Two of the largest publicly traded Bitcoin mining companies 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.
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, the miner 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.
The company pointed out several milestones in fiscal 2025, including its acquisitions of GRIID Infrastructure, which brought new Tennessee-based mining sites and access to TVA-backed power development.
It also executed major financing moves, such as a $650 million convertible note offering and the expansion of its Bitcoin-backed credit facilities to $400 million.
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.
While CleanSpark is growing its holdings, 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. This represented an 85% increase from September 2024, though the company’s approach has been to actively monetize a portion of its production.
Riot’s hashrate reached 36.5 EH/s at the end of September, with an average operating rate of 32.2 EH/s. The company reported fleet efficiency of 20.5 J/TH, a 12% improvement compared with last year.
However, total power credits fell sharply to $1.4 million in September, down from $16.1 million in August, due to reduced curtailment revenues in Texas. The company’s all-in power costs rose to 4.2 cents per kilowatt-hour, a 63% increase from the prior month.
Despite operational headwinds, Riot’s stock has surged 164% over the past six months, recently trading near a 52-week high of $20.13.
Analysts at JPMorgan recently upgraded the stock from Neutral to Overweight, citing its scale and growth trajectory.
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.
The added liquidity, executives said, will help balance capital needs with the rising difficulty of the Bitcoin network.
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.
The new funding follows a record quarter for CleanSpark. The firm posted $198.6 million in revenue for its fiscal third quarter, up 91% year-on-year, with net income of $257.4 million, reversing a loss of $236.2 million the prior year.
As competition intensifies, credit facilities are becoming a central tool for miners seeking to scale without sacrificing their Bitcoin positions.
The post Bitcoin Miners Diverge: CleanSpark Amasses $1.6B in BTC as Rival Riot Sells – Why? appeared first on Cryptonews.
