What's Going On With Bitcoin Mining Stock CleanSpark Monday?

Shares of Bitcoin BTC/USD mining stock CleanSpark Inc CLSK are moving higher Monday after the company announced approval for an increase of its authorized shares.

What Happened: CleanSpark held a special meeting of shareholders on Friday in which stockholders approved an amendment to the company’s articles of incorporation to increase the number of authorized shares of the company’s common stock from 300 million to 600 million.

CleanSpark said it will file with the Secretary of State of Nevada to implement the authorized stock Increase after it receives the final voting results from the special meeting.

CleanSpark shares may also be trading higher alongside several other Bitcoin mining stocks as Bitcoin prices move higher. Bitcoin was up about 2.14% over a 24-hour period, hovering around $68,850 at last check, per Benzinga Pro. The strength in Bitcoin appears to be driving positive price action in Bitcoin mining stocks and other crypto-related names.

Bitcoin had been trending sideways in recent months after staging a rally near the start of the year. It has started to work its way back toward all-time highs in recent weeks, gaining nearly 10% over the past month.

See Also: ‘The Devil Will Be In The Details’: What To Expect From New Crypto Legislation

Analyst Kevin Svenson predicted over the weekend that a move to new highs could be nearing. He explained that it took Bitcoin 41 months to exceed its all-time highs after the first halving in 2012. It took Bitcoin another 36 months to surpass all time highs following the second halving in 2016. The analyst noted that Bitcoin is currently in its 35th month since its last all-time high.

“We are right on track, right on schedule. There is nothing wrong with the cycle timing. The only thing that was wrong this cycle is people’s expectation that once Bitcoin touched a new all-time high, that it had to begin trending above the all-time high,” Svenson said.

Bitcoin mining stocks are tied to price movements in Bitcoin. CleanSpark and other miners like MARA Holdings Inc MARA and Riot Platforms Inc RIOT are all moving higher Monday morning.

Miners report Bitcoin mining metrics on a monthly basis. It’s likely that most mining companies will report results for October next week.

Last month, CleanSpark said it mined 493 Bitcoin, up from 478 in August. The company has mined a total of 5,079 Bitcoin year-to-date. CleanSpark had total Bitcoin holdings of 8,049 as of Sept. 30.

CLSK Price Action: CleanSpark shares were up 9.66% at $12.49 at the time of publication, according to Benzinga Pro.

Photo: Shutterstock.