CleanSpark

CLSK

Market cap $3.86B

CleanSpark is transitioning from a Bitcoin miner to an AI data center play, attracting renewed investor interest. CLSK's hybrid model leverages nearly 1 GW of contracted power, offering optionality between Bitcoin mining and AI compute for higher returns. Compared to peers like IREN and Nebius, CLSK is significantly undervalued on metrics such as EV per MW and price-to-book.

CLSK's strong fiscal gains and AI buildout outshine WULF's heavy losses and leverage, making it the superior bet.

After reporting blowout earnings earlier this week, investors appear keen on adding exposure to this top crypto mining stock. In addition to Bitcoin mining revenues, CleanSpark is among the most aggressive companies in its sector in terms of diversifying into other business segments.

The alternative asset space is one that's hard to define. Some investors view companies in private equity, real estate, or digital asset sectors as the best way to invest outside of the traditional system.

CleanSpark rebounded after a 50% drop, with Q4 revenue up 13% sequentially and normalized EBITDA reaching $97 million. FY25 results delivered $766.3 million in revenue and 55% gross margins, with Bitcoin mined at a $43k cost and sold near $98k. The company now controls 1.28 GW of power and has 250 MW immediately HPC-ready at Sandersville for hyperscaler deployment.

CleanSpark's faster growth, lower valuation and AI-HPC pivot give it an edge over Strategy in this Bitcoin-linked matchup.

The Bitcoin miner published its fiscal 2025 results. It more than doubled its revenue, and flipped to a net profit.

George Tsilis examines CleanSpark (CLSK) after earnings as the company begins to transition from a primarily bitcoin-mining operations outfit to become a data center compute power provider. He names IREN (IREN), Applied Digital (APLD) and others as representative of a broader trend in the crypto-mining space.

CLSK shares slide as FY25 earnings and revenues lag forecasts, even with strong Bitcoin-driven gains across production and pricing.

CleanSpark, Inc. ( CLSK ) Q4 2025 Earnings Call November 25, 2025 4:30 PM EST Company Participants Harry Sudock - Chief Business Officer S. Schultz - CEO & Chairman Gary Vecchiarelli - President & CFO Conference Call Participants Brian Dobson - Clear Street LLC Michael Colonnese - H.C.