CleanSpark (CLSK) joins S&P index in historic milestone for crypto miners


When bitcoin mining company CleanSpark (CLSK) announced it would join the S&P SmallCap 600 Index, it marked a rare bright spot — and a moment of validation — for the struggling crypto sector.

The crypto market has been under pressure for weeks, shedding over $800 billion in market cap last month.

CleanSpark, which trades on the Nasdaq, hasn’t been spared. The stock is down 19.1% year-to-date and has plunged 64.1% over the past 12 months.

Still, the company posted strong Q4 results, reporting $162.3 million in revenue — up 120% from $73.8 million in the same quarter last year. The rally in bitcoin prices following President Trump’s November election win played a role, with BTC hitting a record $108,000.

But CleanSpark CEO Zach Bradford said the rally wasn’t the only factor driving growth.

“Our success is the result of our best-in-class bitcoin mining operation, disciplined capital strategy, and long-term view of bitcoin as a strategic asset,” he said on the company’s latest earnings call.

“Unlike others who sell mined bitcoin immediately, our strategy of holding self-mined bitcoin on our balance sheet, coupled with world-class operational execution, continues to be a key differentiator in delivering these exceptional results.”

In February, CleanSpark grew its bitcoin holdings by 6%, bringing its total to 11,177 BTC, according to Cointelegraph. Only four other publicly traded companies hold more.

CleanSpark will be added to the S&P SmallCap 600 Index before trading opens on March 24.

“CleanSpark's inclusion in the S&P SmallCap 600 index is another significant milestone for our employees, investors, and management team, and is an important recognition of our consistent performance,” Bradford said in a statement.

“Our inclusion enhances visibility within the investment community and gives us an opportunity to demonstrate the value of being a pure-play, vertically integrated Bitcoin mining company and making exposure to our model more broadly available.”

Friendlier regulatory environment should pay off… eventually

The post-election bitcoin rally was short-lived. A mix of macroeconomic headwinds, the massive Bybit hack, and underwhelming takeaways from Trump’s first Crypto Summit have cooled investor enthusiasm.

Still, the administration’s deregulatory stance could help the sector regain momentum.

Bradford pointed to one often-overlooked angle: energy policy. While the Biden administration pushed aggressive climate goals that clashed with bitcoin mining’s high energy demands, Trump is reversing course.

“President Trump's stated commitment to make the United States the global center of Bitcoin mining signals a potential shift towards more energy friendly policies,” Bradford said.

“An outcome that could enhance both industry growth and U.S. competitiveness at the global stage. We will continue to monitor these developments closely and remain engaged with policymakers to ensure that our industry has a seat at the table as these regulatory and energy policy decisions unfold.”


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