What's Going On With CleanSpark Stock Monday?

CleanSpark Inc CLSK shares are bouncing around Monday morning. The company announced it surpassed its year-end operating hashrate guidance and accelerated its outlook for 2025.

What Happened: CleanSpark said it has achieved and exceeded the previously announced year-end target of 37 EH/s and now has 37.5 EH/s of operating hashrate after its newest data centers in Tennessee and Wyoming were energized last week. The company expects to exceed 50 EH/s in the first half of 2025.

CleanSpark noted that fleet efficiency has reached 17.7 J/Th and is expected to improve as the company continues its strategic growth plans. 

CleanSpark expects to achieve its growth targets through a mix of greenfield infrastructure development, organic growth via existing site expansion and strategic M&A. All growth is expected to be funded with a portion of the proceeds of the company’s most recent offering. 

See Also: Institutional Crypto Adoption ‘For Real This Time,’ Says Messari

“Our teams have been hard at work throughout the entirety of this past year. We have delivered on our ambitious targets and expanded our hashrate nearly 300% since the beginning of 2024. Achieving 37.5 EH/s with a fleet efficiency of 17.7 J/Th is a significant milestone, and we intend to continue adding highly efficient hashrate through the end of the year and into 2025,” said Zach Bradford, CEO and president of CleanSpark.

“Our growth and efficiency have resulted in a bitcoin treasury balance quickly approaching 10,000 bitcoin, all of which we have mined. As we look to 2025, we intend to remain focused on bitcoin and mining efficiently utilizing operational excellence at scale.”

CleanSpark shares initially traded higher when the company announced the operating update. The stock began moving lower as Bitcoin BTC/USD traded lower early Monday. Bitcoin was down about 2.12% over a 24-hour period, trading around $94,950 at the time of publication.

CLSK Price Action: CleanSpark shares were down 1.26% at $11.00 at the time of publication Monday, according to Benzinga Pro.

Photo: Shutterstock.