On April 15th, COINOTAG News reported that CleanSpark, a prominent Nasdaq-listed crypto mining company, has executed a significant enhancement of its capital strategy by expanding its credit line with Coinbase Prime (Nasdaq: COIN) to a notable $200 million. This move underscores CleanSpark’s commitment to fortifying its operational capabilities amidst the dynamic landscape of digital assets. In conjunction with this expansion, the firm has unveiled an institutional-grade Bitcoin fund management platform, developed through a rigorous Request for Proposal (RFP) and due diligence process across multiple financial product lines, including lending, custody, and derivatives.
The collaborative effort has led to the selection of strategic partners aimed at optimizing risk management and enhancing the efficiency of the Bitcoin fund. “Coinbase is excited to support CleanSpark and its innovative capital and fund management approach in Bitcoin mining,” remarked Brett Tejpaul, Coinbase’s Head of Institutional. This deepened partnership is anticipated to provide CleanSpark with the essential institutional-grade lending and custody necessary to excel in the rapidly evolving crypto ecosystem.
Source: https://en.coinotag.com/breakingnews/cleanspark-expands-capital-strategy-with-200-million-credit-line-from-coinbase-to-enhance-bitcoin-fund-management/