CleanSpark
CLSKUS Bitcoin miner focused on low-cost mining and energy management
Market Performance
Tokenized Assets
| Ticker | Exchange | Price | 24H | Spread | Liquidity ±2% | 24H Volume | OI | Funding | Max Leverage | Fees |
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Comparison
Team
Fundraising
| Round | Amount | Valuation | Date | Source | Investor |
|---|---|---|---|---|---|
| -- | $ 200M | -- | Mar 18, 2021 | -- | -- |
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About CleanSpark
CleanSpark (NASDAQ: CLSK) is a Bitcoin mining company that operates large-scale, self-mining data centers across the United States. Its core business is converting low-cost electricity into Bitcoin through ASIC miners, while also holding a significant Bitcoin treasury. The company's primary competitive advantage lies in its ability to secure cheap power, achieve high mining efficiency (approximately 16 J/Th), and maintain strong operational execution, which allows it to remain profitable even during market downturns.
The market pain point CleanSpark addresses is the commoditized nature of Bitcoin mining, where the only sustainable edge is minimizing production cost per coin. By controlling over 1.8 GW of contracted power and strategically located sites, it builds a cost moat that weaker competitors cannot replicate. Additionally, the company is transitioning from pure mining to digital infrastructure, aiming to repurpose its power and land assets for AI and high-performance computing (HPC) leases.
In the past six months (February to August 2026), CleanSpark signed a landmark 20-year, $6.6 billion AI infrastructure lease for its 175 MW Sandersville, Georgia campus, with a highly-rated global tech tenant, potentially expanding to $11.6 billion with extensions. The same tenant also signed a letter of intent for exclusive rights to CleanSpark's entire Texas portfolio (up to 885 MW). However, financial performance was challenging: fiscal Q3 2026 revenue fell 30.5% year-over-year to $138 million, with a net loss of $239.8 million, driven largely by Bitcoin fair value losses. Long-term debt also rose significantly to $1.78 billion, reflecting increased leverage amid the expansion strategy.
CleanSpark's evolution is defined by strategic infrastructure expansion and treasury management, not routine announcements. Key milestones include: signing a 20-year lease agreement, signaling long-term commitment to power and site control; the planned development of a 600 MW data center campus in Texas, representing a major scaling of its energy portfolio toward 1.8 GW under contract; and the transition from a pure Bitcoin miner toward AI/HPC-ready infrastructure, as evidenced by Q1 FY2026 revenue of $136.4 million with a net loss of $378.3 million reflecting heavy reinvestment. On the treasury front, the company consistently grew its Bitcoin holdings through monthly production (573 BTC in January, 568 BTC in February, 658 BTC in March, 587 BTC in November), while strategically selling portions (577 BTC in 2025, 405 spot BTC in March, 748 BTC in April) to fund operations and expansion, culminating in holdings of 13,453 BTC. These events collectively illustrate a deliberate path: securing low-cost power, building scalable infrastructure, and maintaining a strong Bitcoin reserve—positioning CleanSpark for both mining profitability and future AI compute hosting.
CleanSpark's fiscal Q3 2026 (ending June 30) revenue was $138.0M, down 30.5% YoY from $198.6M, missing the $142.2M consensus. Net loss was $239.8M ($0.89/share) versus net income of $257.4M a year ago. The swing was driven by a $116.3M fair value loss on bitcoin (vs. $268.7M gain), a $16.5M loss on bitcoin collateral, higher depreciation ($111.0M) and payroll ($27.8M). Adjusted EBITDA turned negative at $113.0M. Long-term debt rose to $1.78B from $644.6M. The 20-year Sandersville data center lease (expected $6.6B revenue) had no revenue contribution yet. Overall, results reflect challenging mining economics and digital asset volatility, with the business transition still unproven financially.
Co-founders: S. Matthew Schultz (Chairman & CEO) and Zachary Bradford (CEO & President). Core executives: Gary A. Vecchiarelli (President & CFO), Scott Garrison (Chief Development Officer & EVP), Taylor Monnig (COO & CTO), Harry Sudock (Chief Business Officer). Schultz led the pivot from biomass to Bitcoin mining; Bradford oversees daily operations; Vecchiarelli brings 20+ years in finance; Garrison has 30 years in business development; Monnig is an immersion cooling patent holder; Sudock manages investor relations and strategy.