CleanSpark, Inc. (NASDAQ: CLSK) has become one of the most closely watched Bitcoin mining and infrastructure stocks going into December 2025. A dramatic swing from losses to profits, an aggressive move into AI and high‑performance computing (HPC), a large convertible notes deal, and a lingering $185 million tariff dispute have turned CLSK into a high‑beta battleground name. [1]
This article pulls together the latest news, forecasts, and analyses available as of December 8, 2025 to outline where CleanSpark stands now and what investors are watching next.
CleanSpark stock price today: high volatility after FY 2025 earnings
As of Monday, December 8, 2025, recent real‑time quotes show CleanSpark trading just under $14 per share, after closing on Friday, December 5 at $13.72, down 8.75% on the day. [2]
That Friday session captured both the opportunity and risk around CLSK:
- Intraday range (Dec 5): $13.52 low to $14.71 high
- Volume: ~32.7 million shares, well above many mid‑caps
- One‑year range: roughly $6.45 to $23.61, underscoring the extreme volatility. [3]
MarketBeat data pegs CleanSpark’s current valuation at a market cap of about $3.5 billion, a trailing P/E of ~12.4, and a beta near 3.8, meaning the stock tends to move several times more than the broader market. [4]
Short‑term technical services and trading platforms have highlighted the stock’s sharp swings: Intellectia notes that CLSK fell 8.75% on the last trading day, with an 8.8% intraday move and heavy turnover, and classifies the name as a “Strong Sell” candidate in the very near term on technical grounds. [5]
In other words: fundamentally, the company just reported a banner year; technically, the stock is trading like a leveraged bet on Bitcoin plus sentiment.
FY 2025 results: from deep losses to strong profitability
CleanSpark’s fiscal 2025, which ended September 30, marked a turning point.
According to the company’s official results:
- Revenue: $766.3 million, up 102% year‑over‑year
- Net income: about $364 million, a dramatic swing from a loss the prior year
- Gross margin: roughly 55%
- Adjusted EBITDA: more than $800 million, according to company and third‑party summaries. [6]
Quiver Quant’s breakdown of the Q4 2025 numbers shows:
- Q4 2025 revenue: $223.7 million
- Year‑over‑year Q4 growth: about 150.5% versus the same quarter in 2024. [7]
Earlier in the year, CleanSpark’s fiscal Q3 (quarter ended June 30, 2025) also delivered eye‑catching growth:
- Q3 revenue: $198.6 million, up about 90.8% year‑over‑year
- Q3 net income: $257.4 million, versus a loss of $236.2 million a year earlier
- Q3 adjusted EBITDA: roughly $377.7 million
- Bitcoin treasury: surpassed $1 billion in value at that time. [8]
Despite that, shares have repeatedly sold off after strong prints. Zacks and other outlets have highlighted multiple instances where CLSK dropped around 8% in a session “despite strong earnings growth,” underlining how expectations and positioning can matter as much as the numbers themselves. [9]
Bitcoin mining metrics: November and September 2025 updates
CleanSpark’s operating metrics show why it is now often grouped with the largest and most efficient public miners.
From the company’s November 2025 mining update and recent press releases:
- Bitcoin mined in November 2025: 587 BTC
- Bitcoin mined in calendar 2025 (through November): 7,124 BTC
- Bitcoin holdings as of November 30, 2025: 13,054 BTC
- Average sale price for BTC sold year‑to‑date: roughly $92,000 per coin
- Operational hashrate: about 50 EH/s (exahash per second)
- Peak fleet efficiency: approximately 16.07 J/Th (joules per terahash)
- Deployed fleet: ~246,000 miners as of November 30
- Power under contract:1.45 gigawatts (GW), with 808 MW currently utilized. [10]
A similar September 2025 update showed 629 BTC mined that month and 13,011 BTC held, with the same 50 EH/s operational hashrate but a smaller power portfolio of 1.03 GW. [11]
The expansion from roughly 1.0 GW to 1.45 GW of contracted power between September and November is particularly important: it’s the foundation for both CleanSpark’s Bitcoin mining growth and its push into AI/HPC compute.
The AI and HPC pivot: CleanSpark’s “second act”
Although CleanSpark brands itself as “America’s Bitcoin Miner”, management and outside analysts are increasingly framing the company as a power‑rich data center platform that can monetize both Bitcoin and AI workloads. [12]
A detailed comparative analysis from Zacks (via TradingView) contrasts CleanSpark with fellow miner TeraWulf (WULF) and argues that CLSK is better positioned on fundamentals and capital structure while pursuing a more pragmatic AI infrastructure strategy. Key points from that piece include: [13]
- CleanSpark reported record FY 2025 revenue of $766 million and net income of about $364.5 million, with positive free‑cash‑flow dynamics, unlike many peers. [14]
- The company operates more than 50 EH/s of hashrate with industry‑leading efficiency and produced nearly 8,000 BTC in fiscal 2025, holding over 13,000 BTC in treasury. [15]
- CleanSpark has secured 285 MW in Texas with long‑term power agreements dedicated to AI data center development across a roughly 271‑acre site, with some analysts modeling multi‑billion‑dollar value creation if fully built out and leased. [16]
- The company is partnering with immersion‑cooling specialist Submer and exploring conversion of existing Bitcoin sites, such as the 250 MW Sandersville facility, into modular AI/HPC colocation capacity. [17]
- Management has discussed potential hyperscaler customers targeting 2026 deployments, tying the AI build‑out to concrete demand rather than purely speculative capacity. [18]
In short, analysts now increasingly view CleanSpark as owning:
- Low‑cost power at scale
- Permitted data center sites
- A large live Bitcoin mining operation that can be partially repurposed toward AI/HPC as economics dictate.
That optionality is a core part of the current bull case.
Capital structure: $1.15B convertible notes and a massive buyback
Alongside its operational growth, CleanSpark has executed a zero‑coupon convertible notes deal that reshaped its balance sheet.
In November 2025, the company closed an upsized $1.15 billion convertible notes offering due 2032, with a conversion premium in the high‑20% range. [19]
The proceeds were used for several moves:
- Share repurchase: roughly 30.6 million shares (about 10.9% of shares outstanding) bought back for $460 million, significantly shrinking the equity float in the near term. [20]
- Debt management: repayment of Bitcoin‑backed credit lines and strengthening of working capital, with some analyses estimating around $1 billion in liquidity after the transaction. [21]
For bulls, the transaction signals confidence and efficient capital stewardship; for bears, it introduces future dilution overhang when the notes eventually convert, especially if the stock appreciates toward or beyond the conversion price.
Why the stock is still under pressure
Despite the seemingly textbook combination of fast growth, profitability, AI exposure, buybacks, and zero‑coupon debt, CLSK has not traded in a straight line up.
Several issues have weighed on sentiment:
1. Tariff dispute with U.S. Customs and Border Protection
A detailed August 2025 report from CoinCentral describes a $185 million import and tariff dispute between CleanSpark and U.S. Customs and Border Protection (CBP). [22]
- CBP alleges that certain Bitmain Antminers imported in 2024 were improperly classified and should be subject to punitive tariffs, potentially creating a retroactive bill of about $185 million.
- The disputed sum represents nearly 70% of CleanSpark’s Q3 2025 net income, according to that analysis. [23]
- CleanSpark strongly denies the allegations, citing supplier documentation that the miners were manufactured outside China and signaling its intention to fight the claims. [24]
The case remains unresolved and is now one of the largest single regulatory overhangs on the stock.
2. Market reaction to earnings and guidance
Traders have repeatedly sold into strength:
- Stock‑focused news outlets flagged a post‑earnings downturn in early December, characterizing the move as a negative reaction to aspects of the fiscal 2025 report and forward commentary, even though the headline numbers were extremely strong. [25]
- Earlier in the year, Zacks‑linked coverage pointed out an 8%+ drop after Q3 results, despite the 90% revenue surge. [26]
This pattern suggests that expectations for CleanSpark had become very elevated, and any hint of slower growth, AI capex timing, or dilution risk can trigger sharp pullbacks.
3. Insider selling
On December 5, 2025, MarketBeat reported that director Amanda Cavaleri sold 33,000 shares on December 4 at an average price of $15.02, a sale of roughly $495,660 that reduced her stake by about 23.5%, to 107,289 shares. [27]
Quiver Quant’s insider‑trading dashboard also notes a prior sale of over 63,000 shares by CleanSpark’s CTO/COO within the last six months. [28]
While insider selling does not automatically indicate trouble—especially after a large run‑up—it adds to the perception of short‑term profit‑taking around recent highs.
Wall Street analyst forecasts and price targets for CLSK
Despite volatility and regulatory risk, Wall Street remains broadly bullish on CleanSpark.
Two independent aggregators, Quiver Quantitative and StockAnalysis, show:
- Number of covering analysts: around 10–11
- Consensus rating:“Strong Buy”
- Average 12‑month price target: approximately $23.8–$24.5
- Target range: low around $14, high around $30. [29]
That implies potential upside of roughly 70–75% from share prices in the mid‑$13 range, if those targets prove accurate.
Recent target revisions emphasize the bullish skew:
- B. Riley Securities: $22 target, Strong Buy
- Chardan Capital: $30 target, Strong Buy
- HC Wainwright: $27 target, Strong Buy
- Needham: $25 target, Strong Buy
- Macquarie: $27 target, Outperform
- J.P. Morgan: $14 target, Overweight (notably more conservative on price but still positive on rating). [30]
On the fundamental forecast side, StockAnalysis compiles sell‑side estimates showing: [31]
- Revenue FY 2026: about $933 million, up ~22% from $766 million in FY 2025
- Revenue FY 2027: around $1.1 billion, implying mid‑teens annual growth thereafter
- EPS FY 2026: expected to dip from 1.12 to about 0.68, before recovering to roughly 0.99 in FY 2027
Analysts effectively expect:
- Top line: still growing, but at a slower rate than the explosive 2025
- Bottom line: near‑term margin pressure (likely from AI capex, power build‑out and non‑cash items) followed by re‑expansion.
Technical and algorithmic forecasts: a more cautious stance
Technical and quant‑driven services present a more divided picture than fundamental analysts.
Intellectia’s AI‑driven model, as of December 8, 2025, offers the following price path projections for CLSK: [32]
- 1‑day forecast: +0.18% (to about $13.74)
- 1‑week forecast: +2.55% (around $14.31)
- 1‑month forecast:‑11.3% (to roughly $12.17)
- 2026 projection: around $14.14
- 2030 projection: a highly speculative $117+ per share
Despite those long‑term bullish numbers, Intellectia’s overall technical conclusion is “Strong Sell”, citing:
- 1 buy signal vs 5 sell signals across indicators
- A short‑term downtrend starting late November
- Price below key moving averages in the medium term
- Short sale ratio above 23%, with elevated short‑selling volume. [33]
Social and positioning data from Quiver Quant paints a different angle: CLSK has seen heightened chatter on X (Twitter) after its fiscal 2025 earnings, with many posts highlighting the profit swing, AI/HPC push, and the buyback. Price targets in social discussions frequently cluster in the $20–25 range, reflecting a speculative but positive retail narrative. [34]
Taken together, the message from technical and sentiment tools is that short‑term trading remains crowded and volatile, even as long‑only analysts focus on multi‑year earnings power.
Fundamental snapshot: what CleanSpark looks like today
Based on the latest filings and official mining updates, CleanSpark currently combines:
- Scale: 50 EH/s operational hashrate and ~246,000 deployed miners [35]
- Power portfolio: 1.45 GW under contract across U.S. sites, up from 1.03 GW in September [36]
- Bitcoin treasury: about 13,054 BTC as of November 30, 2025 [37]
- Financials FY 2025: $766.3 million in revenue, $364 million in net income, 55% gross margin [38]
- Balance sheet: $1.15 billion in zero‑coupon convertible notes due 2032; significant working capital; reduced Bitcoin‑backed leverage [39]
- Valuation metrics: ~12x trailing earnings, P/S under 4x, with a one‑year range of $6.45–$23.61 and a beta near 3.8. [40]
Operationally, the company sits at the junction of:
- Bitcoin economics (price, network difficulty, halving cycles, and energy costs)
- U.S. energy infrastructure (power contracts, regulatory treatment of data centers and miners)
- AI/HPC demand for high‑density compute capacity.
That combination explains both the upside narrative and the risk profile.
Key risks and catalysts to watch
Looking forward from December 8, 2025, several factors are likely to drive CLSK’s next major moves:
- Bitcoin price and network difficulty
CleanSpark’s revenue is still heavily tied to Bitcoin mining, despite AI ambitions. A sharp Bitcoin drawdown or an unfavorable post‑halving difficulty landscape would pressure margins, while sustained BTC strength near or above recent highs would amplify earnings. [41] - Resolution of the $185M CBP tariff dispute
Any clarity—positive or negative—on the import‑tariff case with U.S. Customs could meaningfully alter the company’s risk profile and valuation. A favorable settlement or dismissal would remove a major overhang; an adverse outcome would reduce balance‑sheet flexibility. [42] - Execution on AI/HPC build‑out
The Texas AI campus, Submer partnership, and potential hyperscaler deals must convert from Press‑release story into revenue and cash flow. Delays or cost overruns could disappoint investors, while early, high‑margin AI contracts would reinforce the “second act” thesis. [43] - Impact of convertible notes and dilution
The $1.15 billion zero‑coupon notes give CleanSpark cheap capital today but imply future share issuance if the stock rallies. How the market digests that potential dilution—especially during big up‑moves—will shape upside traction. [44] - Insider and institutional flows
Recent insider sales and large institutional position changes (both additions and reductions) underline how actively CLSK is being traded in professional portfolios. Sustained accumulation by major funds—or, conversely, broad distribution—will send strong signals about institutional conviction. [45] - Short interest and technical positioning
Elevated short‑selling activity and bearish technical signals raise the prospect of both continued downside pressure and occasional short squeezes, particularly around news events or Bitcoin price spikes. [46]
Bottom line: a high‑beta bet on Bitcoin and AI infrastructure
On December 8, 2025, CleanSpark stands out as:
- A profitable, rapidly growing Bitcoin miner with industry‑leading scale and efficiency
- A power‑rich data center developer positioning itself for AI and HPC demand
- A volatile equity facing meaningful regulatory, execution, and dilution risks
Fundamental analysts overwhelmingly categorize CLSK as a Strong Buy with substantial upside relative to current prices, while technical and algorithmic models are more cautious in the short term, assigning Sell or Strong Sell labels as they track downtrends and elevated short interest. [47]
For market participants, CleanSpark has effectively become a leveraged expression of two big themes at once: Bitcoin and AI data centers. That makes it one of the more consequential—and controversial—names in the small‑ to mid‑cap tech and infrastructure universe.
References
1. investors.cleanspark.com, 2. stockanalysis.com, 3. stockanalysis.com, 4. www.marketbeat.com, 5. intellectia.ai, 6. investors.cleanspark.com, 7. www.quiverquant.com, 8. coincentral.com, 9. www.zacks.com, 10. investors.cleanspark.com, 11. investors.cleanspark.com, 12. investors.cleanspark.com, 13. www.tradingview.com, 14. www.tradingview.com, 15. www.tradingview.com, 16. www.tradingview.com, 17. www.tradingview.com, 18. www.tradingview.com, 19. www.stocktitan.net, 20. www.stocktitan.net, 21. www.tradingview.com, 22. coincentral.com, 23. coincentral.com, 24. coincentral.com, 25. stockstotrade.com, 26. www.zacks.com, 27. www.marketbeat.com, 28. www.quiverquant.com, 29. stockanalysis.com, 30. www.quiverquant.com, 31. stockanalysis.com, 32. intellectia.ai, 33. intellectia.ai, 34. www.quiverquant.com, 35. investors.cleanspark.com, 36. investors.cleanspark.com, 37. investors.cleanspark.com, 38. investors.cleanspark.com, 39. www.stocktitan.net, 40. www.marketbeat.com, 41. investors.cleanspark.com, 42. coincentral.com, 43. www.tradingview.com, 44. www.stocktitan.net, 45. www.quiverquant.com, 46. intellectia.ai, 47. stockanalysis.com
