Why Bitcoin-Related Stock CleanSpark Is Up 35% This Week

CleanSpark Inc CLSK shares are trading higher by 35% to $13.57 this week. Shares of crypto-related stocks are trading higher this week amid strength in Bitcoin BTC/USD, which reached an all-time high during the U.S. presidential election.

Additionally, CleanSpark announced it mined 655 bitcoins in October, marking a 32% increase compared to the previous month. As of October 31, the company’s total bitcoin holdings stood at 8,701.

What To Know: CleanSpark, a bitcoin mining company, benefits directly from Bitcoin’s performance due to its extensive mining operations, which generate revenue from accumulating and trading the cryptocurrency.

Bitcoin's surge to an all-time high of $75,358 earlier this week has drawn investors to companies with significant crypto exposure, like CleanSpark. With President-elect Donald Trump expected to appoint crypto-friendly regulators, the market anticipates favorable policy shifts, potentially lowering operational costs and enhancing profitability for CleanSpark.

Trump’s pro-crypto administration also aligns well with CleanSpark's recent growth strategy, which includes increasing its energy-efficient mining capacity to capitalize on rising Bitcoin demand.

Read Also: Fed Cuts Interest Rates, But Inflation Remains Elephant In The Room

How To Buy CLSK Stock

Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.

For example, in Cleanspark’s case, it is in the Information Technology sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.

According to data from Benzinga Pro, CLSK has a 52-week high of $24.72 and a 52-week low of $3.46.