Key Stats for CleanSpark Stock
- Current Price: $10.50
- 2026 Year-to-Date Return: 3.8%
- Street Target (Mean): ~$24
- 52-Week Range: $8.00 to $23.61
- Bitcoin Holdings: 13,530 BTC
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What Happened?
CleanSpark (CLSK) closed at $10.50 on October 9. That was down 14.6% from its October 6 close of $12.29 and up just 3.8% for 2026, after ending 2025 at $10.12. At about $81,000, where bitcoin traded on October 8, the 13,530 coins listed in its investor relations materials are worth about 40% of its $2.70 billion market cap. On October 9, the company restated that its first AI data center is fully funded.
A Sector Selloff Pushed CleanSpark Toward Its Bitcoin Value
The moves tracked the sector, not a CleanSpark announcement. Shares fell 6.3% on October 7 as crypto stocks dropped with bitcoin. On October 8, bitcoin fell below $81,000 as bond yields rose.
CNBC, citing a Financial Times report that OpenAI’s annualized revenue ran about $20 billion below what it had signaled, reported intraday drops of 10% for Cipher Digital (CIFR) and Hut 8 (HUT), 11% for Riot Platforms (RIOT), and 8% for TeraWulf (WULF). CoinDesk instead tied the drop in data center names to worries about the IPO of Australia’s Firmus. CleanSpark lost more than 7% that day.
The bitcoin cushion is thinner than 40% suggests. Of the 13,530 coins, 3,475 were posted as collateral or receivables tied to derivatives, leaving about $814 million, or 30% of the market cap, unencumbered. TIKR’s $4.28 billion enterprise value also implies about $1.58 billion of net debt from the last reported balance sheet (June 30), before the $2.276 billion of notes that closed September 25.
Management set out its view of Bitcoin on the August 6 earnings call. CEO and Chairman Matt Schultz said, “we are never forced sellers of anything, not our Bitcoin and critically, not our equity.” President and CFO Gary Vecchiarelli added that CleanSpark is “willing to part with that Bitcoin balance for highly accretive opportunities in the marketplace, especially considering now that management feels that our equity is not getting a respectable valuation.”
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Monthly Updates End as Mining Bridges to 2027
CleanSpark’s October 9 update ended its monthly operating reports in favor of quarterly disclosure, removing the monthly read on output and bitcoin sales. In the same release, Schultz said, “With non-dilutive bond financing now in place, our Sandersville project is fully funded through completion.” The 7.875% notes priced at 98.5% of face, and the proceeds also fund debt service reserves. CleanSpark guarantees completion if proceeds fall short.
Interest runs about $179 million a year. Management expects roughly $330 million of average annual net operating income from the 20-year lease. That income starts with the first data hall, which is targeted for the fourth quarter of calendar 2027.
Mining has to carry the business until then, and forecasts keep slipping. Revenue missed Street estimates by 0.85% to 3.24% in all five quarters TIKR shows through June 2026. Analysts also cut fiscal 2027 revenue forecasts by 20% in the quarter ended September 30, to around $620 million.
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What the Market Is Paying For
- Current Price: $10.50
- NTM EV/EBITDA: 33x
- EV Plus New Notes (Whole Company): ~$6.56 billion
- EV Plus Notes / Expected Annual Lease NOI: ~20x
- Street Target (Mean): ~$24 (14 analysts: 10 Buy, 4 Outperform)
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The 33x NTM EV/EBITDA looks steep next to IREN (IREN) at about 8x and Core Scientific (CORZ) at about 17x. But it rests on about $130 million of consensus NTM EBITDA, earned before lease income is expected to start. Adding the new notes to TIKR’s enterprise value gives about $6.56 billion for the whole company, mining and bitcoin included. That is roughly 20 times the lease’s expected annual income.
Further leases remain unsigned. The Sandersville tenant holds exclusivity over 885 MW at Sealy and Brazoria, and ERCOT will file its eligibility verification report by December 10. On September 21, Governor Greg Abbott also directed Texas regulators to halt permits sought by data center projects until that audit ends. Outside Texas, Schultz said on the August 6 call that Washington, Georgia, has 86 MW energized and has submitted a line study to expand by up to 500 MW.
The first test arrives with fiscal Q4 results, the first report since monthly updates ended; no date has been announced yet. TIKR shows consensus revenue around $130 million for the quarter ended September 30. A sixth straight miss would leave the stock priced closer to its bitcoin than its contracts until a second lease is signed.
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Disclaimer:
Please note that the articles on TIKR are not intended to serve as investment or financial advice from TIKR or our content team, nor are they recommendations to buy or sell any stocks. We create our content based on TIKR Terminal’s investment data and analysts’ estimates. Our analysis might not include recent company news or important updates. TIKR has no position in any stocks mentioned. Thank you for reading, and happy investing!
