CleanSpark, Inc. (NASDAQ: CLSK) has turned into one of the loudest tickers in the Bitcoin‑miner universe this week. After reporting record fiscal 2025 results, announcing a zero‑coupon $1.15 billion convertible bond, and completing a $460 million buyback, the stock has ripped higher – and attracted both fresh bullish coverage and a brand‑new Sell rating.
As of Friday’s close (November 28, 2025), CleanSpark stock was trading around $15, up roughly 55% from last week’s lows near $9.73, capping a four‑session surge of about 32% from November 24 through November 28. [1] That sort of move will either thrill you or terrify you, depending on how you feel about volatility and Bitcoin.
Here’s a rundown of the latest news and analysis on CleanSpark stock as of November 29, 2025, and how it all fits together.
CleanSpark stock price: a violent rebound after earnings
Price action first, feelings later:
- CleanSpark closed near $15.10–$15.11 on November 28, up more than 12% on the day and roughly 55% above its November 21 close of $9.73. [2]
- Over those same sessions, daily trading volume repeatedly topped 50 million shares, well above the recent average, as traders piled in after the company’s fiscal year 2025 report. [3]
- TipRanks data pegs CleanSpark’s year‑to‑date performance at about +42% with a market cap around $4 billion and a “Buy” technical sentiment signal. [4]
At the same time, option traders are playing the name aggressively. A Nasdaq options recap flagged 226,000+ CLSK contracts traded on Friday, with heavy activity in the $15 strike put expiring November 28 – equivalent to about 22.6 million shares, or roughly two‑thirds of average share volume. [5]
In other words: CleanSpark isn’t just going up; it’s going up in a crowd.
Fiscal 2025: from loss maker to profitable Bitcoin miner
The core fundamental story powering this move is the company’s fiscal 2025 (year ended September 30) report, released November 25:
- Revenue: $766.3 million, up 102.2% year over year from $379 million.
- Net income: $364.5 million, versus a $145.8 million loss a year earlier.
- Adjusted EBITDA: $823.4 million, more than tripling from $245.8 million.
- Hashrate: operational capacity surpassed 50 exahash per second (EH/s).
- Treasury: about $1.2 billion in Bitcoin holdings and $43 million in cash as of September 30, 2025.
- Working capital: roughly $1.0 billion, with total assets of $3.2 billion and total liabilities of about $1.0 billion. [6]
Management framed 2025 as the year CleanSpark “achieved operating leverage” and began evolving into a broader compute‑infrastructure platform, not just a pure Bitcoin miner – emphasizing its expertise in power procurement and data‑center build‑out as a bridge into AI and high‑performance computing (HPC) workloads. [7]
For a company that was losing money not long ago, swinging to hundreds of millions in profit while amassing a five‑figure Bitcoin stack is a genuinely big deal. The question, of course, is how durable those numbers are once crypto cycles, power costs, and AI hype all start moving in different directions.
Q4 miss: great year, awkward quarter
Here’s where the narrative gets messy.
CleanSpark’s Q4 2025 (the final fiscal quarter) was strong in absolute terms but missed Wall Street expectations:
- Q4 revenue came in at about $223.7 million, up 150% year over year, helped by higher hashrate and Bitcoin prices. [8]
- Gross margin in the quarter was around 55%, impressive given the post‑halving headwinds in Bitcoin mining. [9]
- Both revenue and EPS came in below analyst estimates, prompting an immediate after‑hours drop of around 2–3% as traders focused on “miss” rather than “massive growth.” [10]
Short‑term reaction was negative: headlines from Nasdaq, ChartMill and StockTwits all highlighted a “Q4 earnings miss” and a modest sell‑off. [11]
But as the dust settled, the full‑year numbers – triple‑digit revenue growth, a flip from loss to profit, and a ballooning Bitcoin + power infrastructure base – started to dominate the conversation. That’s when the stock went from sulking in after‑hours to ripping higher over the next several sessions.
The $1.15 billion zero‑coupon convertible and the $460 million buyback
You almost never get a big rally in a Bitcoin miner without some capital‑markets theatrics, and CleanSpark delivered.
0% convertible due 2032
On November 11, CleanSpark upsized its offering of convertible senior notes to $1.15 billion:
- The notes carry a 0% coupon and mature in 2032.
- Initial conversion price is about $19.16 per share, roughly a 27.5% premium to the $15.03 stock price on November 10. [12]
- Net proceeds are expected to be around $1.13 billion, or up to $1.28 billion if the underwriters exercise their option in full. [13]
According to industry outlet TheMinerMag, roughly $460 million of those proceeds were earmarked for share repurchases, with the rest directed toward power and land acquisitions, data‑center development for AI/HPC workloads, repayment of Bitcoin‑backed credit lines, and general corporate purposes. [14]
Massive share repurchase
Simply Wall St then highlighted that CleanSpark completed a $460 million buyback, purchasing 30.6 million shares and shrinking its share count by about 10.9%. [15]
From a capital‑allocation perspective, it’s a spicy pairing:
- Debt with no interest (but future potential dilution through conversion),
- Used partly to retire equity today,
- While simultaneously levering up to build AI‑ready data‑center capacity and expand its energy footprint.
It’s clever if growth and margins hold. It’s painful if Bitcoin or AI demand stumbles before 2032 and the company needs to refinance or issue more equity into weakness.
AI and data centers: CleanSpark tries to escape the pure‑miner trap
CleanSpark is working hard to be perceived as an AI infrastructure story and not just a levered bet on Bitcoin price.
Recent moves include:
- Acquiring 271 acres in Texas with about 285 megawatts of new power supply agreements for a future data‑center campus aimed at AI and HPC workloads. [16]
- Reporting a 13,011 Bitcoin treasury and more than 50 EH/s of hashrate in its September 2025 mining update, underscoring the scale of its existing energy + compute footprint. [17]
- Partnering with immersion‑cooling vendor Submer and describing itself as a “market‑leading data center developer” with more than 1.3 gigawatts of power, land, and data centers under its orbit. [18]
A recent CoinCentral and Seeking Alpha coverage wave framed CleanSpark’s strategy as a pivot from pure Bitcoin mining toward AI/HPC hosting, noting that the company now controls about 1.28 GW of power and has roughly 250 MW of capacity at Sandersville that is “HPC‑ready” for potential hyperscaler tenants – though it has yet to announce major AI contracts and still faces execution risk. [19]
So the thesis some bulls are building is: “Bitcoin mining pays the bills today; AI data centers monetize the same energy footprint tomorrow.” That’s elegant on paper, but the bridge between “we have power” and “we have long‑term AI customers” is not guaranteed.
Fresh ratings and research: from under‑$20 favorite to new Sell call
Today’s news cycle around CLSK is basically a tug‑of‑war between bullish narratives and a notable new downgrade.
MarketBeat: Wall Street Zen slaps a Sell on CLSK
On November 29, MarketBeat reported that Wall Street Zen downgraded CleanSpark from “Hold” to “Sell”. [20]
Key details from that note:
- Despite the downgrade, the broader analyst community remains overwhelmingly positive:
- 11 Buy ratings, 1 Hold, for an overall “Moderate Buy” consensus.
- Average price target around $23.20, implying meaningful upside from the mid‑teens. [21]
- The article highlights basic valuation and risk stats:
- P/E ratio ~13.7,
- Market cap ~ $3.9 billion,
- 12‑month trading range: $6.45 – $23.61,
- Debt‑to‑equity of 0.30,
- Strong liquidity with a quick ratio of 4.37 and current ratio of 4.18. [22]
- Insider data: COO Taylor Monnig sold 63,713 shares in September (about 34.6% of their stake), while insiders overall own 2.65% of the company and institutions hold roughly 43%. [23]
So: one model‑driven platform says “sell,” while the street at large still leans “buy but volatile.”
InsiderMonkey: one of the “10 Best US Stocks to Buy Under $20”
In contrast, InsiderMonkey has CleanSpark at #10 in its new list of “10 Best US Stocks to Buy Under $20”, published November 28. [24]
Their take:
- They calculate upside potential of about 82% as of November 26, based on analyst targets.
- CleanSpark’s share price at that time: $13.45, still below Friday’s close. [25]
- The stock is held by 34 hedge funds in InsiderMonkey’s Q3 2025 database – a decent institutional following for a Bitcoin miner. [26]
- They highlight the same big numbers: revenue jumping to $766.3 million and net income to $364.5 million, and they lean into management’s AI data‑center ambitions in Georgia and Texas, plus EPS guidance for 2026 (around $0.91). [27]
- InsiderMonkey also notes JPMorgan’s November 24 upgrade of CleanSpark from Neutral to Overweight with a $14 price target, citing a “valuation reset” and 200 MW of “critical IT capacity” at the newly acquired Texas facility. [28]
So from that lens, CleanSpark is a volatile but institutionally backed growth name under $20 with substantial upside if the AI + Bitcoin combo works out.
Simply Wall St: buyback + long‑term fair value
Simply Wall St’s November 25 piece digs into the $460 million buyback and suggests that, based on analyst forecasts, CleanSpark’s fair value could be around $23.98 per share, implying roughly 100%+ upside from prices earlier in the week. [29]
They model:
- Revenue growing to $1.5 billion by 2028, a CAGR of about 32.5%,
- Earnings rising modestly from current levels,
- But they stress that the core risk remains CleanSpark’s dependence on Bitcoin price cycles and regulatory shifts – the buyback doesn’t change that structural dependence.
24/7 Wall St: alternative‑asset play at ~12x earnings
A 24/7 Wall St article grouping “Gold, Crypto, Wine, Art” names flags CleanSpark as the crypto/alternative‑asset leg of that trio. It notes that: [30]
- CleanSpark trades at roughly 12x trailing earnings,
- Is expanding beyond Bitcoin mining into data‑center compute support,
- And looks undervalued relative to peers given its profitability and expansion strategy.
For a site that’s historically skeptical of miners, that’s a notable tilt toward the bullish side.
Value‑model pushback: intrinsic value far below the current price
If all of this sounds like wall‑to‑wall optimism, there are colder models.
Valuation site ValueInvesting.io pegs CleanSpark’s “intrinsic value” at about $4.14 per share using a Peter Lynch‑style fair‑value model – far below the current mid‑teens price. [31]
That doesn’t mean $4 is destiny – models are only as good as their assumptions – but it’s a reminder that not every framework agrees CLSK is cheap after a 50%+ bounce.
Technical picture: extended after a big breakout
If you’re a chart‑watcher rather than a spreadsheet enjoyer, today’s technical chatter matters:
- Investor’s Business Daily’s “Stocks Flashing Renewed Technical Strength” note, published November 29, reports CleanSpark’s Relative Strength (RS) Rating has climbed from 84 to 91 on their 1–99 scale – the higher end that tends to show up in big winners. [32]
- They flag that CleanSpark broke out past a 13.66 buy point in a late‑stage cup‑without‑handle pattern and is now considered extended and outside a proper buy zone, advising investors to watch for new bases or tight consolidations rather than chase the vertical move. [33]
- IBD also notes that while the latest reported EPS growth was flat, revenue surged 151%, and CleanSpark currently ranks #16 in the Financial Services–Specialty group, alongside peers like Cipher Mining and NerdWallet. [34]
Layer that onto the options data – high put activity around the $15 strike, heavy contract volume – and the technical backdrop is clear: this is a momentum stock in a high‑stakes tug‑of‑war between bulls and hedgers. [35]
Alt‑asset and crypto narratives: CLSK in the “collectibles” bucket
One fun twist: CleanSpark is now turning up in alternative‑asset and collectibles‑style discussions, not just in crypto‑miner roundups.
The 24/7 Wall St feature that pairs SSR Mining (gold), CleanSpark (crypto/compute), and Funko (pop‑culture collectibles) frames CLSK as a way to play digital assets and AI‑linked infrastructure through a profitable, publicly listed name rather than holding Bitcoin or NFTs outright. [36]
That framing – “own the picks and shovels, not just the coins” – is exactly what CleanSpark’s management seems to be aiming for as they emphasize:
- Low‑carbon power sourcing,
- Scalable data‑center infrastructure,
- And the ability to repurpose mining capacity toward AI and HPC workloads.
It’s a clever narrative bridge between Bitcoin speculation and AI infrastructure investing, even if the underlying risks (energy prices, regulation, BTC cycles) haven’t magically disappeared.
Balance sheet, Bitcoin treasury and risk profile
For all the excitement, it’s worth grounding this in some basic risk math.
- CleanSpark ends fiscal 2025 with $43 million in cash, $1.2 billion in Bitcoin, and $644.6 million in long‑term debt (net of discounts). [37]
- That Bitcoin stash is a massive asset and a massive risk, because its value is tied to one of the most volatile assets on Earth.
- The new $1.15 billion 0% convertible adds leverage plus potential dilution down the road if shares are well above the $19.16 conversion price. [38]
- A beta around 3.8 – nearly four times broader‑market volatility – underlines how violently the stock tends to react to both crypto and macro headlines. [39]
On the plus side, liquidity looks good (current and quick ratios above 4x), and the company has meaningful working capital and real assets. [40] On the minus side, almost everything here is geared to Bitcoin and power markets, and the AI‑data‑center leg of the story is still largely prospective.
So what does all this mean for CleanSpark stock?
Putting the week’s news together:
- Fundamentals: CLSK just delivered a transformational year – triple‑digit revenue growth, a swing to profitability, a giant Bitcoin treasury, and a rapidly expanding power footprint. [41]
- Quarterly execution:Q4 missed expectations, which is why the first reaction was a sell‑off. But the full‑year numbers, plus the AI narrative, have dominated subsequent coverage and driven the rebound. [42]
- Capital structure: A 0% convertible + big buyback is an aggressive capital‑markets move that concentrates upside for current shareholders – but also concentrates risk if Bitcoin or AI demand disappoint before 2032. [43]
- Street sentiment:
- Most analysts and stock‑picking platforms lean bullish, with price targets in the low‑to‑mid $20s and narratives about AI/HPC upside and “undervalued” earnings growth. [44]
- At the same time, Wall Street Zen’s Sell rating and value models that place intrinsic value far below current prices show that not everyone buys the story at $15+. [45]
- Technical setup: After a ~55% bounce in a week and an RS rating in the 90s, CLSK looks extended to many technicians, with options activity and late‑stage pattern warnings hinting at elevated whipsaw risk. [46]
For traders, this is about as textbook a high‑beta momentum/crypto‑AI hybrid as you’ll find right now: huge upside, huge downside, and a news feed that changes tone every few hours.
For longer‑term investors, the key questions are more sober:
- Can CleanSpark secure and scale AI/HPC workloads quickly enough to justify billions in power and data‑center investments?
- Will Bitcoin prices and network difficulty cooperate enough to keep the mining side solid while that transition plays out?
- And does a low‑teens P/E multiple make sense for a business whose cash flows are strapped to both the Bitcoin halving cycle and the AI data‑center build‑out, two of the most unpredictable forces in finance right now? [47]
Whatever your conclusion, one thing is clear after this week: CleanSpark stock is now firmly on the radar of crypto traders, AI‑infrastructure bulls, and value‑model skeptics simultaneously. That’s a lot of different tribes watching the same ticker – and that usually means fireworks.
References
1. stockanalysis.com, 2. stockanalysis.com, 3. www.investing.com, 4. www.tipranks.com, 5. www.nasdaq.com, 6. www.stocktitan.net, 7. www.stocktitan.net, 8. www.ainvest.com, 9. www.ainvest.com, 10. www.chartmill.com, 11. www.chartmill.com, 12. theminermag.com, 13. theminermag.com, 14. theminermag.com, 15. simplywall.st, 16. simplywall.st, 17. www.stocktitan.net, 18. www.stocktitan.net, 19. coincentral.com, 20. www.marketbeat.com, 21. www.marketbeat.com, 22. www.marketbeat.com, 23. www.marketbeat.com, 24. www.insidermonkey.com, 25. www.insidermonkey.com, 26. www.insidermonkey.com, 27. www.insidermonkey.com, 28. www.insidermonkey.com, 29. simplywall.st, 30. 247wallst.com, 31. valueinvesting.io, 32. www.investors.com, 33. www.investors.com, 34. www.investors.com, 35. www.nasdaq.com, 36. 247wallst.com, 37. www.stocktitan.net, 38. theminermag.com, 39. www.marketbeat.com, 40. www.stocktitan.net, 41. www.stocktitan.net, 42. www.ainvest.com, 43. theminermag.com, 44. www.insidermonkey.com, 45. www.marketbeat.com, 46. www.investors.com, 47. 247wallst.com
