CleanSpark (CLSK): Rethinking Valuation After Recent Share Price Pullback and Multi‑Year Rally

CleanSpark (CLSK) has quietly become one of the more interesting Bitcoin miners to watch, with the stock swinging between sharp rallies and pullbacks as crypto sentiment and its own execution collide.

See our latest analysis for CleanSpark.

That recent pullback, with a 1 month share price return of minus 21.3 percent after a strong 90 day share price return of 51 percent and a three year total shareholder return near 569 percent, suggests momentum is cooling in the short term. However, the longer term story still reflects sizable risk taking by investors.

If CleanSpark’s swings have you rethinking concentration in a single name, this is a good moment to scan for other fast growing stocks with high insider ownership that might fit your strategy.

With shares trading well below consensus targets but following a huge multi year run, the key question now is simple: is CleanSpark still misunderstood by the market, or already priced for the next leg of Bitcoin fueled growth?

Most Popular Narrative: 42.8% Undervalued

With CleanSpark last closing at $13.71 versus a narrative fair value near $23.98, the story frames today’s price as a sizable disconnect from projected fundamentals.

The company's strategic focus on sourcing flexible, low-cost, and increasingly renewable energy, combined with operating in supportive states, reduces exposure to volatile energy markets and supports stable or expanding gross margins, fostering long-term earnings resilience in an industry prone to input cost shocks.

Read the complete narrative.

Want to see why this narrative leans so hard into future margins and growth, even as forecasts cool at the edges? The underlying revenue ramp, profit compression, and richer future earnings multiple create a tension that simple headline numbers cannot explain. Curious which assumptions have to hold for that gap between price and fair value to close? Dive into the full narrative to unpack the exact path it imagines from today’s miner to tomorrow’s high performance compute player.

Result: Fair Value of $23.98 (UNDERVALUED)

Have a read of the narrative in full and understand what's behind the forecasts.

However, this narrative could unravel if Bitcoin prices stagnate or fall, or if rising energy and hardware costs erode CleanSpark’s margin edge.

Find out about the key risks to this CleanSpark narrative.

Build Your Own CleanSpark Narrative

If you are not fully convinced by this view, or would rather stress test the numbers yourself, you can build a custom narrative in just a few minutes: Do it your way.

A great starting point for your CleanSpark research is our analysis highlighting 4 key rewards and 3 important warning signs that could impact your investment decision.

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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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