CleanSpark (CLSK) Stock on November 30, 2025: Record Profits, $1.15B Convertible Deal and an AI Pivot Supercharge Volatility

CleanSpark, Inc. (NASDAQ: CLSK) has spent November behaving less like a sleepy infrastructure stock and more like a leveraged crypto options trade.

After a brutal sell-off triggered by a $1.15 billion zero‑coupon convertible notes deal, the U.S. bitcoin miner‑turned‑AI‑infrastructure hopeful has bounced back with record fiscal 2025 results, aggressive share buybacks, and a flurry of bullish analyst notes. As of November 30, 2025, the stock trades around $15.10, up more than 50% over the past week, even though it’s still down sharply from its 52‑week high above $23. ^[1]

Here’s how the latest news, numbers and narratives around CleanSpark stack up for investors scanning Google News and Discover today.

CleanSpark stock today: price, momentum and technical backdrop

As of the latest data on November 30, 2025:

Share price: about $15.10
1‑day move: +12.3%
5‑day move: +53.9%
1‑month change: roughly –26%
1‑year change: about +11%
Market cap: ~$3.9 billion
Trailing P/E: roughly 12x on trailing EPS of about $1.25

Those numbers come from TradingView and related quote feeds, which also peg CleanSpark’s trailing revenue around $766 million and net income near $364 million — figures that line up with the company’s newly reported fiscal 2025 results. ^[2]

From a pure chart‑geek perspective, CleanSpark screens as “strong buy” on many short‑term technical dashboards. Investing.com’s indicator summary flags a Strong Buy with a 14‑day RSI over 80, firmly in overbought territory, while multiple oscillators and trend signals flash bullish. ^[3] CoinCodex shows a similar picture: the site’s model counts more than twenty bullish technical indicators versus only a handful bearish, framing sentiment as “bullish” as of November 30. ^[4]

In other words: the short‑term tape is hot, but momentum‑style “overbought” warnings are blinking at the same time.

FY 2025: record revenue and a clean flip to profitability

The backbone of the current rally is simple: CleanSpark finally looks like a scaled, profitable platform instead of a speculative science project.

On November 25, 2025, the company reported what it called “transformative” fiscal 2025 results (year ended September 30): ^[5]

Revenue: about $766.3 million, up 102% year over year (from roughly $379 million).
Net income: about $364.5 million, versus a net loss of ~$146 million the prior year.
Adjusted EBITDA: roughly $823 million, more than triple the prior year’s figure.
Management highlighted exceeding 50 exahash per second (EH/s) of operational hashrate and framed fiscal 2025 as the year CleanSpark “achieved operating leverage” and began evolving into a broader compute platform, not just a bitcoin miner. ^[6]

Zacks’ post‑earnings breakdown adds some nuance: their numbers put FY 2025 earnings at about $1.12 per share, below the consensus estimate of $1.45, and revenue of $766.3 million slightly under a roughly $784 million expectation. Shares dipped about 3–4% in after‑hours trading on the miss, even as revenue more than doubled year‑over‑year. ^[7]

Operationally, Zacks’ analysis notes that CleanSpark: ^[8]

Produced roughly 7,873 bitcoin during the year (up ~11% YoY).
Generated average revenue per bitcoin just under $100,000, up more than 50% from 2024 levels.
Saw unit mining costs climb to the low‑$40,000s per BTC, reflecting rising energy and hardware intensity but still leaving a healthy gross margin.

That combo — big revenue growth, a swing to strong profitability, but a modest estimate miss — is exactly the kind of cocktail that can whipsaw a highly traded name: traders hate “miss”, longer‑term investors love “scaled and profitable”.

October operations and the AI data‑center pivot

CleanSpark’s October 2025 mining update — its first month of fiscal 2026 — reads like a bridge between “old CleanSpark” (bitcoin miner) and “new CleanSpark” (AI infrastructure builder). ^[9]

Key October metrics:

Bitcoin production:612 BTC for the month, bringing calendar‑year 2025 production to 6,537 BTC by October 31.
Operational hashrate: about 50 EH/s, with an average operating hashrate of 46.6 EH/s.
Fleet: roughly 240,000 miners deployed.
Bitcoin treasury:13,033 BTC held at month‑end, with around 5,444 BTC either pledged as collateral or recorded as a receivable.
BTC monetization: about 589.9 BTC sold in October for nearly $64.9 million, at an average price around $110,000 per coin.
Power footprint:1.31 GW of power under contract, with 808 MW currently utilized.

The same update also crystallized the AI/HPC strategy that’s now driving a lot of the narrative: ^[10]

CleanSpark acquired ~271 acres near Houston, Texas and secured 285 MW of long‑term power agreements for a dedicated AI data center campus.
It hired Jeffrey Thomas, an industry veteran, to lead AI data‑center development.
It chose Submer as its first “next‑generation compute infrastructure” partner, signalling a focus on high‑density, immersion‑cooled hardware suitable for large AI clusters.

CoinDesk later reported that JPMorgan upgraded CleanSpark to Overweight on November 24, partly on the back of roughly 200 MW of potential high‑performance computing (HPC) capacity at this new Texas site — a concrete sign that Wall Street is now modeling CLSK as a hybrid bitcoin‑plus‑AI infrastructure name rather than a pure miner. ^[11]

The $1.15 billion zero‑coupon convertible: why November got so wild

The single most controversial move of the month was CleanSpark’s zero‑coupon convertible note offering.

On November 10, the company announced a private offering of $1 billion of convertible senior notes due 2032, then immediately upsized it to $1.15 billion as investor demand came in hot. ^[12]

Key terms from company filings and press releases:

Principal amount: $1.15 billion of 0.00% Convertible Senior Notes due 2032.
Conversion rate: initially 52.1832 shares per $1,000 principal amount.
Implied conversion price: about $19.16 per share, a 27.5% premium to the $15.03 CLSK close on November 10.
Maturity: February 15, 2032, unless earlier converted, redeemed or repurchased.
Redemption: the company cannot redeem before February 20, 2029; after that, it can redeem if the stock trades at least 130% of the conversion price over a specified period.

Net proceeds came in around $1.13 billion, and CleanSpark immediately spent about $460 million to repurchase 30.6 million shares, roughly 10.9% of its outstanding common stock, from note investors at $15.03 per share. ^[13]

The rest of the cash is earmarked to:

Expand the company’s power and land portfolio.
Build out data‑center infrastructure (including the Texas AI campus).
Repay outstanding bitcoin‑backed credit lines.
Fund general corporate purposes. ^[14]

Why the stock crashed… then ripped back

In mid‑November, Zacks and others flagged that CleanSpark shares fell about 30% in a single week as markets digested the convertible deal. ^[15]

On November 18, Zacks wrote that CLSK had slumped 29.6% over the prior week, citing investor anxiety over potential dilution from the convertible and the headline size of the deal. ^[16]
Trefis noted that, by late November, the stock had dropped over 40% across 21 trading days, as traders extrapolated dilution, bitcoin volatility and the risk of a Q4 earnings miss. ^[17]

This is the standard convertible‑playbook reaction:

Announce massive, zero‑coupon convertible →
Short‑term traders imagine a wall of future supply →
Stock gets smacked while long‑horizon investors quietly negotiate terms.

What’s unusual is how fast the narrative flipped once investors saw how much of the raise went directly into share repurchases and deleveraging, rather than plugging operating losses.

De‑risking the balance sheet: bitcoin‑backed credit lines repaid

One of the more under‑appreciated November headlines: CleanSpark has effectively unwound its bitcoin‑backed borrowing with Coinbase and Two Prime, stepping away from a financing structure that many miners leaned on during the last bull run.

According to reporting from TheMinerMag and CleanSpark’s filings: ^[18]

Under a master loan agreement with Coinbase, CleanSpark had access to a credit facility that started around $50 million and was gradually upsized to a $200 million cap in April 2025 and an indicative $300 million under a September side letter.
As of September 30, 2025, the company had $174.5 million outstanding on this line and had pledged 2,384 BTC as collateral, valued near $272 million.
CleanSpark also opened a separate $100 million bitcoin‑secured revolving line with Two Prime in September.

TheMinerMag reports that both facilities were fully repaid in November, leaving CleanSpark with roughly $400 million of undrawn committed liquidity across its credit lines — but no longer encumbering thousands of BTC as collateral at a time when hashprice (revenue per unit of hashrate) has slumped to multi‑year lows. ^[19]

This is where the convertible funding and the treasury strategy intersect: the company traded secured, bitcoin‑backed, interest‑bearing debt for unsecured, 0% coupon convertible debt and simultaneously reduced share count via buybacks. That’s a big capital‑structure swing for a company that, only a year ago, was still deep in net‑loss territory.

How markets and analysts are reacting in late November

The last week of November has basically been the “re‑rating” phase.

Short‑term price action

On November 28, Nasdaq highlighted that CleanSpark was up about 14.5% in a single session, framing the move as a continuation of post‑earnings strength and growing enthusiasm for the company’s AI data‑center ambitions. ^[20]
TipRanks’ weekend recap notes that CLSK has gained around 17% over the past week, crediting record revenues, expanding bitcoin holdings, the Texas AI campus and the sizable buyback as key drivers of the rebound. ^[21]

Given the stock’s full‑year volatility and beta near 2, double‑digit daily swings are starting to look almost routine. ^[22]

Street ratings: mostly bullish, but not unanimous

On the fundamental side, the bulk of Wall Street research remains positive:

Chardan Capital recently reiterated a Buy rating and a $30 price target on CleanSpark, citing conviction in the company’s growth trajectory. ^[23]
A GuruFocus summary of Street views notes that:
- On November 24, JPMorgan upgraded CLSK to Overweight with a $14 target.
- Cantor Fitzgerald, Bernstein, Macquarie and B. Riley all maintain Buy/Outperform‑type ratings with targets generally in the high‑teens to $30 range. ^[24]
- Across 11 analysts tracked, the average 12‑month target price sits a little above $25, with a high near $30 and a low around $18–$19. ^[25]

However, not everyone is on the “to the moon” train:

On November 29, MarketBeat reported that Wall Street Zen downgraded CleanSpark from “Hold” to “Sell”, even while summarizing a broader Street consensus of 11 Buys and 1 Hold (a “Moderate Buy”) with an average target around $23.20 and a trading range over the past year of $6.45–$23.61. ^[26]

Institutions are very much in the picture as well: another MarketBeat note the same day highlighted that Creative Planning increased its CLSK position by over 30% in Q2, bringing its stake to more than 114,000 shares, while Vanguard and other large holders have also been adding over recent quarters. ^[27]

Meanwhile, Seeking Alpha commentators have started pitching CleanSpark as “the next potential big AI trade”, pointing to nearly a gigawatt of contracted power and the ability to flex capacity between bitcoin mining and AI compute as a source of optionality versus peers. ^[28]

Risk check: what could go wrong from here?

Under the shiny headline numbers, there are still plenty of ways this can get messy — because of course there are.

Some key risk vectors:

Bitcoin price and hashprice risk
CleanSpark is still “America’s Bitcoin Miner” by branding and by economics. Bitcoin‑denominated revenue and sector hashprice have an outsized impact on profitability. The MinerMag article on the Coinbase line of credit notes that hashprice is hovering near all‑time lows, compressing margins even for efficient operators. ^[29]
Execution risk on the AI/HPC build‑out
Buying 271 acres and contracting hundreds of megawatts in Texas is the easy part. Filling that capacity with paying AI workloads, building on time and on budget, and competing with hyperscalers and specialized data‑center REITs will be much harder. Delays or cost overruns could turn the current “hybrid AI + bitcoin” story into a capital‑intensive headache.
Convertible overhang and future dilution
The new notes convert at about $19.16 per share. If the stock trades meaningfully above that level for a sustained period, equity dilution becomes real instead of theoretical — even after the initial 10% share buyback offset. ^[30]
Regulatory and energy‑market uncertainty
U.S. miners are increasingly exposed to shifting energy policy, grid constraints, and potential bitcoin‑specific rules. A big Texas AI campus is attractive, but it also anchors CleanSpark more deeply into one jurisdiction’s regulatory and power‑market quirks.
Extreme volatility
The recent pattern — a 40% drawdown in a few weeks, followed by a 50%+ rebound in a week — is a feature, not a bug, for this ticker. Trefis’ analytics and TradingView’s volatility metrics both highlight just how violently CLSK can move. ^[31]

For anyone treating CleanSpark as a quasi‑bitcoin ETF with AI upside, those swings are part of the deal.

What CleanSpark’s November 2025 story adds up to

Put together, the late‑2025 CleanSpark story looks something like this:

A bitcoin miner that has reached meaningful scale, flipped solidly into profitability, and produced nearly 8,000 BTC over the past fiscal year. ^[32]
A newly capitalized AI and HPC infrastructure builder, with >1.3 GW of contracted power and a flagship Texas campus designed for high‑density compute. ^[33]
A company that just swapped expensive, collateralized bitcoin credit lines for a 0% convertible war chest, while shrinking its share count and keeping leverage manageable. ^[34]
A stock with a Street consensus tilted toward Buy, but with at least one high‑profile Sell call reminding everyone that execution and valuation still matter. ^[35]

None of this makes CLSK a “safe” stock — it’s still a high‑beta way to express views on both bitcoin and the AI data‑center boom. But compared with the speculative micro‑cap miner it once was, CleanSpark in late 2025 looks more like an early‑stage infrastructure platform with real earnings power and a very loud volatility problem.

CleanSpark's October 2025 Bitcoin Mining Report