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CleanSpark Inc. (Nasdaq: CLSK) is a leading company in the bitcoin mining industry, focused on delivering sustainable and reliable energy solutions. The company was founded in 2013 by Michael Firenze, Art Villanueva, and Bryan Huber. Initially, CleanSpark's vision was to empower communities through advanced energy management technologies, such as fractal grid technologies and federated enterprise services, to create sustainable energy solutions for various sectors including institutional, commercial, industrial, and residential clients.
Over time, CleanSpark shifted its core focus to bitcoin mining. The company leverages its expertise in energy efficiency to operate highly effective and low-carbon data centers dedicated to mining bitcoin. Through strategic acquisitions like that of ATL Data Centers, CleanSpark has become a significant player in the bitcoin mining sector. The company's infrastructure supports bitcoin—a critical digital commodity for financial independence and inclusion.
CleanSpark is known for its innovative Flex Power System, which provides energy security at or below current electricity prices, making it cost-effective for up to 25 years or more. As of the latest updates, the company has made substantial progress in its operational capacity. Recent achievements include a 60% increase in hashrate and significant additions to their bitcoin treasury, which now holds nearly 5,000 bitcoins.
In addition to its core mining operations, CleanSpark continues to expand its footprint. The company's acquisition of new sites in Mississippi and Georgia has bolstered their total operating hashrate to over 17 EH/s. Moreover, the company plans to acquire additional facilities in Wyoming, which are expected to add further operational capacity.
Financially, CleanSpark is robust, reporting significant revenue increases and maintaining a strong balance sheet with almost $700 million in cash and bitcoin, and minimal debt. The company's dedication to transparency and trust is evident in their regular updates and investor communications.
Overall, CleanSpark Inc. is not only pioneering in the bitcoin mining sector but also promoting sustainable and efficient energy use, positioning itself as a forward-thinking leader in both the technological and financial landscapes. For more information, visit their website at www.cleanspark.com.
CleanSpark (CLSK) has completed its previously announced $650 million offering of 0.00% Convertible Senior Notes due 2030, including the full exercise of a $100 million option by initial purchasers. The company implemented capped call transactions with a cap price of $24.66 per share and repurchased 11.76 million shares for approximately $145 million.
The net proceeds of approximately $633.6 million will be used for capital expenditures, potential acquisitions, and general corporate purposes. About $90.4 million was allocated to capped call transactions, and $145.0 million for share repurchases. The company plans to use the funds to support growth to 50 EH/s and continue adding mined bitcoin to its balance sheet.
CleanSpark (CLSK) has announced the pricing of $550 million in 0.00% Convertible Senior Notes due 2030. The notes will be sold to qualified institutional buyers under Rule 144A. The conversion price is set at $14.80 per share, representing a 20% premium to the closing price of $12.33.
The company plans to use the net proceeds of approximately $535.9 million for: $76.5 million for capped call transactions, $145 million for share repurchases from note investors, and the remainder for debt repayment, capital expenditures, acquisitions, and general corporate purposes. The notes include capped call transactions with an initial cap price of $24.66 per share, representing a 100% premium to the current stock price.
CleanSpark (CLSK) has announced plans to offer $550 million in convertible senior notes due 2030, with an option for initial purchasers to buy an additional $100 million. The notes will be offered privately to qualified institutional buyers under Rule 144A.
The company plans to use the proceeds to fund capped call transactions, repurchase up to $125 million of common stock, repay Coinbase credit line, and for capital expenditures and acquisitions. The notes will be senior unsecured obligations, bearing no regular interest, and will be convertible into cash, common stock, or a combination thereof at CleanSpark's election.
The conversion terms will be determined during pricing negotiations. CleanSpark will enter into capped call transactions to reduce potential dilution and offset cash payments above principal amount upon conversion.
CleanSpark released its November 2024 bitcoin mining update, reporting 622 bitcoin mined with a daily production high of 21.65 bitcoin. The company achieved a month-end operating hashrate of 33.7 EH/s with fleet efficiency of 19.05 J/Th, representing increases of 7% and 6% respectively. Two new mining sites in Clinton, MS, are expected to add 1 EH/s, while expansion projects in Tennessee will help reach the year-end target of 37 EH/s. The company sold 26.11 bitcoin at an average price of $84,356 and held 9,297 bitcoin by month-end. Construction of two immersion-cooled facilities in Wyoming is progressing, expected to add 5 EH/s.
CleanSpark reported strong financial results for FY2024, with revenue increasing 125% year-over-year to $378.9 million. The company's hashrate surpassed 33.5 EH/s, with plans to reach 37 EH/s by year-end and 50 EH/s in 2025. Despite posting a net loss of $145.8 million, adjusted EBITDA improved significantly to $245.8 million. The company's balance sheet shows $122.2 million in cash and $509.5 million in Bitcoin holdings (8,049 BTC). CleanSpark expanded its operating portfolio to 726 MW through both M&A and organic growth, maintaining strong performance despite the Bitcoin halving event.
CleanSpark Inc. (Nasdaq: CLSK) has announced it will host a webcast to discuss its fiscal full year 2024 financial results on Monday, December 2, 2024, at 4:30 p.m. EST/ 1:30 p.m. PST. The financial results will be released after regular trading hours on the same day. Transcripts and downloadable files will be made available on the company's website within 48 hours after the event.
CleanSpark (Nasdaq: CLSK) announced the resumption of trading of its common stock on Nasdaq at 10:15am EST on November 11, 2024.
The trading halt was previously imposed by Nasdaq due to a clerical error related solely to the outstanding warrants.
CleanSpark (CLSK) addressed a Nasdaq trading halt related to a clerical error in warrant conversion calculations following the GRIID Infrastructure acquisition on October 30, 2024. The issue concerns the calculation of outstanding warrants (CLSKW) and their underlying shares. The company emphasizes that the halt is not related to its business operations, SEC filings, or financial statements.
The 13,800,000 warrants should represent rights to purchase 960,395 shares of CleanSpark common stock at $165.24 per share, reflecting a merger exchange ratio of 0.069593885. The company is working with Nasdaq to resolve the issue and resume trading.
CleanSpark (CLSK) released its October 2024 bitcoin mining update, reporting 655 bitcoin mined, a 32% increase from the previous month. The company completed the acquisition of GRIID Infrastructure, expanding its Tennessee Valley Authority-powered operations. CleanSpark's deployed fleet reached 196,032 units with a month-end operating hashrate of 31.3 EH/s. The company sold 2.78 bitcoin at an average price of $62,470. Construction projects are underway in Wyoming, Mississippi, and Tennessee, with new facilities expected to be operational before 2025.
CleanSpark (CLSK) has completed its acquisition of GRIID Infrastructure following shareholder approval on October 28, 2024. The merger, which converts each GRIID share into approximately 0.06959 CLSK shares, positions CleanSpark to expand its Bitcoin mining capacity in Tennessee to over 400 MW. The strategic acquisition enhances geographic and power supply diversity through the Tennessee Valley Authority (TVA) service territory. GRIID's common stock and public warrants will be delisted from Nasdaq and Cboe Canada by October 31, 2024.
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