CleanSpark

CLSK · NASDAQMinerHigh

United States

BTC held

13,931

as of Jul 31, 2026 · 0.066% of 21M

Value now

$1.1B

at BTC $77,690

Basic mNAV

2.76×

mkt cap $3B as of Aug 28, 2026

Sats per share

5,424

257M shares as of Aug 4, 2026

Cost basis

Average cost per BTC: $90,188
Total invested: $1.1B
Unrealized gain: $-174M (-13.9%)

Treasury debt

Zero-coupon convertible senior notes closed Dec 17, 2024 (~$633.7M net proceeds; $145M used for share repurchase); funds mining/infrastructure rather than BTC purchases — CleanSpark's BTC is mined, not bought. · 0.00%$650M · due 2030-06-15
Upsized zero-coupon converts closed Nov 13, 2025; initial conversion ~$19.16/share (27.5% premium). ~$460M used to repurchase stock; remainder for power/land expansion, data-center buildout and repaying the bitcoin-backed (Coinbase, 8.25%) credit line, which was at zero balance by Jun 30, 2026. Total debt net of discounts was $1,782.4M at Jun 30, 2026. · 0.00%$1.2B · due 2032

Recent activity

In July 2026 CleanSpark mined 586 BTC and sold 579 (229 at spot plus 350 via exercised covered calls) at an average $66,133, ending the month with 13,931 BTC — of which 4,070 BTC was posted as collateral or receivable on derivative transactions; 2026 YTD production through July was 4,310 BTC. The company now sells most production to fund operations and its AI/HPC data-center pivot (1.8 GW contracted power, 50 EH/s).

Risk notes

Cost figures are the accounting cost basis from the Jun 30, 2026 10-Q (12,205 balance-sheet BTC at $90,188/BTC initial-recognition value vs $58,524 fair value then), not cash spent buying BTC. $1.8B of zero-coupon converts due 2030/2032 (2032 conversion ~$19.16 vs ~$11.66 stock) pose dilution/refinancing risk, and the hold-and-hodl strategy has given way to monthly selling, so treasury growth has largely stalled.

Sources

Figures are compiled from public disclosures and may lag. This page is information, not investment advice or a recommendation regarding CLSK securities.