Retail Investors Are Overwhelmingly Bullish On CleanSpark After Earnings
The Bitcoin miner reported a 120% revenue increase and a Bitcoin mining cost of $34,000 per BTC during its fourth-quarter earnings on Wednesday.
CleanSpark (CLSK) surged more than 15% in morning trading on Thursday as retail investors overwhelmingly backed the Bitcoin mining company following its latest earnings report.
An ongoing Stocktwits poll showed that 85% of retail traders are bullish on CleanSpark’s stock for the next month after the first-quarter results on Wednesday.
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Among the respondents, 68% described themselves as “very bullish,” while 17% held a “mildly bullish” stance. Just 5% expressed a bearish outlook.
Investor optimism comes as CleanSpark continues its aggressive expansion strategy, with expectations that a potential pro-crypto administration under President Donald Trump could create a more favorable regulatory environment for miners.
The company is targeting a hash rate capacity of 50 exahashes per second (EH/s) in the first half of 2025 as it expands operations in Wyoming, Tennessee, and Georgia.
“Our regional expansion strategy was developed and refined in Georgia, and we are now replicating it nationally," CEO Zack Bradford said during the company’s earnings call.
CleanSpark reported fourth-quarter revenue of $162.3 million, a 120% increase from the same period a year earlier. The company has continued to invest heavily in scaling its mining operations.
"We continue to invest in ourselves because why buy Bitcoin at current spot prices when we can mine it for $34,000?" CFO Gary Vecchiarelli said.
The strong quarter comes as Bitcoin completed its fourth halving event, cutting miner rewards from 6.25 BTC to 3.125 BTC per block.
The reduction in block subsidies has forced weaker miners out of the market, creating opportunities for larger, well-capitalized firms like CleanSpark to gain market share.
"We overcame virtually all of the halving impact on the Bitcoin block subsidy while growing our current Bitcoin treasury to over 10,500 — 100% of which was entirely self-mined by CleanSpark and exclusively in the U.S.," Vecchiarelli said.
"We have one of the cleanest balance sheets in the industry and look forward to utilizing it through our institutional-grade Bitcoin treasury team and strategy," he added.
CleanSpark’s stock has jumped over 25% so far this year, outpacing Bitcoin’s gains of 4.5%.
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Read also: CleanSpark Stock Climbs As Bitcoin Miner Blows Past Q1 Earnings Estimate: Retail Cheers
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