LAS VEGAS — CleanSpark Inc. shares climbed more than 5% Thursday to trade around $10.38 as investors cheered the Bitcoin miner's robust March production numbers and accelerating pivot toward artificial intelligence and high-performance computing infrastructure in Texas.

CleanSpark Inc
CleanSpark Inc

The NASDAQ-listed company (CLSK) rose as high as $10.50 intraday amid renewed enthusiasm for crypto-related stocks and easing geopolitical tensions after a U.S.-Israel-Iran ceasefire. The stock has delivered a year-to-date gain of roughly 2% in 2026 while recovering from earlier volatility, with a market capitalization now hovering near $2.6 billion.

CleanSpark, one of the largest and most efficient U.S. Bitcoin miners, released its unaudited March 2026 operational update on April 7, reporting production of 658 Bitcoin for the month. That brought calendar-year 2026 output to 1,799 BTC through the first quarter. The company achieved a peak single-day production of 23.01 BTC and an average daily rate of 21.24 BTC.

Operational hashrate reached a record 50.0 EH/s at month-end, with an average of 47.3 EH/s during March. Fleet efficiency hit a peak of 16.07 J/Th, reflecting ongoing optimizations. CleanSpark held 13,561 BTC as of March 31, up from 13,363 at the end of February. It utilized 808 MW of its 1.8 GW of contracted power capacity.

The strong mining metrics helped offset lingering effects from a disappointing fiscal first-quarter earnings report released in early February. For the quarter ended Dec. 31, 2025, CleanSpark posted revenue of $181.2 million, up 11.6% sequentially but missing analyst expectations of about $194 million. The company reported a net loss of $378.7 million, or $1.35 per share — heavily impacted by non-cash unrealized losses on its Bitcoin holdings amid price volatility — compared with year-earlier net income.

Adjusted EBITDA turned negative at $295.4 million, underscoring the accounting swings common in the sector. Despite the miss, management highlighted a strengthened balance sheet with $458.1 million in cash and over $1 billion in Bitcoin holdings at quarter-end, providing dry powder for expansion.

CleanSpark has aggressively positioned itself at the intersection of Bitcoin mining and the AI boom. In January, the company announced a major land and power acquisition in Brazoria County, Texas, near Houston, for up to 447 acres with transmission-level access supporting an initial 300 MW demand load and potential expansion to 600 MW total. The deal closed in February, marking CleanSpark's second strategic site in the greater Houston region after an earlier Austin County acquisition with 285 MW approved capacity.

Together, the Texas projects give CleanSpark more than 890 MW of aggregate potential utility capacity aimed at large-scale AI and high-performance computing data centers. CEO Matthew Schultz has emphasized building a "hyperscale-ready infrastructure platform" that can dynamically support both Bitcoin mining and AI workloads depending on profitability and demand.

The company controls 1.8 GW of power across its portfolio, powered by competitive energy prices, and continues to optimize sites for rapid deployment of compute resources. Executives have signaled advanced discussions for AI/HPC leases, though no major contracts comparable to peers' multi-billion-dollar deals have been announced yet.

Analysts remain broadly bullish on CleanSpark despite recent earnings volatility and a Cantor Fitzgerald price target cut to $14 from $17 in early April. Consensus ratings lean toward Strong Buy or Moderate Buy, with an average 12-month price target around $19 to $20 — implying significant upside from current levels. Some firms see even higher potential if AI monetization accelerates.

Chardan Capital reiterated a Buy rating with a $16 target as recently as April 8, while the overall Wall Street view highlights CleanSpark's operational efficiency and power portfolio as key differentiators in a capital-intensive industry.

The miner has maintained one of the lowest all-in sustaining costs in the sector through disciplined fleet management and energy procurement. Its deployed fleet stood at more than 224,000 miners by late March. Plans include further efficiency gains via technologies like liquid immersion cooling to reach sub-15 J/Th levels.

Next earnings for the fiscal second quarter ending March 31, 2026, are expected around early May, with analysts projecting continued revenue growth from higher hashrate but potential pressure from Bitcoin price fluctuations and network difficulty adjustments.

CleanSpark's strategy reflects a broader industry trend: Bitcoin miners with access to cheap, scalable power are repurposing infrastructure for AI workloads amid explosive demand from hyperscalers. Electricity shortages and grid constraints have made permitted sites with ready power a scarce and valuable asset.

Risks abound. The company remains heavily exposed to Bitcoin's price, which influences both mining economics and the value of its treasury holdings. Non-cash accounting volatility can produce headline-grabbing losses even in operationally strong quarters. Execution on large Texas data center builds faces typical challenges, including equipment lead times, regulatory approvals and competition for talent and components in the AI supply chain.

Broader sector dynamics also play a role. Rising network hashrate across Bitcoin could compress margins unless offset by efficiency gains or higher BTC prices. Geopolitical or macroeconomic shifts that pressure risk assets could weigh on the stock.

Still, momentum appears supportive. Shares jumped more than 9% on April 8 following positive options activity and broader crypto tailwinds, with Thursday's gains extending the rebound. Volume has remained elevated, signaling sustained investor interest.

CleanSpark, founded in 1987 and reoriented toward Bitcoin mining in recent years, now describes itself as a data center developer optimizing low-cost energy for compute. It employs a growing team focused on AI infrastructure alongside its core mining operations and maintains facilities across multiple states.

As artificial intelligence capital spending by major tech firms surges — with combined forecasts exceeding $650 billion for 2026 — companies controlling gigawatt-scale power like CleanSpark are attracting fresh attention. Its Texas footprint positions it to potentially capture leasing revenue from GPU clusters while retaining Bitcoin mining as a flexible hedge.

Whether the current rally can build further will depend on upcoming earnings, progress on AI site development and the trajectory of Bitcoin. For now, investors appear willing to look past accounting noise and bet on CleanSpark's dual-track growth story in energy, crypto and AI.

The stock closed Wednesday at $9.88 before climbing Thursday. By mid-afternoon, it traded near $10.38 with strong volume.

CleanSpark continues to emphasize capital stewardship, local grid support and sustainable operations. Its March update showed average Bitcoin sale prices around $71,396, reflecting strategic treasury management.

As the company prepares for its next quarterly report, focus will center on hashrate growth, power utilization trends and any updates on AI/HPC pipeline conversion. With a robust balance sheet and expanding infrastructure, CleanSpark aims to deliver shareholder value across volatile market cycles.