Bitcoin mining company CleanSpark (CLSK) is changing its strategy, moving away from HODLing 100% of mined BTC.

The Henderson, Nevada-based organization announced Tuesday that it would resume selling some of its mined bitcoins to fund its operations.

“While we remain committed to Bitcoin as a long-term, secure asset, we believe a more effective way to increase shareholder value is through a balanced approach that combines monetization of new production with the creation of long-term assets,” said CEO Zach Bradford.

CleanSpark currently has over 12,000 BTC in assets, which is valued at just over $1 billion at current prices.

The company also increased its credit line with Coinbase Prime (COIN) to $200 million, following a strategy to fund its operations without having to sell shares. CleanSpark, which has a mining capacity of 40.2 exahashes per second (EH/s), plans to increase it to 50 EH/s.

“As part of this balanced approach, we intend to continue to expand our diversified capital base. In the current market environment, we view debt markets as the most effective and responsible way to support sustainable growth, and our strong balance sheet positions us well to take full advantage of this opportunity,” Bradford added.

CLSK shares rose just over 1% before paring gains in early trading on Tuesday, outperforming the broader BTC mining sector, according to data from the CoinShares Bitcoin Miners ETF (WGMI), which fell more than 1%.

Source: cryptonews.net