star State and provide 500 megawatts (MW) of renewable energy.

According to Cleanspark, the three-year financing agreement with Trinity Capital is “backed by 3,336 new S19j Pro miners at 9.9% APR.” “As we mentioned in our Q1 earnings call, debt capital is currently is the lowest cost of capital available to the company,” Cleanspark Chief Financial Officer Gary Vecchiarelli said in a statement. The Cleanspark executive added:

This non-dilutive facility is an example of our fulfillment of our capital strategy and our previously communicated expectations. We intend to continue our efforts to obtain non-dilutive capital to meet our growth capex needs. It’s worth noting that we haven’t made withdrawals at our ATMs since November.

Financing to drive expansion and operations while maximizing shareholder returns

Cleanspark sees itself as a bitcoin mining company focused on sustainability, and “the financing is aimed at strengthening Cleanspark’s sustainable business.” The company will convert a portion of its bitcoin (BTC) holdings to fund expansion and operations,” The goal is to limit shareholder dilution and consistently maximize shareholder returns.”

Ledger

Over the last year, Cleanspark has been acquiring miners and making several business initiatives, including launching a 20 MW immersion cooling program in December. Ryan Little, managing director of equipment financing at Trinity Capital, explained in the announcement that the company looks forward to working with Cleanspark.

“We are delighted to be working with the team at Cleanspark, whose mission is to mine Bitcoin responsibly, using a sustainable mix of energy including nuclear, hydro, solar and wind,” commented Little. “Cleanspark is an excellent addition to our portfolio, having recently been named among the 50 fastest growing companies on the Financial Times list. We look forward to being part of their growth story.”

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What do you think of Cleanspark’s $35 million funding round from Trinity Capital? Let us know what you think about this topic in the comments section below.

Jamie Redman

Jamie Redman is Head of News for Bitcoin.com News and a fintech reporter based in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open source code and decentralized applications. Since September 2015, Redman has written over 5,000 articles for Bitcoin.com News on the disruptive protocols emerging today.

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