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    Should CleanSpark’s Bitcoin Windfall and AI Pivot Require Action From CleanSpark (CLSK) Investors?

    Simply Wall St·12/09/2025 23:24:55
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    • CleanSpark, Inc. has already reported unaudited October 2025 production of 587 Bitcoin and fiscal 2025 results showing revenue of US$766.31 million and net income of US$364.46 million, marking a major turnaround from the prior year's loss.
    • Alongside record profitability, the company is expanding into AI and high-performance computing while holding 13,054 Bitcoin and funding growth through US$1.15 billions in zero-coupon convertible notes and large-scale share repurchases.
    • We’ll now examine how CleanSpark’s record fiscal 2025 profitability and expanding AI/HPC infrastructure reshape its investment narrative for long-term investors.

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    CleanSpark Investment Narrative Recap

    To own CleanSpark, you need to believe that Bitcoin remains economically attractive to mine while the company successfully extends its low-cost power footprint into AI and high-performance computing. The key short term catalyst is how effectively CleanSpark converts its enlarged power portfolio and BTC treasury into sustainable cash generation, while the biggest current risk is sensitivity to Bitcoin price swings and capital-heavy expansion. The latest production and earnings news reinforces, rather than changes, that risk-reward balance.

    The recent US$1.15 billion zero-coupon convertible notes deal, paired with US$460 million of share repurchases, is especially relevant. It boosts CleanSpark’s funding capacity at the same time as it retires about 10.9% of its stock, directly tying capital structure to execution on AI/HPC and mining growth plans. This raises the stakes on how efficiently that capital is deployed against volatile Bitcoin-linked cash flows.

    Yet investors should also weigh the increased dilution and balance sheet risk that come with those convertible notes and a concentrated Bitcoin exposure...

    Read the full narrative on CleanSpark (it's free!)

    CleanSpark's narrative projects $1.5 billion revenue and $319.0 million earnings by 2028. This requires 32.5% yearly revenue growth and an earnings increase of about $26.5 million from $292.5 million today.

    Uncover how CleanSpark's forecasts yield a $23.16 fair value, a 67% upside to its current price.

    Exploring Other Perspectives

    CLSK 1-Year Stock Price Chart
    CLSK 1-Year Stock Price Chart

    Nineteen members of the Simply Wall St Community value CleanSpark between US$5.15 and US$29.26 per share, highlighting sharply different expectations. As you weigh those views, remember that CleanSpark’s fortunes still hinge heavily on Bitcoin prices and capital intensive expansion, which can quickly alter both earnings power and perceived fair value.

    Explore 19 other fair value estimates on CleanSpark - why the stock might be worth over 2x more than the current price!

    Build Your Own CleanSpark Narrative

    Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.

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    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.