Share this article
Bitcoin Miner CleanSpark Surges on Plan to Sell Legacy Energy Business
BTIG analyst Gregory Lewis sees higher growth with the company's new strategy.
By Aoyon Ashraf
Updated May 11, 2023, 6:44 p.m. Published Feb 10, 2022, 6:40 p.m.
Shares of CleanSpark rose sharply on Thursday on news that the company plans to sell its legacy energy business in order to focus on its faster-growth bitcoin mining operations.
- The stock was recently up nearly 15%, far outpacing today’s gains for the rest of the crypto mining industry.
- CleanSpark CEO Zach Bradford announced the company's new strategy along with the release of its fiscal first-quarter earnings report late Wednesday.
- BTIG analyst Gregory Lewis says the plan has the “potential to flip the script and drive incremental growth.”
- The company has a current hashrate of 2.1 exahashes per second and another roughly 1.9 EH/s on order, Lewis wrote, with a hoped-for year-end hashrate of about 4.0 EH/s. He figures CleanSpark will need about $40 million in capital expenditures to hit that number.
- Speaking on its earnings call, CleanSpark management said that it prefers to raise the capital by issuing rig-backed debt and that the company is in active talks with lenders. Other options include monetizing some of the company's bitcoin holdings, which doesn’t necessarily mean just sales, because it might include yield strategies, as well.
- BTIG’s Lewis maintained his buy rating and 12-month price target of $30 on CleanSpark's shares, which is triple the current levels.
Read more: Bitcoin Miner Iris Energy Reports Record Earnings, With Expansion on Track
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Higit pang Para sa Iyo
Ano ang dapat malaman:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
Higit pang Para sa Iyo
Dogecoin Hovers Near Key Support as Fed Easing Fails to Spark Risk Rally
Despite elevated trading activity, Dogecoin faces resistance near $0.1425, and its future movement is likely dependent on broader market sentiment.
Ano ang dapat malaman:
- The Federal Reserve's 25-basis-point rate cut has led to mixed market reactions, with Dogecoin trading quietly within its established range.
- Dogecoin's price remains stable between $0.13 and $0.15, with whale wallets accumulating significant amounts of the cryptocurrency.
- Despite elevated trading activity, Dogecoin faces resistance near $0.1425, and its future movement is likely dependent on broader market sentiment.
Top Stories
