CleanSpark signed a $100 million revolving credit facility on September 19, 2025. The counterparty is Two Prime Lending Limited. The collateral is $CLSK's own digital assets, which may include Bitcoin or any other digital currency the two parties agree upon. That structure puts the Bitcoin treasury directly on the line.

The 8-K filed September 25 covers three substantive items: entry into a material definitive agreement, creation of a direct financial obligation, and a Regulation FD disclosure. The facility is a revolving line, meaning $CLSK can draw, repay, and redraw up to the $100 million ceiling at any point before the September 14, 2026 maturity date. There is no prepayment premium or penalty.

The Rate and the Collateral Arrangement

The interest rate floats at Term SOFR plus 355 basis points. That spread sits above typical investment-grade revolvers but below distressed-credit territory, reflecting the nature of the collateral. Two Prime's recourse is explicitly limited to the pledged digital assets. $CLSK's other assets are not on the hook. That ring-fencing matters: if the facility is drawn and Bitcoin prices fall sharply, Two Prime cannot reach beyond the collateral pool to recover losses.

The filing does not specify an initial draw amount, a minimum draw requirement, or a loan-to-value ratio. Those terms, if they exist, are in the full agreement filed as Exhibit 10.2. Investors who want to understand the actual collateral mechanics need to read that exhibit.

What the Proceeds Are For

The filing is explicit about intended use. Funds are expected to support Bitcoin mining hashrate deployment, investment in high-performance computing capabilities, and the company's Digital Asset Management strategies. That three-part designation covers $CLSK's core operating expansion, its HPC pivot, and its treasury management activity. The filing does not allocate the $100 million across those categories, and the language is forward-looking rather than committed.

This is not boilerplate general-corporate-purposes language. The filing names specific operational categories. That specificity is meaningful because it signals where management expects to deploy the capital if drawn.

Disclosure Cadence and the Filing Risk Signal

$CLSK's Filing Risk Score sits at 100, and the Event Momentum score matches it at the ceiling. Both reflect the density of capital markets and operational filings $CLSK has generated, not a judgment about financial distress. This facility is one more event in a sustained disclosure cadence. The elevated filing-risk signal has been driven by exactly this kind of recurring material agreement activity.

The BTC Exposure Score is 80, placing $CLSK firmly in the range where Bitcoin is central to the research case. The collateral structure of this facility reinforces that read directly: the company is borrowing against its Bitcoin holdings to fund the operations that generate more Bitcoin.

$CLSK disclosed aggregate fair market value of approximately $813.22 million as of March 31, 2026, per the May 10, 2026 10-Q, at $68,222 per BTC. A $100 million revolving facility secured by that pool represents a meaningful but not dominant claim on the treasury at that valuation snapshot. The actual collateral posted against any draw will depend on terms in Exhibit 10.2 and Bitcoin prices at the time of borrowing.

The Stock Has Run Hard Into This Filing

$CLSK's price context shows a 28% gain over the past 30 days and roughly 57% over 90 days as of May 20, 2026. The short-term trend is up. The long-term trend remains a downtrend, with the 52-week high set in October 2025 still well above current levels. That combination means the stock has recovered sharply from its March 2026 lows but has not reclaimed its prior peak. The facility announcement did not produce a notable extended-hours move, suggesting the market absorbed it as an operational development rather than a surprise.

The crypto Fear and Greed index sat at 29, in fear territory, at the time of this analysis. Bitcoin dominance was 58.1%. A miner drawing on a Bitcoin-collateralized revolver in a fear-regime environment takes on more collateral risk than the same draw in a greed regime, because forced liquidation of collateral during a price decline is more consequential when sentiment is already fragile.

The Exhibit 10.2 Gap

The 8-K summary describes the facility's general terms but explicitly states that the description does not purport to be complete. The full Two Prime Master Loan Agreement is in Exhibit 10.2. Loan-to-value thresholds, margin call mechanics, cure periods, and cross-default provisions are all standard in digital-asset-collateralized facilities and none of those terms appear in the 8-K summary. Until those details are reviewed, the collateral risk profile of this facility is only partially visible.

The next concrete read on how $CLSK is using the facility will come from the balance sheet in the next quarterly filing, where any outstanding draw would appear as a current liability. If the company draws heavily before the September 2026 maturity and Bitcoin prices compress, the collateral adequacy question becomes the central one.

Research only. Not investment advice.