Why Bitcoin- And Ethereum-Related Stock CleanSpark Is Getting Hammered

CleanSpark CLSK shares are trading lower by 12.98% at $4.97. The company reported second-quarter earnings results during Tuesday’s after-hours session.

CleanSpark reported quarterly sales of $41.60 million which missed the analyst consensus estimate of $42.50 million by 2%. This sales figure represents a 412% increase over sales of $8.12 million in the same period last year.

CleanSpark shares are also falling amid an ongoing pullback in the price of Bitcoin BTC/USD and Ethereum ETH/USD.

Bitcoin is trading 6.25% lower Wednesday morning at around $29,250.

Ethereum is trading 7.34% lower Wednesday morning at around $2,150.

See Also: Why Coinbase Stock Is Trading At 52-Week Lows

CleanSpark offers software and intelligent controls for microgrid and distributed energy resource management systems and design services.

According to data from Benzinga Pro, Cleanspark has a 52-week high of $23.60 and a 52-week low of $4.96.