CleanSpark Stock Plunges on $270M Volume but Unveils Record Q3 Earnings and $1.08B Bitcoin Treasury

CleanSpark (CLSK) closed August 7 with a 2.55% decline, trading on $270 million in volume, ranking 436th in market activity. The firm reported record Q3 2025 results, including $198.6 million in revenue (up 91% YoY) and $257.4 million net income, driven by a 50 EH/s operational hashrate and a $1.08 billion Bitcoin treasury. CEO Zach Bradford highlighted the company’s vertically integrated model and expansion of over 1 gigawatt of contracted power, positioning CleanSpark for sustained growth in Bitcoin production.

The firm’s financials showed $3.1 billion in total assets, with $2.14 billion in stockholders’ equity and $933.3 million in working capital. A new Digital Asset Management derivatives strategy generated early returns, diversifying revenue streams. Despite a 16.9% monthly stock decline, the company remains capital-efficient, having avoided equity raises since November 2024 while expanding infrastructure and Bitcoin holdings.

The strategy of purchasing the top 500 stocks by daily trading volume and holding for one day delivered a 166.71% return from 2022 to the present, outperforming the benchmark return of 29.18% by 137.53%. This underscores the role of liquidity concentration in short-term stock performance, particularly in volatile markets.