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CleanSpark Inc (CLSK) Stock

CleanSpark Inc Stock Details, Movements and Public Alerts

CleanSpark Inc (CLSK): America's Bitcoin Miner Reaching 50 EH/s Through Pure Self-Operated Infrastructure

When Matt Schultz assumed the CEO role at CleanSpark in September 2025, he took charge of a Bitcoin mining operation that had achieved what competitors could not: 50 EH/s of operational hashrate entirely through self-operated infrastructure. While rivals like Marathon and Riot relied partially on third-party hosting, Schultz and his team controlled every aspect of CleanSpark's 32 data centers spanning Georgia, Tennessee, Wyoming, and Mississippi—totaling 915 MW of contracted power capacity. The strategy delivered results: Q3 2025 revenue surged 91% to $198.6 million with net income of $257.4 million, the company entered the S&P SmallCap 600 Index in March as only the second Bitcoin miner ever, and the Bitcoin treasury grew to 13,011 BTC worth over $1 billion. With mining costs of $42,667 per Bitcoin and fleet efficiency improving to 16.15 J/Th, CleanSpark exemplifies operational excellence in an industry often criticized for inefficiency.

52-Week Range

$23.61 - $6.45

-58.79% from high · +50.85% from low

Avg Daily Volume

34,062,698

20-day average

100-day avg: 26,262,734

Fundamentals

Valuation Metrics

P/E Ratio (TTM)

20.57

Near market average

Forward P/E

14.84

Earnings expected to grow

PEG Ratio

0.00

Potentially undervalued

Price to Book

1.98

EV/EBITDA

6.64

EPS (TTM)

$0.86

Price to Sales

8.34

Beta

3.89

More volatile than market

How is CLSK valued relative to its earnings and growth?
CleanSpark Inc trades at a P/E ratio of 20.57, which is near the market average of approximately 20, suggesting the market views it as fairly valued relative to its earnings. Looking ahead, the forward P/E of 14.84 is lower than the current P/E, indicating analysts expect earnings to grow over the next year.0
What is CLSK's risk profile compared to the market?
With a beta of 3.89, CleanSpark Inc is significantly more volatile than the market. For every 10% market move, this stock tends to move 39% in the same direction. Higher beta stocks offer greater potential returns but with increased risk. The price-to-book ratio of 1.98 shows investors value the company above its book value, which often reflects intangible assets or growth prospects.

Performance & Growth

Profit Margin

48.00%

Operating Margin

124.00%

EBITDA

$553.32M

Return on Equity

17.10%

Return on Assets

7.14%

Revenue Growth (YoY)

90.80%

Earnings Growth (YoY)

491.60%

How profitable and efficient is CLSK's business model?
CleanSpark Inc achieves a profit margin of 48.00%, meaning it retains $48.00 from every $100 in revenue after all expenses. This is an impressive margin, indicating strong pricing power and efficient cost management that allows the company to generate substantial profits. The operating margin of 124.00% reveals how efficiently the company runs its core business operations before interest and taxes. With ROE at 17.10% and ROA at 7.14%, the company generates strong returns on invested capital.
What are CLSK's recent growth trends?
CleanSpark Inc's revenue grew by 90.80% year-over-year, representing robust expansion that significantly outpaces typical market growth rates. This strong top-line performance suggests the company is successfully capturing market share or benefiting from favorable industry trends. Earnings increased by 491.60% year-over-year, outpacing revenue growth through improved margins. These growth metrics should be evaluated against CAPITAL MARKETS industry averages for proper context.

Company Size & Market

Market Cap

$5.3B

Revenue (TTM)

$631.94M

Revenue/Share (TTM)

$2.30

Shares Outstanding

286.18M

Book Value/Share

$7.64

Asset Type

Common Stock

What is CLSK's market capitalization and position?
CleanSpark Inc has a market capitalization of $5.3B, classifying it as a mid-cap stock ($2B-$10B). Mid-caps often represent companies in their growth phase, offering higher growth potential than large-caps but with more stability than small-caps. They can be attractive takeover targets and may become tomorrow's large-caps. With 286.18M shares outstanding, the company's ownership is relatively concentrated. As a participant in the CAPITAL MARKETS industry, it competes with other firms in this sector.
How does CLSK's price compare to its book value?
CleanSpark Inc's book value per share is $7.64, while the current stock price is $9.73, resulting in a price-to-book (P/B) ratio of 1.27. This reasonable premium to book value suggests the market values the company's earnings power and intangible assets appropriately. Most profitable companies trade between 1-3x book value. As a common stock, this represents equity ownership with voting rights.

Analyst Ratings

Analyst Target Price

$23.70

143.58% upside potential

Analyst Recommendations

Strong Buy

3

Buy

7

Hold

2

Sell

0

Strong Sell

0

How reliable are analyst predictions for CLSK?
12 analysts cover CLSK with 83% recommending buy/strong buy ratings. Analyst predictions have mixed reliability - studies show consensus rarely beats market returns consistently. The strong bullish consensus may already be priced in. The consensus target of $23.70 implies 143.6% upside, but targets are often adjusted to follow price moves rather than predict them.
What is the Wall Street consensus on CLSK?
Current analyst recommendations:3 Strong Buy, 7 Buy, 2 Hold, 00The bullish tilt suggests optimism about future prospects, though investors should conduct independent research.Remember that analyst opinions often lag price movements and can be influenced by investment banking relationships.

Fundamentals last updated: Nov 1, 2025, 02:15 AM

Technical Indicators

RSI (14-day)

79.48

Overbought

50-Day Moving Average

$11.27

-13.66% below MA-50

200-Day Moving Average

$10.05

-3.18% below MA-200

MACD Line

1.48

MACD Signal

1.12

MACD Histogram

0.36

Bullish

What does CLSK's RSI value tell investors?
The RSI (Relative Strength Index) for CLSK is currently 79.48, indicating the stock is in overbought territory (above 70). This suggests strong recent buying pressure that may be unsustainable. While overbought conditions can persist in strong trends, traders often watch for RSI divergences or a drop below 70 as potential sell signals. Combined with the price being below the 50-day moving average, this shows mixed signals requiring careful analysis.
How should traders interpret CLSK's MACD and moving average crossovers?
MACD analysis shows the MACD line at 1.48 above the signal line at 1.12, with histogram at 0.36. This bullish crossover suggests upward momentum is building. The 50-day MA ($11.27) is above the 200-day MA ($10.05), forming a golden cross pattern that typically signals a long-term uptrend. Price is currently below both MAs, confirming weakness.

Indicators last updated: Oct 7, 2025, 01:12 AM

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CleanSpark Inc (CLSK) Stock Analysis 2025: Complete Investment Guide

The Bitcoin Miner That Scaled to 50 EH/s Without Third-Party Crutches

Most Bitcoin mining companies tout hashrate growth. What they rarely mention is how much of that capacity relies on third-party hosting—data centers operated by others where the mining company simply plugs in equipment. When Matt Schultz celebrated CleanSpark's achievement of 50 EH/s in June 2025, he could claim something competitors like Marathon and Riot could not: every single hash came from infrastructure CleanSpark owned and operated. This vertical integration strategy, pursued since Schultz co-founded the company, creates operational control that translates into efficiency advantages. While competitors negotiated hosting fees and dealt with third-party operational constraints, CleanSpark optimized energy procurement, facility cooling, and equipment deployment across 32 wholly controlled sites. The results speak: $42,667 cost per Bitcoin mined, 16.15 J/Th fleet efficiency, and a Bitcoin treasury of 13,011 BTC built entirely without equity dilution since November 2024.

Business Model & Competitive Moat

CleanSpark generates revenue by mining Bitcoin through computational power (hashrate) deployed across self-operated data centers. Unlike competitors who purchase or lease third-party hosting capacity, CleanSpark develops, owns, and operates every facility—acquiring land, securing power contracts, building infrastructure, and deploying mining rigs. This approach requires higher upfront capital but creates moats competitors cannot easily replicate:

  • •Energy Cost Control: Direct power purchase agreements across four states (GA, TN, WY, MS) totaling 915 MW enable negotiated rates unavailable to hosted miners
  • •Operational Flexibility: Full control allows real-time optimization of equipment deployment, energy curtailment participation, and maintenance scheduling
  • •Efficiency Execution: 16.15 J/Th fleet efficiency and $42,667 mining costs reflect operational expertise applied consistently across all sites
  • •Scale Economics: 241,319 deployed miners across 32 sites create procurement leverage and operational best practices unavailable to smaller operators

The S&P SmallCap 600 Index inclusion in March 2025—making CleanSpark only the second Bitcoin miner ever accepted—validates the operational credibility this self-operated model delivers.

Financial Performance

  • •Q3 FY2025 (ending June 30): Revenue $198.6M (+91% YoY), net income $257.4M, EPS $0.90—record quarter
  • •Q2 FY2025 (ending April 30): Revenue $181.7M (+62.5% YoY), EPS -$0.49 (missed estimates at -$0.04)
  • •Mining Costs: Approximately $42,667 per Bitcoin for Q1-Q2 2025, among lowest in publicly traded sector
  • •Energy Efficiency: Energy costs 46% of Bitcoin mining revenue (Q2), up from 40.4% (Q1) but competitive
  • •Bitcoin Treasury: 13,011 BTC as of Sept 30, 2025 (worth $1.08B+), 6th largest public holder
  • •Capital Structure: $650M convertible notes (0% interest) + $400M Bitcoin-backed credit facilities
  • •No Dilution: Zero equity offerings since November 2024 despite treasury growth to 13,011 BTC

The swing from Q2's -$0.49 EPS miss to Q3's record $0.90 EPS demonstrates both Bitcoin price sensitivity and operational leverage when conditions align.

Growth Catalysts

  • •Hashrate Expansion: Path from 50 EH/s to 60+ EH/s through continued site development and equipment deployment
  • •Bitcoin Halving Dynamics: Fewer competitors post-2024 halving improves market share for efficient operators like CleanSpark
  • •Energy Grid Participation: Demand response programs allow curtailment revenue during high-price grid events
  • •Fleet Efficiency Gains: Continuous improvements to J/Th through equipment upgrades and operational optimization
  • •Index Inclusion Effects: S&P SmallCap 600 membership drives institutional ownership and liquidity
  • •Strategic Acquisitions: Self-operated model enables tuck-in acquisitions of distressed mining facilities at attractive valuations
  • •Bitcoin Price Appreciation: 13,011 BTC treasury provides significant operating leverage to BTC price increases

Risks & Challenges

  • •Bitcoin Price Volatility: Revenue and profitability swing dramatically with BTC price (Q2 miss vs. Q3 record)
  • •Network Difficulty: Mining difficulty increases compress margins even when Bitcoin prices are stable
  • •Energy Cost Inflation: 46% of revenue consumed by energy; power price spikes materially impact profitability
  • •Capital Intensity: Self-operated model requires continuous infrastructure investment vs. hosted competitors
  • •Regulatory Risk: Potential energy use restrictions, environmental regulations, or crypto mining taxation
  • •Equipment Obsolescence: 241,319 miners require constant upgrades as newer ASICs deliver better J/Th efficiency
  • •Geographic Concentration: 508 MW (55%) of capacity in Georgia creates regulatory and energy price concentration risk
  • •Equity Dilution Risk: While avoided since Nov 2024, future growth may require equity raises if Bitcoin prices decline

Competitive Landscape

CleanSpark competes directly with Marathon Digital (MARA), Riot Platforms (RIOT), Core Scientific (CORZ), and Iris Energy (IREN) in the publicly traded Bitcoin mining sector. Marathon leads in hashrate scale (~50+ EH/s) but relies more heavily on third-party hosting than CleanSpark. Riot operates significant self-hosted capacity but at higher energy costs per Bitcoin. Core Scientific emerged from bankruptcy in 2023 and focuses on hybrid mining plus HPC hosting. CleanSpark's differentiation lies in pure-play self-operated mining at competitive costs.

In operational efficiency, CleanSpark's $42,667 cost per Bitcoin and 16.15 J/Th fleet efficiency rank among sector leaders. The company's 5.8% share of global Bitcoin network hashrate positions it as a top-five public miner. Unlike Marathon's diversification into energy credits or Riot's power marketing business, Matt Schultz keeps CleanSpark focused singularly on Bitcoin mining operational excellence—a strategy that delivered 16.4% YTD gains while Marathon declined 7%.

Who Is This Stock Suitable For?

Perfect For

  • ✓Bitcoin bulls seeking leveraged exposure to BTC price appreciation (13,011 BTC treasury)
  • ✓Investors prioritizing operational efficiency over pure hashrate scale
  • ✓Those comfortable with extreme volatility (50%+ quarterly swings)
  • ✓Believers in Bitcoin's long-term value proposition with 2-5 year horizons
  • ✓Investors valuing self-operated infrastructure over third-party hosting models

Less Suitable For

  • ✗Risk-averse investors or retirement accounts (massive volatility, no dividend)
  • ✗Income investors seeking cash flow (no dividend, volatile profitability)
  • ✗Those bearish on Bitcoin or uncertain about crypto's future
  • ✗Short-term traders without position sizing discipline (Q2-Q3 swing: -$0.49 to +$0.90 EPS)
  • ✗Investors requiring consistent quarterly profitability

Investment Thesis

CleanSpark represents a leveraged bet on Bitcoin price appreciation combined with best-in-class operational execution in the mining sector. The bull case centers on Matt Schultz continuing to scale hashrate efficiently while maintaining industry-leading mining costs, allowing CleanSpark to accumulate Bitcoin profitably even when competitors struggle. With 13,011 BTC on the balance sheet (worth $1.08 billion at recent prices), the treasury alone provides significant operating leverage as Bitcoin appreciates. The self-operated infrastructure model creates efficiency moats that third-party hosted competitors cannot match, evidenced by competitive $42,667 mining costs. S&P SmallCap 600 inclusion drives institutional ownership that stabilizes volatility and provides liquidity.

The bear case questions whether Bitcoin mining economics remain viable long-term as network difficulty increases and halving events reduce block rewards. Even efficient operators like CleanSpark face margin compression if Bitcoin enters an extended bear market below $60,000-70,000. The company's self-operated model, while creating control advantages, requires continuous capital investment in infrastructure and equipment upgrades. Energy cost inflation (rising from 40.4% to 46% of revenue Q1-Q2) threatens profitability if power prices spike. For investors bullish on Bitcoin's trajectory through 2025-2030 and seeking operational quality in the mining sector, CleanSpark offers compelling exposure. Size as a satellite position (2-5% of portfolio) given volatility, not a core holding. Suitable only for those who can tolerate potential 50-70% drawdowns if Bitcoin corrects.

Conclusion

Speculative buy for Bitcoin bulls with high risk tolerance and 2-5 year horizon. CleanSpark offers superior operational execution in the mining sector with self-operated infrastructure creating efficiency advantages. The 13,011 BTC treasury and $42,667 mining costs position the company well for Bitcoin appreciation cycles. However, extreme volatility (Q2-Q3 EPS swing from -$0.49 to +$0.90) requires careful position sizing. Allocate 2-5% max of risk capital, not core portfolio. Avoid if uncomfortable with potential 50-70% drawdowns.
Bull Case
$18-24 (80-140% upside if Bitcoin sustains $100K+ and hashrate scales to 60+ EH/s)
Base Case
$12-15 (20-50% upside assuming Bitcoin in $80K-90K range with steady hashrate growth)
Bear Case
$4-6 (50-70% downside on Bitcoin decline below $60K or major difficulty increases)

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