CleanSpark Plunges 5.26% on $450M Volume Surge Ranks 228th in U.S. Liquidity Amid Strategic Shifts and Regulatory Uncertainty

CleanSpark (CLSK) closed down 5.26% on September 26, 2025, with a trading volume of $450 million, ranking it 228th among U.S. stocks by daily liquidity. The decline occurred amid mixed market conditions, with energy and tech sectors showing divergent trends.

Analysts highlighted recent operational updates as a key factor. The company announced a strategic partnership to expand its renewable energy infrastructure, though investors appeared cautious about near-term execution risks. Management reiterated guidance for Q3 2025 revenue, aligning with consensus estimates but lacking upside surprises. Market participants noted the stock's volatility has remained elevated this quarter due to sector-specific regulatory uncertainties.

To set up an accurate back-test I need a couple of quick clarifications: 1. Universe – do we rank “all U.S. listed common stocks,” a specific index constituency (e.g., Russell 3000), or another market/universe? 2. Execution convention – should the portfolio be formed at today’s close and liquidated at tomorrow’s close, or do you prefer a different entry/exit price (e.g., next-day open)? 3. Transaction costs or slippage – assume zero, or apply a standard estimate? Once I have those details I can build the signal file (daily lists of the top-500-by-volume names), run the 1-day-hold back-test from 2022-01-01 through today, and present the performance metrics and charts.