CleanSpark Achieves More Than 10,000 Bitcoin Held

Rhea-AI Summary

CleanSpark (CLSK) has achieved a significant milestone by accumulating over 10,097 bitcoin in its treasury, all self-mined from U.S.-based operations. The company reported a remarkable 236% year-over-year increase in its bitcoin holdings, demonstrating substantial growth in a dynamic market environment.

The achievement marks significant progress since the company mined its first bitcoin in December 2021. CleanSpark's strategy focuses on avoiding unfavorable counterparty exposure and leveraging bitcoin to lower capital costs, emphasizing sustainable growth and operational excellence in the U.S. bitcoin mining sector.

Positive

• Achieved 10,097 bitcoin milestone in treasury
• 236% year-over-year increase in bitcoin holdings
• All bitcoin self-mined from U.S. operations, reducing geopolitical risks
• Strategic use of bitcoin holdings to lower cost of capital

Negative

• None.

Insights

Financial Analyst

CleanSpark's achievement of 10,097 BTC in treasury represents a remarkable 236% year-over-year increase, positioning them among the top bitcoin mining companies by holdings. The strategic significance lies in their ability to maintain all mining operations within the U.S., reducing geopolitical risks while building a substantial treasury without external acquisitions.

The self-mined approach demonstrates operational efficiency and cost management excellence, particularly noteworthy given they started mining only in December 2021. Their treasury strategy of using bitcoin to lower capital costs while avoiding counterparty risks shows sophisticated financial management - essentially using their bitcoin holdings as collateral for better financing terms rather than selling into the market.

For context, at current bitcoin prices around $46,800, their treasury holds approximately $472 million in value, representing a significant portion of their $2.9 billion market cap. This conservative approach to treasury management, combined with their rapid scaling capabilities, suggests strong operational leverage for future growth.

Market Research Analyst

The timing of this announcement is particularly strategic, coinciding with the anticipated bitcoin ETF approvals and increased institutional interest in the sector. The emphasis on U.S.-based operations and energy usage resonates with ESG-conscious investors and regulatory requirements, potentially positioning CleanSpark as a preferred vehicle for institutional exposure to bitcoin mining.

Their operational growth trajectory since December 2021 indicates exceptional execution capabilities - achieving 10,000+ BTC in just over three years while maintaining a clean balance sheet is a testament to their operational efficiency. The focus on "American energy and jobs" aligns with current market preferences for domestic infrastructure investments.

The decision to hold rather than sell mined bitcoin reflects confidence in their operational cash flow and suggests potential for significant value appreciation if bitcoin prices continue their upward trajectory. This milestone likely strengthens their competitive position against peers like Marathon Digital and Riot Platforms in attracting institutional investment.

10,097 bitcoin held in treasury, all produced from mining activity

LAS VEGAS, Jan. 9, 2025 /PRNewswire/ -- CleanSpark Inc. (Nasdaq: CLSK), America's Bitcoin Miner® (the "Company"), today announced a significant milestone, achieving over 10,000 bitcoin in its treasury, all self-mined exclusively from its U.S.-based mining operations.

"Surpassing the 10,000-bitcoin mark reflects CleanSpark's commitment to operational excellence, strategic growth, and disciplined capital management," said Zach Bradford, Chief Executive Officer and President of CleanSpark. "This accomplishment is a direct result of our unwavering focus on scaling efficiently and responsibly. Every bitcoin in our treasury has been mined in the United States, supported by American energy and jobs—underscoring our dedication to sustainable growth and innovation in the global bitcoin ecosystem."

The milestone also highlights a 236% year-over-year increase in CleanSpark's bitcoin-denominated treasury, showcasing the company's ability to drive substantial growth in a dynamic market environment.

"This achievement is not just about a number, it is a direct reflection of the success of our financial strategy and how far our industry-leading operations have come, which have evolved since we mined our first bitcoin in December 2021," added Gary Vecchiarelli, Chief Financial Officer of CleanSpark. "As the digital asset landscape evolves, we are committed to using our bitcoin holdings in a manner that aligns with sound risk management principles and disciplined capital strategy. By avoiding unfavorable counterparty exposure and leveraging our bitcoin to lower our cost of capital, we are positioning CleanSpark as a leader in responsible financial innovation."

CleanSpark's achievement underscores its role as a key player in the bitcoin mining industry, setting new benchmarks for operational integrity and financial leadership. As the company continues to grow, its focus remains on driving long-term value for stakeholders while contributing to the ongoing development of the global bitcoin and digital asset ecosystem.

About CleanSpark

CleanSpark (Nasdaq: CLSK), America's Bitcoin Miner®, is a market-leading, pure play Bitcoin miner with a proven track record of success. We own and operate a portfolio of mining facilities across the United States powered by globally competitive energy prices. Sitting at the intersection of Bitcoin, energy, operational excellence and capital stewardship, we optimize our mining facilities to deliver superior returns to our shareholders. Monetizing low-cost, high reliability energy by securing the most important finite, global asset – Bitcoin – positions us to prosper in an ever-changing world. Visit our website at www.cleanspark.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In this press release, forward-looking statements include, but may not be limited to, statements regarding the Company's expectations, beliefs, plans, intentions, and strategies. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expects," "plans," "anticipates," "could," "intends," "targets," "projects," "contemplates," "believes," "estimates," "forecasts," "predicts," "potential" or "continue" or the negative of these terms or other similar expressions. The forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to: retention of some or all of the assets discussed herein; development of a mature financial bitcoin market; the volatile and unpredictable cycles in the emerging and evolving industries in which we operate; new or additional governmental regulation; the expectations of future revenue growth may not be realized; and other risks described in the Company's prior press releases and in its filings with the Securities and Exchange Commission (SEC), including under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2024, and any subsequent filings with the SEC. Forward-looking statements contained herein are made only as to the date of this press release, and we assume no obligation to update or revise any forward-looking statements as a result of any new information, changed circumstances or future events or otherwise, except as required by applicable law.

Investor Relations Contact 
Harry Sudock
702-989-7692
ir@cleanspark.com 

Media Contact
Eleni Stylianou
702-989-7694
pr@cleanspark.com

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SOURCE CleanSpark, Inc.

FAQ

How many bitcoins does CleanSpark (CLSK) currently hold in its treasury?

CleanSpark (CLSK) currently holds 10,097 bitcoin in its treasury, all of which were self-mined from its U.S.-based operations.

What is the year-over-year growth in CleanSpark's (CLSK) bitcoin holdings?

CleanSpark (CLSK) achieved a 236% year-over-year increase in its bitcoin-denominated treasury.

When did CleanSpark (CLSK) mine its first bitcoin?

CleanSpark (CLSK) mined its first bitcoin in December 2021.

How does CleanSpark (CLSK) use its bitcoin holdings strategically?

CleanSpark (CLSK) uses its bitcoin holdings to lower its cost of capital while avoiding unfavorable counterparty exposure, following sound risk management principles.

Where does CleanSpark (CLSK) conduct its bitcoin mining operations?

CleanSpark (CLSK) conducts all its bitcoin mining operations in the United States, supported by American energy and jobs.