CleanSpark, Inc. (CLSK): History, Ownership, Mission, How It Works & Makes Money

As a seasoned investor or analyst, are you defintely tracking the pure-play Bitcoin miners who are now making a strategic pivot to Artificial Intelligence (AI) infrastructure, like CleanSpark, Inc. (CLSK)? This company, which hit a record operational hashrate of 50 Exahashes per second (EH/s) in June 2025, is a compelling case study in capital stewardship, having reported a Q3 2025 net income of $257.4 million on revenues of $198.6 million, a 91% year-over-year increase. You need to understand how their dual focus on energy-efficient Bitcoin mining and new AI data center development, funded in part by a recent $1.15 billion convertible notes offering, sets them apart from the competition. Let's dive into the history, ownership, and mechanics of how this leading American Bitcoin Miner® is generating such significant returns and positioning itself for the next wave of digital infrastructure growth.

CleanSpark, Inc. (CLSK) History

You need to understand a company's roots to properly value its future, and CleanSpark, Inc. is a great example of a business that fundamentally changed its DNA to find massive scale. It didn't start as a Bitcoin miner; it was an energy solutions company that made a hard, strategic pivot, and that energy-first background is why they're now a leader.

CleanSpark, Inc.'s Founding Timeline

The corporate history is a bit convoluted, tracing back to a 1987 Nevada incorporation, but the company's current identity began with its energy focus in 2014.

Year established

The current business operations began in March 2014, initially focused on alternative energy solutions.

Original location

The company was founded in Nevada, a base that has evolved into its current headquarters in Henderson, NV.

Founding team members

The company was co-founded by Matt Schultz and Zachary Bradford, with Schultz now serving as CEO and Executive Chairman as of August 2025.

Initial capital/funding

While specific seed capital details aren't public, the current entity was formed through a merger in 2016 that included acquiring CleanSpark LLC and assuming $200,000 in liabilities, a concrete early financial marker.

CleanSpark, Inc.'s Evolution Milestones

The journey from microgrid software to America's Bitcoin Miner® is a clear case of management following energy and capital efficiency. Here's the quick math: they went where the power infrastructure they knew best could generate the highest margin.

CleanSpark, Inc.'s Transformative Moments

The company's trajectory is defined by three major, non-linear shifts. These weren't incremental changes; they were hard pivots that redefined the business model. To be fair, this is what separates a long-term winner from a defintely stagnant one.

• The Pivot to Bitcoin Mining (2019): This was the single most important decision. It translated their complex, low-volume microgrid business into a high-volume, scalable Bitcoin mining operation, which is essentially an energy monetization strategy. This move set the stage for the massive growth seen in 2025.
• The Scale-Up to 50 EH/s (June 2025): Achieving 50 Exahashes per second (EH/s) operational hashrate in June 2025 was a monumental operational feat. This scale, combined with an efficient fleet, allowed for a record-breaking fiscal quarter, delivering $198.6 million in revenue and $257.4 million in net income for Q3 FY2025. That kind of capital efficiency is why they survived the Bitcoin halving event better than many peers.
• The AI/HPC Data Center Expansion (October 2025): The recent move into High-Performance Computing (HPC) and AI data centers is the next transformative step, leveraging their core competency: access to large, low-cost power. They secured 285 MW of long-term power and acquired 271 acres near Houston for a dedicated AI data center, signaling a clear path to diversify from pure-play Bitcoin mining.

This history shows a company that is ruthlessly opportunistic about where energy meets compute. For a deeper dive into the guiding principles behind these shifts, you should review the Mission Statement, Vision, & Core Values of CleanSpark, Inc. (CLSK).

CleanSpark, Inc. (CLSK) Ownership Structure

CleanSpark, Inc. is governed by a structure where professional financial institutions hold the majority stake, meaning their collective decisions have the greatest influence on the company's strategic direction and board composition. This concentration of ownership by institutional investors, like BlackRock, Inc. and The Vanguard Group, Inc., is a key factor in understanding the stock's volatility and long-term capital strategy, especially after the recent $1.15 billion convertible notes offering in November 2025.

CleanSpark, Inc.'s Current Status

CleanSpark, Inc. is a publicly traded company, listed on the Nasdaq Stock Market under the ticker symbol CLSK. This public status means the company is subject to rigorous reporting requirements from the Securities and Exchange Commission (SEC), providing a degree of transparency for all stakeholders. In November 2025, the company completed an upsized offering of $1.15 billion in zero-coupon convertible senior notes, which was a strategic move to fund expansion and repurchase approximately $460.0 million of common stock, representing about 10.9% of outstanding shares. That's a huge commitment to shrinking the share count and boosting per-share metrics. For a deeper dive into the numbers, you should check out Breaking Down CleanSpark, Inc. (CLSK) Financial Health: Key Insights for Investors.

CleanSpark, Inc.'s Ownership Breakdown

As of November 2025, institutional investors control the largest portion of CleanSpark, Inc.'s stock, which gives them significant voting power on major corporate actions. This is typical for a growth-focused, mid-cap company, but it also means the stock price can be sensitive to large-scale institutional trading. Insiders, while holding a smaller percentage, are still highly aligned with shareholder interests, which is what you want to see.

CleanSpark, Inc.'s Leadership

The company's leadership team underwent a strategic realignment in late 2025 to focus on maximizing megawatt monetization, which means they are pushing hard on both Bitcoin mining and new data center development, especially for AI. Co-founder Matt Schultz returned to the CEO role in August 2025, also serving as Chairman, signaling a renewed focus on core strategy. His total compensation was approximately $13.9 million for the 2025 fiscal year.

The executive team has been restructured to better handle the company's rapid expansion and capital deployment, which is defintely a good sign for execution.

• Matt Schultz: Chief Executive Officer (CEO) and Chairman, appointed in August 2025.
• Gary Vecchiarelli: President and Chief Financial Officer (CFO), with an expanded role overseeing financial strategy and capital markets.
• Taylor Monnig: Chief Operating Officer (COO) and Chief Technology Officer (CTO), leading operational excellence and technology innovation.
• Scott Garrison: Chief Development Officer (CDO) and Executive Vice President, focused on infrastructure expansion and strategic data center development.
• Harry Sudock: Chief Business Officer (CBO), managing investor relations and contributing to corporate strategy.
• Jeffrey Thomas: Senior Vice President of AI Data Centers, a new role created in October 2025 to spearhead the company's push into high-performance computing.

CleanSpark, Inc. (CLSK) Mission and Values

CleanSpark, Inc. stands for more than just mining Bitcoin; its core purpose is to be a market-leading data center developer that secures the Bitcoin network while pioneering the efficient use of energy. The company's values center on building future infrastructure, responsible growth, and leaving a positive impact on the communities where it operates.

You need to understand the cultural DNA of a company to defintely map its long-term trajectory, and for CleanSpark, that DNA is built on operational excellence and capital stewardship.

CleanSpark's Core Purpose

The company's strategic focus is on optimizing its infrastructure-which includes over 1.3 GW of power, land, and data centers across the US-to deliver superior shareholder returns. This is a clear statement: they are a compute platform monetizing low-cost, high-reliability energy.

Official Mission Statement

While the formal mission has evolved from its microgrid roots, the current, actionable focus is clear: to sit at the intersection of Bitcoin, energy, and operational excellence to produce a global, emerging critical resource-compute. This positions CleanSpark to prosper in an ever-changing world.

• Optimize infrastructure to deliver superior returns to shareholders.
• Monetize low-cost, high-reliability energy by producing compute.
• Secure the Bitcoin network with self-mined, US-exclusive infrastructure.

This commitment is evident in their Q3 2025 performance, where they achieved a net income of $257.4 million on $198.6 million in quarterly revenue.

Vision Statement

CleanSpark's vision is to be the standard-setter for how the future of Bitcoin infrastructure is built-efficiently, responsibly, and profitably. This goes beyond just mining; it's about being a leading energy and infrastructure compute platform.

• Set the standard for building the future of Bitcoin infrastructure with purpose.
• Achieve market leadership in hashrate and energy efficiency, reaching 50 EH/s operational hashrate by June 2025.
• Maintain a clean balance sheet to drive accretive growth and strategic expansion.

The company's core values drive this vision, emphasizing a long-term view that prioritizes community and the integrity of the Bitcoin network. You can read more about their philosophical approach here: Mission Statement, Vision, & Core Values of CleanSpark, Inc. (CLSK).

CleanSpark Slogan/Tagline

The company's public-facing slogan is a concise statement of its identity and geographic focus in the digital asset space.

• America's Bitcoin Miner®.

This tagline is backed by their operational reality: as of Q3 2025, they were the first public company to reach 50 EH/s exclusively with American infrastructure.

Core Values

CleanSpark's core values are the guiding principles for how they execute their strategy, focusing on responsibility and long-term impact.

• Value growth for the greater good: Use capital transparently because securing the Bitcoin blockchain is a privilege and a responsibility.
• Leave the world better than we found it: Build trust in communities, driving economic growth and improving quality of life in their operational areas.
• Build the infrastructure of the future: Play an important part in Bitcoin adoption by securing the network and mining with their own infrastructure.

Here's the quick math on their capital stewardship: in November 2025, they repurchased 30.6 million shares of common stock for approximately $460 million, demonstrating a commitment to shareholder value and capital discipline.

CleanSpark, Inc. (CLSK) How It Works

CleanSpark, Inc. operates at the critical intersection of energy infrastructure and digital asset production, primarily generating revenue by mining Bitcoin (BTC) in a massive, self-operated data center network across the US. They essentially turn low-cost, reliable electricity into a global emerging critical resource-compute-which is then monetized through the Bitcoin network and, increasingly, through High-Performance Computing (HPC) services.

CleanSpark's Product/Service Portfolio

CleanSpark's Operational Framework

The company's operational framework is built on vertical integration and a relentless focus on energy efficiency to manage the post-halving economics of Bitcoin mining. They don't just mine; they are a data center developer and operator first, which is a key differentiator.

• Energy Acquisition and Development: CleanSpark secures long-term power contracts, holding a portfolio of more than 1.3 GW of power, land, and data centers across the United States.
• Infrastructure Deployment: They design and build their own data centers, including the use of immersion-cooled technology, which enhances miner efficiency and lifespan.
• High-Efficiency Mining: The fully self-operated fleet achieved an operational hashrate of 50 EH/s by June 2025, making them a leader in American-based, self-operated scale.
• Monetization and Treasury Management: Bitcoin mined is either held in the corporate treasury-which stood at 13,033 BTC as of October 31, 2025-or sold to cover operating expenses and fund expansion.
• Diversification into Compute: They are actively converting their energy-rich data center capacity into a platform for High-Performance Computing, which is a defintely smart move for future revenue streams.

CleanSpark's Strategic Advantages

You need to look past the daily stock price noise; the real story here is capital stewardship and operational discipline. CleanSpark has positioned itself to thrive in a consolidating industry.

• Low Cost-to-Mine: Their energy expertise and optimized fleet efficiency allow them to maintain one of the lowest costs in the industry, reporting a cost to mine one Bitcoin of approximately $44,806 for Q3 FY 2025.
• Financial Flexibility: A recent $1.15 billion offering of 0.00% Convertible Senior Notes provides a massive, non-dilutive war chest to fund expansion, including their new AI division, and was used to repurchase approximately $460 million of common stock.
• Scale and Self-Operation: Being the first US publicly-traded miner to reach 50 EH/s with fully self-operated infrastructure means they have complete control over uptime and efficiency, unlike peers reliant on third-party hosting.
• Strategic Treasury: The substantial Bitcoin treasury of over 13,000 BTC is used as a productive capital asset, enabling them to secure financing and manage liquidity without immediately selling newly-mined coins, which is a huge advantage in volatile markets.

For a deeper dive into their long-term vision, check out the Mission Statement, Vision, & Core Values of CleanSpark, Inc. (CLSK).

CleanSpark, Inc. (CLSK) How It Makes Money

CleanSpark, Inc. is a market-leading, pure-play Bitcoin miner, meaning its primary business is generating revenue by validating transactions on the Bitcoin network to earn newly minted Bitcoin (BTC) and transaction fees, which it then monetizes. The company's financial engine is built on operational efficiency, securing low-cost energy, and rapidly scaling its computing power (hashrate) to capture a growing share of the global Bitcoin block rewards.

CleanSpark, Inc.'s Revenue Breakdown

As a dedicated Bitcoin mining company, nearly all of CleanSpark, Inc.'s revenue is derived from its core operation. The company is actively exploring new verticals like AI data centers, but as of the most recent 2025 fiscal year data, its financial profile remains overwhelmingly focused on Bitcoin production.

The company's Bitcoin Mining Revenue has shown an 'Increasing' trend, surging by 91% year-over-year in the third quarter of fiscal year 2025. The small percentage allocated to Digital Asset Management/AI Initiatives reflects the launch of a new derivatives strategy in Q3 2025 and strategic investments in AI data center infrastructure, which are expected to become more material in the future.

Business Economics

CleanSpark, Inc.'s profitability hinges on maintaining a low marginal cost to mine one Bitcoin relative to the market price of Bitcoin. This is a capital-intensive business where scale and energy efficiency are the main competitive advantages.

• Cost-Advantage Mining: The marginal cost to mine one Bitcoin was approximately $34,000 in the first quarter of fiscal year 2025, rising to around $42,667 in the second quarter due to rising network difficulty and power costs. This low cost, achieved through strategically located facilities and a focus on fleet efficiency (measured in Joules per Terahash, J/Th), creates a significant profit margin when Bitcoin's price is high.
• Treasury Management Strategy: The company has shifted from a pure 'HODL' (holding all mined Bitcoin) strategy to a balanced approach. It strategically sells a portion of its daily-mined Bitcoin to cover operational expenses and fund expansion, which allows it to grow without relying on shareholder dilution through equity offerings since November 2024.
• Scaling Infrastructure: The core economic fundamental is the sheer scale of the operation. By June 2025, the company had achieved an operational hashrate of 50 Exahashes per second (EH/s) and secured over 1 Gigawatt (GW) of power under contract, positioning it to capture a larger share of the total network block rewards.

Here's the quick math: if you can mine a Bitcoin for $42,667 and sell it for over $100,000, you have a strong, albeit volatile, profit engine. What this estimate hides, however, is the massive upfront capital expenditure on miners and data centers.

CleanSpark, Inc.'s Financial Performance

The company demonstrated a significant increase in financial health through the 2025 fiscal year, capitalizing on both operational scale and a strong Bitcoin market.

• Revenue and Growth: CleanSpark, Inc. reported quarterly revenue of $198.6 million for the third quarter of fiscal year 2025, marking a 91% increase year-over-year. Analyst consensus projects the full fiscal year 2025 revenue to reach approximately $770.6 million.
• Profitability: Net income for Q3 2025 was a record $257.4 million, translating to $0.90 per basic share. This demonstrates a strong pivot to profitability, with a Q1 2025 gross margin of 57% underscoring their operational efficiency.
• Balance Sheet Strength: As of June 30, 2025, the company held 12,703 Bitcoin in its treasury, valued at over $1.08 billion, all of which was self-mined. Total assets stood at $3.1 billion, with working capital of $933.3 million.

The company's ability to generate significant cash flow from operations, even after the Bitcoin halving event, is a defintely strong indicator of its disciplined capital management and low operating costs. For a deeper dive into the institutional interest driving these metrics, you should check out Exploring CleanSpark, Inc. (CLSK) Investor Profile: Who's Buying and Why?

CleanSpark, Inc. (CLSK) Market Position & Future Outlook

CleanSpark is strategically pivoting from a pure-play Bitcoin miner to a diversified digital infrastructure provider, positioning itself to capture the high-growth Artificial Intelligence (AI) and High-Performance Computing (HPC) market while maintaining its low-cost Bitcoin mining leadership. The company's future trajectory hinges on its ability to successfully execute this dual strategy, leveraging its massive power infrastructure to drive revenue beyond block rewards. The core challenge is managing significant capital expenditures against market volatility.

You can see a deeper dive into the capital structure supporting this shift in Exploring CleanSpark, Inc. (CLSK) Investor Profile: Who's Buying and Why?

Competitive Landscape

CleanSpark competes in a rapidly consolidating sector where scale and energy costs are the primary differentiators. The company's hashrate of 50.0 EH/s as of June 2025 places it among the top-tier miners, but it trails the largest player, Marathon Digital Holdings, in raw capacity. Its market share of approximately 4.9% of the global network hashrate (as of April 2025) is maintained through superior operational efficiency and a fully self-operated model, which minimizes hosting fees and maximises control.

Opportunities & Challenges

The company's near-term opportunities are centered on its infrastructure and capital access, while its risks are primarily tied to market and governance factors. Here's the quick math: monetizing a portion of its Bitcoin treasury and issuing $1.15 billion in convertible notes provides a war chest for the AI pivot, reducing reliance on volatile mining revenue.

Industry Position

CleanSpark is a top-three player in the North American Bitcoin mining space, recognized for its operational discipline and energy management expertise. It's defintely a leader in the shift toward self-mining, operating a portfolio of data centers with over 1.03 GW under contract. This focus on owning and operating its sites gives it a significant margin advantage over hosted models, especially post-halving.

• Efficiency Leader: Fleet efficiency reached 16.07 J/Th (Joules per Terahash) in September 2025, a key metric for post-halving profitability.
• Infrastructure Pivot: The move into AI/HPC is a crucial strategic evolution, positioning the company as a digital infrastructure firm rather than a pure commodity producer.
• Strong Liquidity: The current ratio of 4.37 as of November 2025 indicates robust liquidity to weather market downturns and fund capital-intensive expansion.

The company is essentially betting that its low-cost, scalable energy infrastructure is more valuable as a platform for both Bitcoin mining and high-demand computing workloads like AI.