Why Is Cleanspark Stock Rising 5% Premarket Today?

Cleanspark shares gained 5% in early premarket on Tuesday after the Bitcoin miner disclosed an expanded debt deal.

The company has increased its Bitcoin-backed credit facility with Coinbase Prime by $100 million, as stated in a regulatory filing made after the markets closed on Monday.

The additional financing will be allocated towards capital expenditures, including expanding its energy portfolio, scaling its Bitcoin mining operations, and investing in high-performance computing capabilities, the company stated.

CEO Matt Schultz indicated plans to grow its mining operations, particularly those near major metropolitan areas.

CleanSpark sees a "tremendous opportunity" to accelerate mining growth while simultaneously optimizing its assets, Schultz stated in a press release.

On Stocktwits, retail sentiment for CLSK held in the 'extremely bullish' territory, unchanged over the past week. Notably, the stock has risen sharply, gaining about 50% from its recent low on Sept. 8.

In early August, the company reported better-than-expected third-quarter results. The company is considered one of the largest miners in the U.S., with data center operations in Georgia, Mississippi, Tennessee, and Wyoming.

Cleanspark shares are up 50% year-to-date.

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