Core Insights - Exodus Movement (EXOD) and CleanSpark (CLSK) are significant players in the cryptocurrency market, with EXOD focusing on self-custodial wallets and Web3 financial services, while CLSK is primarily a Bitcoin miner [1][2] Exodus Movement (EXOD) - EXOD has a market cap of over $3 trillion in cryptocurrency and has entered the stablecoin market, achieving $26 trillion in stablecoin transaction volume [3][4] - Revenues for EXOD increased by 51% year-over-year due to rising digital asset prices throughout 2025 [3] - The company experienced an 82% year-over-year growth in swap volume in Q3 2025, with 28% of this volume coming from B2B swaps [5] - EXOD has a robust balance sheet with $315 million in digital and liquid assets and no debt, leading to optimistic earnings growth projections [6] - The Zacks Consensus Estimate for EXOD's 2025 earnings has been revised upward in the past 60 days [6] CleanSpark (CLSK) - CLSK is transitioning from a Bitcoin mining company to a diversified digital infrastructure model, focusing on opportunities in the AI and high-performance computing (HPC) markets [8][9] - The company has a significant electricity and land portfolio of 1.3 gigawatts across the U.S. to support this transition [8] - CLSK has acquired a 285 MW site in Texas for an AI campus and identified a 250 MW site in Georgia for AI development [10] - Despite the transition, CLSK faces intense competition from other crypto mining companies and hyperscalers, which may constrain its bottom line [11] - The Zacks Consensus Estimate for CLSK's fiscal 2026 earnings has been revised downward in the past 30 days [11] Price Performance and Valuation - Over the past six months, EXOD shares have decreased by 53.8%, while CLSK shares have increased by 14.6% [12] - In terms of valuation, EXOD trades at a forward 12-month price-to-sales (P/S) multiple of 3.58X, compared to CLSK's 3.49X [13] Conclusion - EXOD is currently performing better in the crypto market, focusing on self-custodial wallets and stablecoin payments, while CLSK is pivoting towards AI and HPC infrastructure amidst competition and costs [15]

Core Insights - CleanSpark, Inc. (CLSK) is a prominent U.S. Bitcoin miner and data-center operator expanding into high-performance computing (HPC) and artificial intelligence (AI) infrastructure services, but its shares are currently overvalued with a forward 12-month price-to-earnings (P/E) ratio of 49.26X compared to the industry average of 23.85X [1][10] Financial Performance - CLSK's earnings expectations are declining, with the Zacks Consensus Estimate for the first-quarter fiscal 2026 loss at 8 cents per share, a reversal from earnings of 9 cents over the past 30 days [15] - The consensus for fiscal full-year 2026 earnings is now pegged at 26 cents per share, reflecting a 66.2% downward revision over the past 30 days and a 63.4% year-over-year decline [16] Market Conditions - CleanSpark's business is closely tied to Bitcoin price movements, making it vulnerable to volatility, which can significantly impact revenue and earnings [5][10] - Recent regulatory actions in China have led to the shutdown of approximately 100 EH/s of mining equipment, contributing to a 2% decline in Bitcoin prices [6] Operational Challenges - CleanSpark's Bitcoin mining output has decreased for two consecutive months, with 587 Bitcoins mined in November 2025, down from 612 in October and 629 in September, due to a weak crypto market and increased regulatory pressure [7][8] - The company's expansion into AI and HPC is still in early stages and unproven, facing rising competition from peers like Applied Digital, IREN Limited, and Cipher Mining, which are also diversifying into these sectors [11][12][13] Technical Analysis - CLSK shares are trading below the 50-day moving average, indicating a bearish trend in the near term [17] - The stock has fallen 15.8% over the past three months, underperforming the Zacks Finance sector's 0.7% rise and trailing competitors like Cipher Mining and Applied Digital [20] Conclusion - Given the stretched valuation, high sensitivity to Bitcoin price swings, and early-stage expansion into AI and HPC, CLSK presents a weak risk-reward profile at current levels [21][22]

We recently published 10 Stocks Facing Selling Pressure Ahead of Christmas. CleanSpark, Inc. (NASDAQ:CLSK) is one of the biggest losers on Monday. CleanSpark fell for a second day on Monday, shedding 15.07 percent to close at $11.91 apiece as investor sentiment was dampened by the drop in Bitcoin prices and fresh concerns about the artificial intelligence industry. CleanSpark, Inc. (NASDAQ:CLSK) declined alongside its counterparts, namely Terawulf, Hut 8, and Cipher Mining, after Bitcoin fell below the $ ...

Market Overview - The cryptocurrency market experienced a significant decline, with major digital assets falling sharply and liquidations increasing, undermining expectations for a year-end "Santa rally" [1][12] - Bitcoin's price dropped over 3% in 24 hours, falling from nearly $90,000 to approximately $85,833, marking its lowest level since December 1 [2][13] - Ethereum and XRP also saw declines, with Ethereum down more than 4% to around $2,955 and XRP falling roughly 4.5% to $1.90, its weakest price this month [3][12] Liquidations - The sell-off resulted in a surge of liquidations, with approximately $573 million in crypto positions wiped out in the last 24 hours, predominantly from long positions totaling around $486 million [4][5] - Bitcoin led the liquidations with about $205 million, followed by Ethereum at approximately $156 million [5][4] Stock Market Reaction - The overall cryptocurrency market lost more than 3% of its value in a single day, contrasting with minimal movement in stock markets, where the S&P 500 was down about 0.1% and the Nasdaq slipped roughly 0.3% [7][12] Impact on Crypto-Related Stocks - Crypto-related stocks faced significant pressure, with Bitcoin miner CleanSpark falling about 15%, crypto exchange Gemini down 12%, and Ethereum treasury firm BitMine Immersion Technologies down roughly 8% [8][14] - Coinbase shares slid more than 5%, while Robinhood experienced a decline of less than 2% [8][14] Market Sentiment and Accusations - As prices fell, there were accusations of coordinated selling on social media, with claims that entities like Binance and Wintermute were involved in dumping large amounts of Bitcoin, leading to over $100 million in long positions being liquidated in minutes [9][14] - Some analysts argued that the sell-off was a result of normal liquidity flows and user-driven selling rather than manipulation [9][14] International Developments - Traders are monitoring developments from Japan, where the Bank of Japan has indicated it may start selling portions of its exchange-traded fund holdings as early as January, potentially affecting market dynamics [10][11] - The anticipated gradual sell-off of about $2.1 million to $2.3 million per year aims to avoid unsettling markets, with implications for the yen carry trade as Japanese bond yields rise [11][10]

Market Overview - Bitcoin mining equities experienced a decline of approximately 10% following a significant drop in bitcoin prices, which fell from $89,474 to $87,024.78 within an hour [1] - The decline in bitcoin prices coincided with reports of forced closures of cryptocurrency mining operations in China [1] Regulatory Impact - The Chinese Communist Party (CCP) has intensified its crackdown on bitcoin mining, resulting in the shutdown of 1-2 GW of mining operations in Xinjiang, equating to a loss of 100 EH/s in bitcoin mining hashrate, or 1/12th of the network's total computing capacity prior to the crackdown [2] Company Performance - CleanSpark (NASDAQ: CLSK) reported the largest decline among publicly traded bitcoin miners, with shares falling 13.83% to $12.09 [3] - TeraWulf (NASDAQ: WULF) also saw a significant decrease, with shares down 12.56% to $12.53 [3] - Cipher Mining (NASDAQ: CIFR) shares retreated 12.46% to $14.93, while IREN (NASDAQ: IREN) lost 9.59% to $36.28 [4] - Riot Platforms (NASDAQ: RIOT) dropped 6.99% to $14.23, and MARA (NASDAQ: MARA) fell 6.81% to $10.74 [4] - Galaxy Digital (GLXY) experienced a moderate decline of 5.05% to $25.40, while Core Scientific (NASDAQ: CORZ) showed resilience with a smaller decline of 4.78% to $15.74 [4]

Core Viewpoint - CleanSpark's recent stock performance shows a decline of 5.33% in the latest session, contrasting with the broader market trends, while the company has seen a significant appreciation of 23.71% over the past month [1] Financial Performance - The upcoming earnings report for CleanSpark is anticipated to show an earnings per share (EPS) of -$0.07, indicating no change from the same quarter last year, with projected revenue of $197.93 million, reflecting a 21.94% increase year-over-year [2] - For the entire fiscal year, the Zacks Consensus Estimates predict an EPS of $0.26 and revenue of $858.9 million, representing a decline of 63.38% in earnings and an increase of 12.08% in revenue compared to the previous year [3] Analyst Estimates and Market Sentiment - Recent adjustments to analyst estimates for CleanSpark are crucial as they often indicate short-term business trends, with positive revisions suggesting an optimistic outlook [4] - The Zacks Rank system, which evaluates these estimate changes, currently places CleanSpark at a rank of 3 (Hold), with a notable decrease of 66.84% in the consensus EPS estimate over the past month [6] Valuation Metrics - CleanSpark is currently trading at a Forward P/E ratio of 57.89, which is significantly higher than its industry's Forward P/E of 12.42, indicating a premium valuation [7] - The Financial - Miscellaneous Services industry, to which CleanSpark belongs, holds a Zacks Industry Rank of 85, placing it in the top 35% of over 250 industries [7][8]

Core Insights - Multiple Bitcoin mining stocks are experiencing gains as network difficulty decreases and Bitcoin prices improve, leading to better mining revenues [1] - Year-to-date performance shows significant gains for several companies, with IREN leading at 357% [3] Company Performance - MARA gained 11.97% this week, followed by CleanSpark at 11.75%, Core Scientific at 5.56%, and Hut 8 at 1.04% [2] - American Bitcoin saw a significant drop of 42.38% due to an investor unlock, while IREN fell by 4.13% after a convertible note announcement [2] - Year-to-date, IREN has a 357% gain, Terawulf at 154%, and Hut 8 at 104%, while MARA is down 28% for the year [3] Mining Economics - Hashprice has dropped below $40 per petahash per day, indicating that operator revenues are at a new low despite the decrease in mining difficulty [3] - The average machine operates at 32 joules per terahash, with a break-even hashcost of approximately $38.40 per petahash per day at a power cost of $0.05 per kilowatt-hour [4] - Many miners are close to or below profitability, potentially needing to rely on cash reserves or reduce operations to manage costs [4] Monthly Mining Reports - Riot and CleanSpark reported 428 and 587 Bitcoin mined in November, respectively, while Cango mined 546 Bitcoin, slightly lower than the previous month [5] - Bitdeer, a Bitcoin miner and ASIC manufacturer, is facing a lawsuit regarding alleged miscommunications about its new unit's performance and production timelines [5]

Core Viewpoint - The U.S. cryptocurrency mining companies experienced a significant rebound in stock prices, indicating positive market sentiment towards the sector [1] Group 1: Company Performance - Applied Digital (APLD.US) saw an increase of over 5.8% in its stock price [1] - Cipher Mining (CIFR.US) rose by more than 5.6% [1] - CleanSpark (CLSK.US) and IREN Ltd (IREN.US) both experienced gains exceeding 3% [1]

Core Insights - CleanSpark, Inc. (CLSK) is transitioning from Bitcoin mining to a diversified digital infrastructure model, with a focus on AI and high-performance computing (HPC) by 2025 [2][4] - The company possesses a significant electricity and land portfolio of 1.3 gigawatts across the U.S., which is increasingly valuable due to rising demand for computing power [3] - CleanSpark aims to establish a "digital infrastructure platform" to meet the growing demand for AI computing, expecting AI data centers to provide stable, high-margin revenues [4] Company Strategy - CleanSpark's fiscal 2025 roadmap outlines a structured expansion plan through 2026-2028, focusing on portfolio scaling, large-scale commissioning, tenant diversification, and multi-campus development [5] - The global HPC market is projected to grow from $57 billion in 2024 to $87.31 billion by 2030, presenting a timely opportunity for CleanSpark's expansion [5] Competitive Landscape - CleanSpark faces increasing competition from Marathon Digital (MARA) and Cipher Mining Inc. (CIFR), both of which are enhancing their AI and HPC capabilities [7] - Marathon Digital is acquiring a controlling stake in Exaion to accelerate its AI and HPC expansion, leveraging its global data-center footprint [8] - Cipher Mining is also expanding into AI and HPC, securing long-term contracts with major players like AWS and Fluidstack, which positions it strongly in the market [9] Financial Performance - CleanSpark's shares have increased by 48.9% year-to-date, contrasting with a 7.3% decline in the Zacks Finance – Miscellaneous Services industry [10] - The Zacks Consensus Estimate for CleanSpark's fiscal 2026 revenues is projected at $858.9 million, reflecting a year-over-year increase of 12.1% [6] Valuation Metrics - CleanSpark trades at a forward price-to-sales ratio of 4.05, which is higher than the industry average of 3.18 [14] - The Zacks Consensus Estimate for CleanSpark's fiscal 2026 earnings is currently at 33 cents per share, indicating a 53.5% decline compared to the previous year [17]

Core Insights - CleanSpark, Inc. reported significant growth in its Bitcoin mining operations, producing 587 Bitcoin in November 2025 and increasing contracted power by nearly 11% to over 1.4 GW [1] - The company announced transformative fiscal year 2025 results with revenues exceeding $766 million [1] - CleanSpark successfully closed a $1.15 billion zero-coupon convertible notes offering, which included repurchasing approximately 30.6 million shares for $460 million [1] Financial Performance - Fiscal year 2025 revenue reached over $766 million, indicating strong financial performance [1] - The company produced a total of 7,124 Bitcoin in calendar year 2025 [1] - Total Bitcoin holdings as of November 30, 2025, were 13,054, with 2,374 Bitcoin posted as collateral [1] Operational Highlights - CleanSpark's operational hashrate reached 50 EH/s, with an average operating hashrate of 47.4 EH/s [1] - The peak single-day Bitcoin production was recorded at 20.44 Bitcoin, with an average daily production of 19.54 Bitcoin [1] - The deployed fleet consisted of 246,104 miners, achieving peak efficiency of 16.07 J/Th [1] Power and Infrastructure - The company has a power portfolio of 1.45 GW under contract, with 808 MW utilized concurrently [1] - CleanSpark is focused on expanding its power and land portfolio, developing data center infrastructure, and optimizing its operations for better returns [1] Strategic Initiatives - CleanSpark is evolving its AI strategy and aims to enhance its digital asset management and derivatives trading activities [2] - The company is positioning itself to rapidly lease existing capacity while maintaining flexibility to shift hashrate to optimal segments of its portfolio [1]