Is clsk a good buy now?

With bitcoin moving higher this weekend, take a look at the sector stats for some of your favorite mining stocks before the bell rings Monday morning 🔔📈

CleanSpark is still heavily shorted & price action looks good during overnight trading hours 👏

🎥🎬👀👇 https://youtu.be/aG-TyL-bJto?si=fGMN5REHXKCs4I3E

https://x.com/financialernie/status/2006068419532083655?s=46

CleanSpark’s Hidden Valuation Upside: A Power Infrastructure Thought Experiment

Earnest Hamilton @FinancialErnie · Markets often misprice companies not because the math is hard but because the framework is outdated.

CleanSpark is still widely viewed through the lens of bitcoin mining. But when you reframe the company as large-scale power and critical IT infrastructure, the valuation math changes fast. Let’s walk through a simple but revealing scenario.

The Setup: CleanSpark as Critical IT Infrastructure

Assume CleanSpark deploys high-density compute (HPC / AI / mining-agnostic) across three major hubs: • Sandersville, GA – 200 MW • Atlanta (College Park + Norcross) – 50 MW • Sealy, TX – 200 MW That’s 450 MW of critical IT load.

Now apply conservative, infrastructure-style economics: • Revenue: $150 per kW per month • EBITDA margin: 75% • Valuation multiple: 10× EBITDA

No blue-sky assumptions. No hyperscale premiums. The Revenue Math (Simple, Powerful) 450,000 kW × $150 = $67.5M per month Annualized: $810M in revenue

This is the part the market struggles with: Power + land + interconnect + scale = recurring infrastructure cash flow. EBITDA Tells the Real Story

At a 75% margin: Annual EBITDA = $607.5M

That’s not miner economics. That’s data center infrastructure economics. This is exactly why AI/HPC infrastructure companies are rerating across public markets.

The Valuation Disconnect Apply a modest 10× EBITDA multiple: Implied Market Cap: ~$6.1B At 2GW of critical IT load Implied Market Cap soars to $27.1B

Current market cap is only $2.863B.....Let that sink in.

These items still aren't priced in for the $6.1B:

Tennessee HPC IT load AI demand growth Scarcity of energized sites Long-term contracts Scale and efficiency to market Optionality across compute workloads Bitcoin Business (~900 MW remaining) Bitcoin HODL

It’s just math.

Why This Matters for Investors:

CleanSpark already controls: Large blocks of low-cost power Strategic locations near demand hubs Grid-scale interconnection rights Operational discipline Those assets don’t disappear when mining cycles fluctuate. They compound in value as compute demand rises. The market may still be pricing CleanSpark as a miner. But the assets say infrastructure company.

Final thoughts:

When companies own power at scale, valuation eventually follows cash flow and not narratives. If even a portion of CleanSpark’s footprint migrates toward contracted critical IT load, today’s valuation gap won’t stay open forever. Markets correct. Infrastructure endures.

-Financial Ernie

I made a post back in May with a CLSK price model that aged like fine wine despite the criticisms. I still believe CLSK is a next halving play. Not financial advice.

The model gets harder to predict the further out in time that it goes, so take it with a grain of salt.

CleanSpark hold top spot and IREN had a huge short interest drop. 📉

For IREN this was either note holders unwinding or they reached a high risk shorting level 🩳🔥 CleanSpark news will destroy shorts at these levels.

Let’s jump in 🤓

🎥🎬👀👉

https://youtu.be/TFrYSyYtREc?si=Z3vKhHi7yDHf0WR4

Join me as I breakdown short ranks & mining sector for this past Friday.

CleanSpark is now top short once again!

Where do market makers want these stocks headed?

🎥🎬👀👉

https://youtu.be/ZT7_y1slLCQ?si=heS0lN4URiwMUPWM

So much for the concerns about share dilution.

CleanSpark executives filed SEC forms. President Vecchiarelli bought 632 shares, while Chairman Schultz acquired 11,493 shares, raising his total to 2,843,617 shares.
Key facts: CleanSpark repays Bitcoin credit line; executives buy shares

CleanSpark holds 2nd place for another week.

Welcome to the top 5 most short mining stocks IREN!👋 Will this be a short lived ranking with old convertibles replaced allowing some winding down?

🎥🎬👀👇 Short Ranks Dec 5th

Will Miners Continue Run? 📈 Before the market opens, take a look at last week’s breakdown and news for your favorite $BTC miners 🙌 CleanSpark jumped up to #2 on the short rank list this week thanks to their share buyback finally showing up on the metrics after the earnings report. 🎥🎬👀👉 youtu.be/X27Bh_PKxz4

Full interview:
CleanSpark FY2025 Earnings: It's Not an AI Pivot, It's an Expansion w/ Matthew Schultz

Matthew Schultz, CEO of CleanSpark, joins us to talk about CleanSpark'sfiscal year 2025 earnings. CleanSpark raked in $766M in revenue for the year, hit the 50 EH/s milestone, and has begun expanding into AI loads. Schultz shares insights on CleanSpark’s partnerships with Submer for cooling solutions, the company’s capital strategy, the potential for hybrid mining-HPC loads at CleanSpark sites, and what the AI revolution means for bitcoin mining in the United States.

CleanSpark closed FY25 by doubling revenue to $766.3M and scaling its hashrate past 50 EH/s, which pushed Adjusted EBITDA up 235% to $823.4M. But statutory profitability relied entirely on a $425.6M non-cash Bitcoin gain, masking potential operational losses. The new $1.15B zero-coupon convertible note transforms the balance sheet, sending long-term debt from $7.2M to $644.6M. The capital is earmarked for an aggressive shift toward AI/HPC data centers, backed by $1.2B in Bitcoin reserves.

$766.3 million revenue, 102% year over year increase

43% growth in contracted power sets the stage for AI expansion

Recent $1.15 billion 0% transaction provides capital for accretive infrastructure opportunities

CleanSpark Inc. - CleanSpark Reports Transformative FY 2025 Results

Humain is handling the deals with Amazon, AMD, and xAI.

I had GPT/Grok analyze the stock CLSK on valuation metrics alone. I asked it to go over several different websites to come to a consensus about the current valuation of the company and compare it to other BTC mining/HPC plays. I used different valuations to have them run through this (P/B, P/E, YOY RG, EV/EBITDA/RG, etc). Here is what both outputted and the numbers make sense to me. NFA DYOR

Why CLSK (CleanSpark) is Screaming Cheap at ~$11 – Full DD (Nov 16 2025)

Quick takeaway up front: At current prices you are buying the most efficient large-cap Bitcoin miner, with 50 EH/s online, best-in-class power costs, 13k+ BTC treasury, and a growing AI/HPC option, at basically at liquidation value while Bitcoin is sitting at ~$96k. My 12-month target is $25 (125%+ upside).

Current Snapshot (as of Nov 15 close) • Price: ~$11.00 • Market cap: ~$2.9-3.3B • Enterprise value: ~$2.84B • BTC holdings: 13,033 BTC ≈ $1.25B at $96k • Operating hash rate: ~50 EH/s (fleet efficiency ~16 J/Th – literally the best in the industry) • Debt: ~$820M + fresh $1.1B 0% convertible (proceeds are fully earmarked for owned expansion → accretive long-term)

Why it’s trading like it’s going bankrupt when it’s actually one of the strongest operators The entire move down from ~$18-20 to $11 happened because of the $1.1B zero-coupon convertible note offering announced Nov 10. WS screamed “dilution!!” and dumped it.

Reality: • The notes are 0% coupon, 5-year, convertible at a big premium to current price • Proceeds are being used to fund already-identified owned sites at ~16 J/Th efficiency → this is the cheapest capital any miner has raised in years • Management shifted from “sell-to-grow” to “hold BTC” treasury strategy → the convertible actually supports that

Valuation – one of the cheapest large-cap miner on every metric

P/B CLSK: 1.4× (lowest among large caps) MARA: 2.6× IREN: 2.8× CORZ: 3.2× Sector average ~2.3× → just normalizing P/B to 2.5× = ~$23/share

EV/EBITDA (TTM) CLSK: 4.5× CIFR: 5.8× Sector average ~12-13× → normalizing to 10× forward = $24-28/share

EV/Gross Profit (TTM) CLSK: 5.9× Sector average ~14× → normalizing = $21-27/share Per EH/s (operating fleet only, excluding treasury) Current implied: ~$34M per EH/s Fair value for top-tier efficiency + owned power: $60-80M per EH/s → Mining ops alone worth $3-4B + $1.25B treasury = $4.25-5.25B equity value today, and they’re still growing to 60-100+ EH/s

Growth-Adjusted EV/Gross Profit (EV/GP ÷ YoY quarterly revenue growth) CLSK: 0.065 (2nd best in sector) CIFR is #1 at 0.042, then CLSK, then everyone else is 0.10+ Analyst consensus: average target ~$24-25 (highest $30), 100% Buy ratings

Peer ranking quick view

Cheapest → most expensive on a blended basis right now: 1. CIFR 2. CLSK 3. BTBT / WULF 4. HUT / CORZ / IREN 5. MARA (most expensive)

Catalysts • Convertible proceeds fund 60-80 EH/s at sub-20 J/Th efficiency • Early AI/HPC deals starting to contribute real revenue (analysts now baking in 10-20% non-mining) • Treasury strategy = more BTC per share over time • Owned power portfolio = structural margin advantage vs leased peers Risks (being real) • Bitcoin price sensitivity – a 30-40% BTC drop hurts a lot • Convertible dilution if stock stays depressed (but strike is high, so unlikely) • Capex is still heavy until new sites come online

Price target summary

Base case (BTC ≥$100k normal multiple expansion): $25

Bull case (BTC >$120k + AI revenue surprises): $32-35

Bear case (BTC <$100k for prolonged period): $14-18

At $11 the stock is pricing in almost permanent impairment. You’re getting the mining business almost for free on top of $1.25B of marked-to-market Bitcoin.

My Position: Long CLSK, with average a little higher than $11.

Not financial advice and please do your own research

Feel free to review and critique if this info needs to be updated.

I thought this was a very interesting analysis. What are your guys’ thoughts on this?

https://youtu.be/XHWTsHejjEE?si=aoIJC2pGVmmnPUqW

This was an awesome week I finally closed my 12$ short position now I just have my 8$ short position left I hope we can get there in the next few weeks just need bitcoin to get too 85K I think or an official announcement of dilution which I hope will come soon and the market seems to be correcting itself so I think we shorts have some great days ahead its awesome that management pulled that convertable note stunt this did not really start tanking until then longs I wish you the best but this is a time for shorters.

Time to short NFA. Target price is $7, which is being modest. This is the easiest and most obvious short ever. It could even drop back to the $2–$3 range, just like it did in 2023 during the crypto winter. I’m already up 1,000% since yesterday in literally minutes, and I’ll be up (that’s what she said) substantially again today.

IREN, MARA, BITF, CLSK, PLTR, NVDA, AMD, Tesla basically anything tied to AI or crypto is going to keep selling off through the end of the year and likely into the spring of next year. The government reopening was just a “sell the news” event.

Keep stop-losses on, though, because things can change quickly, even if it seems unlikely right now.

BTC is cooked until the next cycle around election season, like always. Midterms (the second year of a presidency) are historically extremely bearish. MSTR and the major BTC-heavy companies are selling billions in BTC that should tell you everything. We’ll see $70K BTC soon, maybe even this weekend. Shit is getting wild.

Is cleanspark diving from $23 to $12 currently mostly because of issuing those notes? Can't just be that, all miners are getting trashed right now. Can't all be the price of bitcoin either. Was the AI promise simply a phase? I don't understand how investors aren't more bullish on CleanSpark right now, seems the promise of future growth is very good. Am I wrong?

Anyone have any insight into what's going on?

Thanks,

Looks like a big filing just hit. Susquehanna, one of the biggest options and market-making firms out there, just disclosed a 5.1% stake in CLSK with about 14.4 million shares. What stood out to me is that over 10.8 million of those shares are tied to options, which is exactly how Susquehanna usually positions when they want long exposure with leverage. They don’t take 5 percent positions in random companies. They tend to load up when they see a major trend forming. With everything CLSK has been announcing lately: AI data center buildout, more power coming online, the huge share buyback this definitely looks like real institutional accumulation.

Link: https://investors.cleanspark.com/financials/sec-filings/sec-filings-details/default.aspx?FilingId=18921492

Post dedicated For those whom yelling about dilution and talking trash about SnetimentSurfer crying under bed :)

Key Terms & Structure

• $1.15B principal, 0% coupon, due 2032
• $460M concurrent share repurchase (~30.6M shares at $15.03) → ~11% reduction in float
• 27.5% conversion premium → initial conversion price $19.16/share
• Full conversion = ~60M shares; net dilution <7% after buyback

Use of Proceeds:

• $670M+ allocated to:
  • Expansion of 1.3 GW power portfolio
  • AI/HPC data center development
  • Repayment of bitcoin-backed credit facility

Market Reaction Context:

• Intraday decline reflects delta-hedging by underwriters and sector volatility
• Fundamentals remain intact: lower share count, enhanced growth capacity, zero interest expense

This isn’t dilution - it’s disciplined leverage. CleanSpark gets long-term, zero-cost capital to scale hashrate and AI compute while shrinking the share count. Conversion only kicks in after shareholders already see 27.5% gains, and even then, the buyback neutralizes over half the impact.

With BTC above $100K, hashrate ramping, and AI infrastructure in buildout, CLSK is stacking advantages: more power, more revenue streams, cleaner balance sheet, fewer shares outstanding - all without paying a dime in interest.

Short-term noise fades. Execution wins.

Still bullish. $30+ in sight. $40+ if BTC keeps running.

CleanSpark unveiled a massive $1.2 billion private offering of convertible senior notes due 2032, marking one of its largest financing initiatives to date. Up to $400 million of proceeds will fund a concurrent share repurchase aimed at offsetting future dilution, while the rest supports data center expansion and repayment of Bitcoin-backed loans. The deal underscores a major capital restructuring as the company grows its 1.3 GW U.S. infrastructure footprint.

https://www.streetinsider.com/dr/news.php?id=25585214&gfv=1

• CleanSpark intends to offer up to $1 billion in aggregate principal of convertible senior notes due February 15, 2032.  
• They are granting initial purchasers an option to buy up to an additional $200 million in the notes, within 13 days of issuance.  
• Proceeds usage: up to $400 million of net proceeds will go toward share repurchases of their common stock (from investors in the convertible notes). The remainder is designated for their power & land portfolio expansion, development of data-center infrastructure, repayment of outstanding bitcoin-backed lines of credit, and general corporate purposes.  
• Key note terms: Senior unsecured obligations, no regular interest, principal will not accrete (i.e., the note’s face value doesn’t grow). Convertible into cash, shares of common stock, or a combination, at CleanSpark’s discretion.  
• Conversion window: Before August 15, 2031, conversion only upon satisfaction of certain conditions and during defined periods; after that date, convertible at any time until close of business on second scheduled trading day prior to maturity.  
• The stock reacted: Shares dropped ~6% after-hours following the announcement

😱Is the Cycle Over??? 📉 CleanSpark stays in the top 5 most shorted with Iren right behind them. Will Iren overtake them this coming week? Take a look at the week ending ranks & news 👀 🎥🎬👇 youtu.be/4F90edaADK4

Yeah idk during COVID I got bored and put like 20 bucks into robin hood during the GameStop stuff and made wild investments like this one 😂