Group 1: Bitcoin Production and Sales - Riot Platforms produced 445 Bitcoin in September, a decrease of 7% from August but an increase of 8% year-over-year, selling 465 Bitcoin for $52 million in net proceeds [1] - Clean Spark produced 629 Bitcoin in September, selling $445 of them for $49 million at an average price of $19,500, ending the month with 13,000 Bitcoin in its treasury [2] - Mara Holdings mined 736 Bitcoin in September, a 4% increase from the prior month, ending the month with almost 53,000 tokens after net sales from digital asset management activities [3] Group 2: Company Developments and Partnerships - Clean Spark highlighted major fiscal 2025 milestones, including reaching a hash rate of 50, acquiring grid infrastructure, and strengthening operations for continued growth in 2026 [2] - Saluna Holdings and Canon signed an agreement to deploy 20 megawatts of Bitcoin miners at Saluna's wind-powered project in Texas, supporting Canon's North American expansion [3][4] - The partnership advances Saluna's strategy to monetize its 2.8% gigawatt pipeline of renewable AI computing projects [4]

Core Insights - CleanSpark, Inc. is considered one of the most undervalued financial stocks according to Wall Street analysts [1] - JPMorgan downgraded CleanSpark from "Overweight" to "Neutral" and lowered its price target from $15 to $14 due to valuation concerns [1][2] Company Overview - CleanSpark is a bitcoin mining company that builds, owns, and operates data centers utilizing low-cost, sustainable energy sources [3] - The company operates at a capacity of 50 EH/s, ranking it among the four largest publicly listed bitcoin miners [2] Financial Performance - CleanSpark has a market capitalization of $3.85 billion and has demonstrated an impressive revenue growth of 84.7% over the past twelve months [2] - The company maintains a strong financial position with a current ratio of 4.37, indicating good liquidity [2] Analyst Perspective - JPMorgan views CleanSpark as a "well capitalized, best-in-class operator with M&A expertise" [2] - The downgrade was primarily based on valuation rather than operational issues, with analysts suggesting a more favorable outlook on a price pullback [2]

Core Insights - Two major publicly traded Bitcoin mining companies, CleanSpark and Riot Platforms, are adopting contrasting strategies regarding their digital asset holdings, with CleanSpark focusing on building a substantial Bitcoin treasury while Riot Platforms is selling a portion of its production for cash flow [1][5]. CleanSpark Overview - CleanSpark holds 13,011 Bitcoin valued at approximately $1.6 billion as of September 2025 [1]. - The company produced 629 Bitcoin in September, averaging 20.95 BTC daily, and sold 445 coins for $48.7 million at an average price of $109,568 [2]. - CleanSpark's self-mined reserves are among the largest in the industry, reflecting its years of expansion [2]. - The company operates a fleet of 241,934 machines, achieving a peak operational hashrate of 50 exahashes per second (EH/s) and an average hashrate of 45.6 EH/s with fleet efficiency at 16.07 joules per terahash (J/TH) [3]. - CleanSpark has secured 1.03 gigawatts of power under contract and utilized 808 megawatts in September [3]. - Key milestones in fiscal 2025 include the acquisition of GRIID Infrastructure, which added new mining sites in Tennessee and access to TVA-backed power development, as well as a $650 million convertible note offering and expansion of Bitcoin-backed credit facilities to $400 million [4][5]. - The leadership team has initiated a digital asset management strategy utilizing derivatives to enhance treasury performance and manage volatility [5]. Riot Platforms Overview - Riot Platforms produced 445 Bitcoin in September, a 7% decrease from August but an 8% increase year-over-year [5]. - The company sold 465 Bitcoin, generating $52.6 million in net proceeds at an average price of $113,043 [6]. - By the end of September, Riot held 19,287 Bitcoin, including 3,300 classified as restricted, marking an 85% increase from September 2024 [6]. - Riot's hashrate reached 36.5 EH/s at the end of September, with an average operating rate of 32.2 EH/s and fleet efficiency improved by 12% to 20.5 J/TH compared to the previous year [7].

Core Insights - CleanSpark, Inc. has achieved significant growth in its Bitcoin treasury, surpassing 13,000 self-mined BTC, with year-over-year increases of over 27% in monthly production and 26% in fleet efficiency [1][5] - The company concluded a transformative fiscal year with record milestones, strategic acquisitions, and enhanced financial flexibility, positioning itself for future growth [2][5] Fiscal Year 2025 Overview - Fiscal Year 2025 was pivotal for CleanSpark, characterized by strategic accomplishments, leadership transitions, and increased financial flexibility, setting the stage for success in fiscal 2026 [2] - The mining operating business is now performing at scale, indicating a strong foundation for future growth [2] Leadership and Management - The leadership team combines deep operational, technical, and financial expertise to guide growth at scale, with key appointments including Matt Schultz as CEO and Chairman, Gary A. Vecchiarelli as CFO, and others [3][5] Bitcoin Mining Highlights - In September 2025, CleanSpark produced 629 BTC, with a peak single-day production of 21.71 BTC and an average daily production of 20.95 BTC [4] - For the calendar year 2025, the total Bitcoin produced reached 5,925 BTC [4] Hashrate and Operational Metrics - CleanSpark achieved hashrate milestones of 30 EH/s in October 2024 and 50 EH/s in June 2025, becoming the first publicly traded Bitcoin miner to reach these levels using fully self-operated data centers [5] - As of September 30, 2025, the average operating hashrate was 45.6 EH/s, with a peak efficiency of 16.07 J/Th [6] Financial and Treasury Metrics - The company built a leading Bitcoin treasury of over 13,000 BTC, with 2,583 BTC posted as collateral or receivable [6] - CleanSpark executed multiple financing milestones, including a $650 million convertible note offering at a 0% interest rate and $400 million in Bitcoin-backed credit facilities [5][6] Power Portfolio and Utilization - CleanSpark has 1.03 GW under contract and utilized 808 MW to support its operational hashrate [6]

Following my last article on Cleanspark (NASDAQ: CLSK ), the stock price appreciated by roughly 40%. This underscores significant gain over about two months, highlighting broader market outperformance. The stock price achieved $15.37 on October 1st, reaching my 12-month priceDear Reader,I am a Senior Derivatives Expert with over 10 years of experience in the field of Asset Management, specializing in equity analysis and research, macroeconomics, and risk-managed portfolio construction. My professional backg ...

Core Insights - Cleanspark (NASDAQ: CLSK) stock price increased by approximately 40% over two months, indicating strong market performance [1] - The stock reached a price of $15.37 on October 1st, aligning with the analyst's 12-month price target [1] Company Overview - Cleanspark specializes in asset management, focusing on equity analysis, macroeconomics, and risk-managed portfolio construction [1] - The company has a beneficial long position in CLSK shares through various financial instruments [1] Market Context - The stock's performance reflects broader market trends and investor behavior influenced by macroeconomic factors [1] - The analysis emphasizes the importance of understanding central bank policies and sector rotation in constructing investment strategies [1]

Core Viewpoint - Bitcoin's price surged nearly 3% to over $117,000, while Ethereum rose over 4% to $4,308.8, indicating a strong upward trend in the cryptocurrency market [1] Cryptocurrency Market Performance - Bitcoin increased by nearly 3% to surpass $117,000 [1] - Ethereum experienced a rise of over 4%, reaching $4,308.8 [1] - Cryptocurrency-related stocks also saw significant gains, with Strategy (MSTR.US) up over 6%, MARA Holdings (MARA.US) up over 5%, CleanSpark (CLSK.US) up over 4.9%, Sharplink Gaming (SBET.US) up over 5%, and Coinbase (COIN.US) up over 3% [1] Regulatory Developments - The U.S. Treasury is preparing to officially relax a proposed rule that would impose a 15% tax on unrealized Bitcoin gains held by companies like Strategy under the Corporate Alternative Minimum Tax (CAMT) [1] - The CAMT legislation requires large corporations to pay a minimum tax based on their financial statement income [1] - Current accounting standards require companies to value their cryptocurrency holdings at market value, leading to taxation on unrealized gains even if the assets are not sold [1] - Companies such as Strategy and Coinbase previously communicated with the Treasury, arguing that taxing unrealized gains on digital assets is unfair and could force U.S. companies to sell assets to meet tax obligations, putting them at a competitive disadvantage globally [1]

We recently published 10 Stocks With 10-60% Upside. CleanSpark, Inc. (NASDAQ:CLSK) is one of the top performers on Monday. Shares of CleanSpark recovered by 14.74 percent on Monday to finish at $14.87 apiece, bolstered by strong optimism for the Bitcoin industry. CleanSpark, Inc. (NASDAQ:CLSK) rallied alongside its Bitcoin mining firms on Monday, namely MARA Holdings, Riot Platforms, and Galaxy Digital, after the latter’s chief executive said that he expects the price of Bitcoin to propel past the $200,0 ...

Core Viewpoint - Cryptocurrency concept stocks experienced a broad rally, with significant gains across various companies as Bitcoin surpassed $114,000 and Ethereum rose above $4,190 [1] Group 1: Company Performance - Canaan Inc. (嘉楠科技) saw its stock rise over 13% [1] - CleanSpark's stock increased by more than 12% [1] - Riot Platforms experienced a stock increase of over 9% [1] - Circle, Robinhood, and Marathon Digital Holdings (MARA Holdings) each saw stock gains of approximately 8% [1] - Coinbase's stock rose by more than 5% [1] Group 2: Cryptocurrency Market Movement - Bitcoin's price broke through $114,000, currently up nearly 2% [1] - Ethereum's price increased by over 1.4%, reaching $4,190 [1]

Core Insights - JPMorgan Chase & Co. downgraded CleanSpark Inc. from 'overweight' to 'neutral' with a price target of $14, citing that the stock is 'fully priced' after its expansion announcement [1] - CleanSpark's stock has increased by 80% over the past six months, trading at $13.68, with a market capitalization of $3.64 billion and a revenue growth of 38.76% over the last 12 months [2] - JPMorgan views CleanSpark as a "well-capitalized, best-in-class operator" but suggests a more favorable outlook after a price pullback, emphasizing that the downgrade is related to valuation rather than operational performance [3] Financial Developments - CleanSpark increased its Bitcoin-backed credit facility with Coinbase Prime by $100 million, raising its total lending facilities to $400 million, aimed at supporting energy projects and mining operations expansion [4] - The company has a strong balance sheet, indicated by a quick ratio of approximately 4.37 [2] Leadership Changes - CleanSpark announced leadership changes, promoting Gary A. Vecchiarelli to President while retaining his role as CFO, and appointing Scott Garrison as Chief Development Officer and Executive Vice President [5] Market Dynamics - New entrants in the crypto mining market, such as Thumzup Media Corporation, are exploring Dogecoin mining, although their stock faced a significant decline following the announcement [6]