← CleanSpark · FinancingEdit
Coinbase bitcoin-backed line of credit (upsized)
Sep 18, 2025 · ClosedTerms of issuance
Instrument
Revolver
Principal
$300.0M
Net proceeds
Drawn (of commitment)
$0 as of Jun 30, 2026
Coupon
floating
Issue date
Sep 18, 2025
Maturity
Seniority
Conversion ratio
n/a
Settlement
n/a
Economic analysis
Effective annual cost
n/acalculated: coupon + capped-call cost amortized over the note's life — needs coupon, maturity, and (if hedged) capped-call cost
Interest savings vs. plain debt
n/anot shown — would require an assumed comparable straight-debt rate, which we do not fabricate
Implied option value / volatility
n/anot shown — would require an assumed volatility input, which we do not fabricate
Breakeven
n/anot shown — would require assumed reinvestment/discount-rate assumptions, which we do not fabricate
Context
Shares outstanding (as of issue date)
281,083,382
Stock price / market cap (as of issue date)
n/ano price on or before the issue date
Use of proceeds
Other financing outstanding (excl. this instrument)
Underwritten public offering of common stock at $20.68/share ($188.0M), 0.00% Convertible Senior Notes due 2030 ($650.0M), Two Prime bitcoin-backed revolving credit facility ($100.0M), 0.00% Convertible Senior Notes due 2032 ($1.15B), 7.875% senior secured notes due 2031 (CSDC Finance I, LLC) ($2.28B)
— of which existing debt
$4.36B
Existing cash
n/anot tracked in the system yet
Anti-dilution adjustment terms
n/a
Related acquisition
none
Related deal
none
Related site
none
Sources
ClosedCleanSpark originates $50 million Coinbase bitcoin-backed line of credit
Aug 7, 2024ClosedCleanSpark upsizes Coinbase bitcoin-backed line of credit to $200 million
Apr 14, 2025ClosedCleanSpark upsizes Coinbase bitcoin-backed line of credit to $300 million
Sep 18, 2025