Bitcoin Miners Take Different Approaches to Their Digital Asset Holdings
Two of the largest publicly traded Bitcoin mining companies, CleanSpark and Riot Platforms, are taking opposite approaches to their digital asset holdings. CleanSpark is building one of the largest self-mined Bitcoin treasuries in the sector, while rival Riot Platforms continues to sell a portion of its production to generate cash flow. This divergence in strategy has sparked interest in the industry, with many wondering why these companies are taking different paths.
CleanSpark, listed on Nasdaq under CLSK, reported holding 13,011 Bitcoin at the end of September 2025, worth roughly $1.6 billion at prevailing market prices. The company produced 629 Bitcoin during the month, with an average daily output of 20.95 BTC, and sold 445 coins for $48.7 million at an average price of $109,568. CleanSpark’s self-mined reserves, accumulated through years of expansion, now represent one of the largest corporate treasuries in the industry.
CleanSpark Expands Power and Hashrate While Riot Monetizes Production
Operationally, CleanSpark closed the month with a deployed fleet of 241,934 machines, achieving a peak operational hashrate of 50 exahashes per second (EH/s). The average hashrate during the month was 45.6 EH/s, with fleet efficiency reaching 16.07 joules per terahash (J/TH). CleanSpark has also expanded its power portfolio, securing 1.03 gigawatts under contract and utilizing 808 megawatts in September.
CleanSpark’s leadership team, led by Chief Executive Officer Matt Schultz, has also launched a digital asset management strategy that uses derivatives to optimize treasury performance and manage volatility. This approach has allowed the company to navigate the volatile cryptocurrency market with more ease and confidence.
On the other hand, Riot Platforms is moving in the opposite direction. The Texas-based miner produced 445 Bitcoin in September, down 7% from August but 8% higher year-over-year. Riot Platforms sold 465 Bitcoin during the month, generating $52.6 million in net proceeds at an average price of $113,043. By month-end, the company held 19,287 Bitcoin, including 3,300 classified as restricted.
Bitcoin Miners Turn to Credit Lines Backed by BTC as Expansion Accelerates
Additionally, Bitcoin miners are increasingly turning to credit facilities backed by their crypto holdings as they pursue expansion plans and volatile markets. In September, CleanSpark secured a new $100 million line of credit from Coinbase Prime, extending its existing arrangements with the exchange. Backed by the company’s Bitcoin reserves, the facility will provide liquidity for energy buildouts, additional mining capacity, and high-performance computing projects.
CleanSpark CFO Gary Vecchiarelli described the move as “non-dilutive financing,” while CEO Schultz said it positions the firm to accelerate growth and optimize assets near major metro hubs. The agreement follows CleanSpark’s April decision to expand its credit facility with Coinbase Prime by up to $200 million.
Other mining firms are taking similar steps. Hut 8 doubled its credit line to $130 million in June, while Riot Platforms secured its first Bitcoin-backed $100 million facility from Coinbase Credit in April. Such arrangements allow miners to use BTC as collateral while preserving their treasuries and reducing reliance on equity issuance or forced sales.
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