Track CleanSpark in your portfolio
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Acquisition History
Treasury Metrics
SatsIntel's own estimate: change in BTC per share between year-end 2025 and today, using share counts from SEC/official filings. Approximate methodology; may differ from the company's audited figure.
What is CleanSpark?
CleanSpark is one of the large US-listed Bitcoin miners, headquartered in Las Vegas with its main operations in Georgia and Tennessee. It combines proprietary mining infrastructure with an explicit focus on energy efficiency and an aggressive HODL policy, accumulating more than 13,000 BTC on its balance sheet mostly from the output of its own mining.
History and model
CleanSpark was originally founded as an energy-management software company for microgrids and distributed-energy solutions. In 2020 it pivoted toward Bitcoin mining under the leadership of Zachary Bradford, who took the CEO role that same year. The company trades on Nasdaq under the ticker CLSK and keeps its operating headquarters in Las Vegas, Nevada. Mining operations are concentrated mainly in Georgia (where the company acquired multiple facilities from 2021 onward) and Tennessee, with a growth strategy based on acquiring existing data centres rather than building from scratch.
Bitcoin strategy
CleanSpark combines proprietary production (each mined block adds BTC to the balance sheet) with additional market purchases, maintaining an aggressive HODL policy similar to MARA and Riot. The main operational differentiator is its explicit focus on energy efficiency: the legacy of its former microgrid thesis is reflected in the optimisation of energy cost per TH/s mined, a metric where CleanSpark publishes competitive figures. Management combines BTC per Share with specific operating KPIs: cost per coin mined, fleet efficiency in J/TH and hashrate growth.
Financing vehicles
CleanSpark uses ATM equity raises with its common shares (programme active since 2022), convertible bonds issued occasionally, credit lines backed by its BTC balance and, occasionally, the sale of small portions of mined BTC to cover the capex of data-centre acquisitions. The expansion-by-acquisition strategy (M&A of smaller miners and existing data centres) requires financial flexibility that sets it apart from Strategy's pure continuous-issuance model.
Position on SatsIntel
CleanSpark ranks eleventh in the SatsIntel directory by BTC holdings and is one of the five large miners in the global top tier alongside MARA, Riot, Hut 8 and Bitfarms. Its model differs from the other top miners in its explicit energy focus and a growth strategy based on acquiring existing infrastructure rather than new construction. The editorial pillar on Bitcoin treasuries classifies CleanSpark with the miners, with a distinctive note on operational efficiency as a competitive differentiator.
Frequently asked questions
How many bitcoins does CleanSpark hold?
CleanSpark holds more than 13,000 BTC on its balance sheet, mostly the product of its own mining with an aggressive HODL policy. It ranks eleventh in the SatsIntel directory by holdings and fifth among the large listed Bitcoin miners.
Where does CleanSpark mine Bitcoin?
CleanSpark operates mainly in Georgia (multiple sites acquired since 2021) and Tennessee. The geographic expansion strategy seeks to diversify regulatory risk and exploit energy-cost differentials between states.
What's the difference between CleanSpark and MARA?
Same operating thesis (intensive mining + aggressive HODL) but different geographic focus (CleanSpark in Georgia/Tennessee, MARA in Texas) and opposite growth strategy: CleanSpark grows by acquiring existing data centres, MARA through construction and organic expansion. MARA is roughly 3× larger by BTC on the balance sheet.
Does CleanSpark sell Bitcoin?
Only the minimum needed to cover expansion capex and operating opex. The stated policy is aggressive HODL of mined BTC.
Which exchange does CleanSpark trade on?
CleanSpark trades on Nasdaq under the ticker CLSK. Operating headquarters in Las Vegas, Nevada.
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Disclaimer: SatsIntel is for informational purposes only. It is not an authorized crypto-asset service provider (CASP) and does not provide financial, tax or legal advice. Crypto-assets are high-risk assets and may result in the total loss of the invested capital. See the legal terms.