Company: CLSKW
Filing Date: 2025-09-23
Form Type: 8-K
Source: 0001193125-25-213437
Chunk: 0

Company: CLEANSPARK, INC.
Filing Date: 2025-09-23
Form: 8-K
Item: Item 1.01
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Item 1.01 Entry into a Material Definitive Agreement.

On September 18, 2025, CleanSpark, Inc. (the “Company”) entered into a side letter (the “ Coinbase Side Letter”) to its Master Loan Agreement (the “ Original Coinbase Master Loan Agreement”) with Coinbase Credit, Inc. (“ Coinbase”) and Coinbase, Inc., as the lending service provider (together, the “Coinbase Parties”), the original of which was executed on August 7, 2024 and subsequently amended on April 14, 2025. Under the Original Coinbase Master Loan Agreement, as amended by the Side Letter (collectively, the “Coinbase Master Loan Agreement”), Coinbase may extend digital asset or cash loans to the Company on terms to be specified in individual loan confirmations executed under the Coinbase Master Loan Agreement, increased to an aggregate lending capacity of $300 million, enabling the Company to draw funds secured by Bitcoin to be deployed into strategic capital expenditures, including expanding CleanSpark's energy portfolio, scaling its Bitcoin mining operations, and investing in high-performance computing (HPC) capabilities.

General Nature of the Facility

Pursuant to the Coinbase Master Loan Agreement, the Company may borrow digital assets or cash from Coinbase from time to time. Each loan is documented in a separate confirmation that sets forth the specific terms, including principal amount, fees, collateral requirements, and the date on which the loan is to commence.

Interest Rate

The Loan Fee Rate, effectively the interest rate on the borrowed amounts, is to be determined for each loan and is calculated on a daily basis at the annualized rate specified in each confirmation.

Maturity

Each loan may have a fixed term or be open (i. e., terminable on demand), as specified in its confirmation. In general, either party can terminate a loan by providing notice within the time frame set forth in the Coinbase Master Loan Agreement. Upon termination, the borrowed digital assets or cash must be returned, and the related collateral released.

Security for the Borrowings

Borrowings under the Coinbase Master Loan Agreement are secured by collateral in favor of Coinbase. Collateral may include U. S. dollars, USDC stablecoin, Bitcoin, Ether, or other forms agreed upon by the Coinbase Parties. The collateral’s required value is typically higher than the borrowed amount, subject to margin calls and mark-to-market provisions set forth in the Coinbase Master Loan Agreement.

Financial Covenants

The Company must satisfy ongoing margin and collateral maintenance requirements. If the value of posted collateral falls below the