Snapshot
- Ticker: CLSK (Nasdaq)
- Bucket: Data-Center Operators (HPC Pivots)
- Q4 2025 fund position: $16.6 M (1.64 M sh) — 0.30 % of 13F
- Fiscal year: ends September 30
- HQ: Henderson, NV
Business Overview
CleanSpark is a US-only Bitcoin miner with sites concentrated in Georgia, Tennessee, Mississippi, New York, and Wyoming. Total contracted power is ~1,027 MW with management presentations citing >1.3 GW when including pipeline.
Among the bucket, CleanSpark is the least committed to an HPC pivot — management has historically described the company as a “comprehensive compute platform” without explicitly committing to AI/HPC tenancy. CleanSpark is therefore a “stranded power optionality” name in the fund’s basket: holding it ensures exposure if and when management’s posture shifts.
Financial Trajectory (FY ends 9/30)
| Metric (USD M) | FY24 | FY25 | YoY |
|---|---|---|---|
| Revenue | 379 | 766.3 | +102 % |
| Adjusted EBITDA | 245.8 | 823.4 | +235 % |
| Net income | −145.8 | +364.5 | swing to profit |
| EPS (basic) | — | $1.25 | — |
The Adjusted EBITDA exceeding revenue (766 M revenue) signals massive non-cash unrealized BTC fair-value gains flowing through the income statement under ASU 2023-08. The headline profit and EBITDA are therefore mark-driven rather than operational. That said, the operational mining business is genuinely profitable at FY25 BTC prices — CleanSpark is one of the most cost-efficient US miners.
Balance Sheet (9/30/25)
| Item | $M |
|---|---|
| Cash | 43.0 (lean) |
| BTC holdings | **966.8 + non-current $222.6) |
| Long-term debt (net) | 644.6 |
| Current portion of debt | 176.6 |
| Equity | ~2,200 |
| Total assets | 3,200 |
| Working capital | 1,000 |
The $1.2 B BTC treasury is one of the largest among public miners — a built-in option on BTC price upside that could fund any future HPC conversion at Sharon-equivalent scale.
A $1.15 B 0 % convertible note was closed in FY25 — explicitly chosen instead of ATM dilution to fund power and land expansion. This is governance signaling: management prefers convertible structures over equity issuance, which preserves per-share BTC and helps the equity track BTC more cleanly.
Operational KPIs
- Operational hashrate: >50 EH/s end FY25
- Power portfolio: ~1,027 MW contracted (10-K) → “~1.3 GW” in presentations
- Sites: Georgia (largest), Tennessee (via GRIID acquisition), Mississippi, New York, Wyoming
- GRIID Infrastructure acquisition (FY24): added Tennessee with +400 MW pipeline
- Georgia 5-facility tuck-in: added 60 MW
Why It Fits the Thesis
The fund’s small CleanSpark position is a “completeness” buy — owning every meaningful US-listed Bitcoin miner with substantial energized capacity ensures that whichever name pivots first, the bucket benefits. CleanSpark is the bucket’s hedge against being wrong about which specific names pivot.
The structural advantages CleanSpark would bring to a future HPC pivot:
- US-only footprint (no foreign-jurisdiction risk)
- Diversified power markets (no single-grid concentration)
- $1.2 B BTC treasury that can be tapped for HPC capex
- The cleanest cost-to-mine in the bucket
Position History in the Fund
| Quarter | Position |
|---|---|
| Q4 2025 | New, 1.64 M sh |
Risks
- Management explicitly disinterested in pivoting — thesis depends on a strategy change, an activist push, or an unsolicited offer.
- Pure BTC exposure if no pivot materializes.
- Lean unrestricted cash position ($43 M) means BTC sales required to fund any HPC build absent further capital raises.
- No announced HPC interest from large tenants on CLSK sites.
- EBITDA volatility under ASU 2023-08 creates headline-risk noise around BTC moves.