Bitcoin Miner CleanSpark (CLSK) is moving away from the strategy of embracing 100% of BTC IT mines.
The Henderson, Nevada-based company said in an announcement Tuesday it is back to selling some of the bitcoin mined to support its business.
“We continue to commit to Bitcoin as a long-term, reinforced asset, but we believe that a more effective way to increase shareholder value is through a balanced approach to monetizing new production and building long-term holdings,” CEO Zach Bradford said.
Currently, CleanSpark holds over 12,000 btc, just over $1 billion at its current price.
The company is also pursuing a strategy to use Coinbase Prime (Coin) to increase its credit facility to $200 million and fund its operations without selling capital. CleanSpark has 40.2 exahash (Eh/s) mining power per second and is about to expand to 50 eh/s.
“As part of this balanced approach, we intend to build even more diversified capital stacks. In today’s market environment, we consider the debt market as the most efficient and responsible path to support acquisition and growth, and our strong balance sheets will make the most of that opportunity,” added Bradford.
CLSK shares rose more than 1% before earning profits in early trading on Tuesday, surpassing the broader BTC mining sector measured by the Coinshares Bitcoin Miners ETF (WGMI).