- CleanSpark mined 624 Bitcoin in February 2024, adding most to its treasury which now holds 11,177 BTC worth over $1 billion.
- The company has become the fifth-largest corporate BTC holder globally, following a strategy similar to Strategy (formerly MicroStrategy).
- Despite strong Q1 FY2025 earnings with 120% revenue growth year-over-year, CleanSpark shares have declined over 10% year-to-date amid Bitcoin halving concerns and market uncertainty.
CleanSpark expanded its Bitcoin holdings by approximately 6% in February through its mining operations, according to the company’s monthly report released on March 5. The Bitcoin-focused miner continues to strengthen its position as a major corporate holder of the cryptocurrency despite mounting industry pressures ahead of Bitcoin’s April halving event.
The mining firm extracted 624 Bitcoin in February alone, valued at approximately $55 million based on Bitcoin’s price of around $89,000 as of March 5, according to the company’s monthly performance update. Of this total, CleanSpark sold just 2.73 BTC at an average price exceeding $95,000 per Bitcoin, retaining the vast majority to build its treasury.
With its strategic accumulation approach, CleanSpark’s corporate treasury now holds 11,177 BTC as of February 28, establishing the company as the fifth-largest corporate Bitcoin holder globally. The holdings, valued at over $1 billion, place the company among an elite group of institutional Bitcoin holders, data from BitcoinTreasuries.NET confirms.
Zach Bradford, CleanSpark’s CEO, emphasized the effectiveness of the company’s focused approach, stating: “demonstrated the value of our pure play Bitcoin mining strategy.” Unlike competitors who are diversifying into adjacent markets such as Artificial Intelligence computing services, CleanSpark maintains an exclusive focus on Bitcoin mining operations.
The firm’s financial results reflect the benefits of this strategy. On February 7, CleanSpark reported substantial growth for its first fiscal quarter of 2025 (ended December 31), with revenue reaching $162.3 million—a 120% increase year-over-year. Profitability saw an even more dramatic improvement, with profits rising to $241.7 million ($0.85 per share) from $25.9 million in the same period one year earlier. During this quarter, the company added over 1,000 BTC to its treasury.
Despite these impressive financial results, CleanSpark shares have declined more than 10% year-to-date. This downward pressure stems from multiple factors affecting Bitcoin miners, including declining cryptocurrency prices and concerns about the upcoming Bitcoin halving event scheduled for April. The halving will reduce mining rewards by 50%, potentially squeezing margins for mining operations.
Further complicating the outlook, macroeconomic uncertainties have increased since January, including potential trade war concerns following the announcement of 25% tariffs on Canada and Mexico. These factors have contributed to broader market volatility affecting the cryptocurrency sector.
While many competitors are exploring additional revenue streams—such as leasing high-performance computing hardware for AI applications or selling specialized ASIC microchips—to offset anticipated mining revenue declines, CleanSpark continues to rely on its focused Bitcoin mining strategy.
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