Two of the largest publicly traded Bitcoin mining companies are navigating distinct strategies with their digital asset holdings, illustrating a significant contrast in operational approaches. CleanSpark, known for its robust self-mining initiative, is actively amassing one of the largest Bitcoin treasuries in the sector. In contrast, its competitor, Riot Platforms, has opted to monetize a portion of its production in order to generate cash flow.
As of the end of September 2025, CleanSpark, which trades on Nasdaq under the ticker CLSK, reported holding 13,011 Bitcoin valued at around $1.6 billion based on current market conditions. In September alone, the company produced 629 Bitcoin, averaging a daily output of roughly 20.95 BTC. During the month, it sold 445 coins for approximately $48.7 million, achieving an average sale price of $109,568 per Bitcoin. The accumulation of these self-mined reserves, built through strategic expansions over the years, has positioned CleanSpark as a behemoth in the corporate treasury landscape within the mining industry.
Operationally, CleanSpark demonstrated significant advancements throughout September, operating a fleet of 241,934 machines with a peak hashrate reaching 50 exahashes per second (EH/s). The average hashrate during this period was 45.6 EH/s, with fleet efficiency recorded at 16.07 joules per terahash (J/TH). The company has also fortified its power portfolio, securing over 1.03 gigawatts under contract while utilizing 808 megawatts in September. Noteworthy milestones for CleanSpark in fiscal 2025 included the acquisition of GRIID Infrastructure, which opened up mining sites based in Tennessee and opportunities for TVA-backed power development. Additionally, they executed major financing maneuvers such as a $650 million convertible note offering and the expansion of their Bitcoin-backed credit facilities to $400 million.
Conversely, Riot Platforms is embracing a more conservative financial strategy, selling a portion of its Bitcoin output to secure cash flow. In September, the Texas-based miner produced 445 Bitcoin—a 7% decrease from the previous month but up 8% year-over-year. The company sold 465 Bitcoin in September, generating approximately $52.6 million in net proceeds with an average selling price of $113,043. By the end of the month, Riot held 19,287 Bitcoin, which included 3,300 classified as restricted. Despite holding 85% more Bitcoin compared to the previous year, Riot’s focus remains on actively monetizing its production.
Riot’s operational metrics revealed a hashrate of 36.5 EH/s by the month’s end, with an average operating rate of 32.2 EH/s. The company recorded an efficiency improvement to 20.5 J/TH, which marks a 12% enhancement from last year. However, Riot experienced a significant downturn in total power credits, which plummeted to $1.4 million from $16.1 million in August, a decline linked to diminished curtailment revenues in Texas. The all-in power costs for the firm surged to 4.2 cents per kilowatt-hour, reflecting a 63% rise month-over-month.
Despite these operational challenges, Riot Platforms’ stock has seen a remarkable surge of 164% over the past six months, recently approaching a 52-week high of $20.13. Analysts at JPMorgan have upgraded the stock from Neutral to Overweight, attributing this positive sentiment to the company’s size and growth trajectory.
In the broader context of the Bitcoin mining industry, firms are increasingly seeking credit facilities backed by their crypto holdings to pursue growth in a volatile market. In September, CleanSpark secured a $100 million line of credit from Coinbase Prime, building on its previous arrangements with the exchange. This new facility, backed by the company’s Bitcoin reserves, aims to enhance liquidity for energy builds, expanded mining capacity, and projects in high-performance computing. CleanSpark’s CFO described this move as a form of “non-dilutive financing,” while the CEO emphasized its role in facilitating growth and optimizing assets in proximity to major metropolitan areas.
Other firms are also reacting to the landscape by adjusting their financing strategies. Hut 8, for example, doubled its credit line to $130 million in June, while Riot Platforms established its first $100 million Bitcoin-backed credit facility from Coinbase Credit in April. This trend allows miners to leverage BTC as collateral while maintaining their Bitcoin holdings, thus reducing dependence on equity issuance or forced sales.
The developments align with CleanSpark’s performance in the most recent quarter, which saw the firm report $198.6 million in revenue for its fiscal third quarter—an impressive 91% year-over-year increase with a net income of $257.4 million, a significant turnaround from a loss of $236.2 million the year prior. As competition intensifies, credit facilities are becoming an essential tool for miners striving to scale operations without sacrificing their valuable Bitcoin positions.
