CleanSpark (CLSK) Is Up 16.8% After $100M Bitcoin-Backed Credit Facility and Governance Changes

• In late September 2025, CleanSpark announced a new US$100 million Bitcoin-backed credit facility with Two Prime and adopted significant amendments to its corporate bylaws, including eliminating certain shareholder rights and increasing Board control over company governance.
• This expansion of lending facilities brings CleanSpark’s total collateralized credit to US$400 million, supporting accelerated growth in Bitcoin mining and high-performance computing, as the company prioritizes operational scale amid broader industry diversification trends.
• We'll now explore how CleanSpark’s increased access to non-dilutive capital could influence its long-term investment outlook and business resilience.

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CleanSpark Investment Narrative Recap

To be a CleanSpark shareholder requires conviction in the sustained demand for Bitcoin, institutional adoption, and the company’s ability to grow production while maintaining competitive operational costs. The recent US$100 million Bitcoin-backed credit facility expands non-dilutive liquidity but does not materially change the immediate importance of Bitcoin price trends as the key earnings catalyst, or the ongoing risks from industry concentration and block reward dynamics.

Of CleanSpark’s recent developments, the secured lending arrangements with both Coinbase and Two Prime, now totaling US$400 million, stand out. These strengthen the company’s capital base, directly supporting near-term hashrate expansion and operational flexibility, which remain central to capturing any upside from positive Bitcoin price and transaction fee trends.

Yet in contrast, investors should be aware that even with increased access to credit, CleanSpark’s exposure to volatile Bitcoin prices continues to pose...

Read the full narrative on CleanSpark (it's free!)

CleanSpark's narrative projects $1.5 billion in revenue and $319.0 million in earnings by 2028. This requires 32.5% yearly revenue growth and a $26.5 million increase in earnings from the current $292.5 million.

Uncover how CleanSpark's forecasts yield a $20.16 fair value, a 33% upside to its current price.

Exploring Other Perspectives

Eighteen fair value estimates from the Simply Wall St Community span US$5.09 to US$29.26 per share. While many expect rapid revenue growth, industry concentration risk continues to drive sharply different outlooks, see how opinions diverge and explore more viewpoints below.

Explore 18 other fair value estimates on CleanSpark - why the stock might be worth less than half the current price!

Build Your Own CleanSpark Narrative

Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your CleanSpark research is our analysis highlighting 5 key rewards and 2 important warning signs that could impact your investment decision.
• Our free CleanSpark research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate CleanSpark's overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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