Bitcoin miner CleanSpark said Monday it has secured a new $100 million credit line from Coinbase Prime, extending its existing financing arrangements with the exchange.

The credit is backed by the miner’s Bitcoin holdings and is intended to strengthen liquidity while the firm pursues “accretive growth using non-dilutive financing,” Gary A. Vecchiarelli, Chief Financial Officer and President at CleanSpark, wrote in a statement.

The funds will support energy expansion, mining growth, and new high-performance computing projects, with the move building on earlier steps, the company said.

In an earlier earnings call for its second quarter results released in May, Vecchiarelli said that CleanSpark’s balance sheet strategy has matured to an extent that it has allowed the Bitcoin miner to pursue “non-dilutive funding options” that support both its operations and long-term growth.

Non-dilutive funding options are ways for a company to raise money without issuing new shares, so existing shareholders don’t lose ownership.

This represents a “meaningful strategic distinction” from its peers, who Vecchiarelli said “continue to rely on equity dilution to fund operating costs” while some still rely on increasing leverage to grow their Bitcoin reserves.

To date, CleanSpark holds 12,703 BTC worth about $1.43 billion at current prices, and is the 10th largest holder of the asset among public companies, according to data from Bitcoin Treasuries.

CleanSpark had already expanded its facility with Coinbase Prime by up to $200 million in April earlier this year.

The move aligns with several others in the crypto mining sector who are also shifting toward using Bitcoin-backed credit as an alternative to equity issuance or direct sales of mined coins. Hut 8 doubled its line to $130 million in June, while Riot Platforms tapped Coinbase for a $100 million arrangement in April.

These credit lines come as evolving network conditions make mining more capital-intensive. Bitcoin’s hashrate and difficulty have both reached records, while transaction fees fell below 1% percent of block rewards in August for the first time.

That shift means miners are more dependent on fixed subsidies to cover rising energy and equipment costs, with observers warning last month that increasing hardware costs and logistical hurdles could accelerate shifts in mining locations, supply chains, and capital expenditure strategies, as well as deepen the strain on miners.

As early as March, tariffs on imported rigs from Asia have added to the burden, with U.S. firms including CleanSpark facing potential liabilities for past shipments.

CleanSpark stock is up 33% over the past five days, according to Google Finance data.