CleanSpark's Dual Gambit: Mining Bitcoin While Powering the AI Boom

LAS VEGAS, NV – January 06, 2026 – CleanSpark, Inc. (Nasdaq: CLSK) concluded 2025 with a demonstration of robust operational strength and a clear signal of its ambitious future, reporting a more than 10% year-over-year increase in Bitcoin production while making significant strides in its strategic expansion into the burgeoning artificial intelligence (AI) data center market. The company’s December update showcases a multifaceted strategy that pairs its core crypto mining competency with a forward-looking pivot to high-performance computing (HPC) infrastructure, all while reinforcing its role as a critical partner in maintaining energy grid stability.

In December alone, the company produced 622 Bitcoin, bringing its total for the 2025 calendar year to 7,746. This growth was achieved despite a persistently challenging environment of increasing Bitcoin network difficulty, which puts pressure on miners' profitability. As of the end of the year, CleanSpark's operational hashrate reached a formidable 50.0 exahashes per second (EH/s), and its Bitcoin treasury stood at 13,099 BTC.

"December closed 2025 with continued strong operational performance across our mining operations and Digital Asset Management groups," stated Matt Schultz, CleanSpark's Chief Executive Officer and Chairman. "Our operational strength and active monetization strategies are creating a durable foundation as we advance AI infrastructure plans in Georgia, Texas, and beyond."

A Tale of Two Computes: From Bitcoin to AI

Perhaps the most significant development for CleanSpark in 2025 was its declared evolution from a pure-play Bitcoin miner to a diversified digital infrastructure provider with a heavy focus on AI. This strategic pivot aims to leverage the company's core expertise in developing and operating large-scale, energy-efficient data centers to capture a share of the rapidly growing AI and HPC market, which is projected to surpass $87 billion by 2030.

Concrete steps are already underway. The company has made a major entry into the Texas market, acquiring rights to a 271-acre site in Austin County with long-term power supply agreements totaling 285 megawatts. This campus is slated for AI, cloud, and enterprise workloads, with substation construction in progress and energization of over 200 MW anticipated in the first half of 2027. This move is complemented by ongoing efforts in Georgia, where the company is assessing sites for AI development.

To spearhead this initiative, CleanSpark appointed Jeffrey Thomas as Senior Vice President of AI Data Centers. Furthermore, it announced a strategic partnership with Submer, a global leader in liquid-cooling technology. This collaboration is critical, as the high-density compute required for AI applications generates immense heat, making advanced cooling solutions essential for efficiency and performance. The partnership aims to build a full-stack infrastructure platform that integrates everything from power generation to AI service delivery, positioning CleanSpark as a key enabler of the AI revolution.

The Power Player: Balancing Grid Demand and Digital Growth

As CleanSpark expands its energy-intensive operations, it is also underscoring a commitment to corporate responsibility and grid partnership. In December, the company demonstrated this by participating in a fast-acting demand response event for the Tennessee Valley Authority (TVA). During one of the coldest days of the year, CleanSpark curtailed hundreds of megawatts of power consumption across 11 of its sites in Tennessee within just 10 minutes of the utility's request.

This capability is enabled by a customized communications system and software integration developed in-house, which allows the TVA to swiftly coordinate power curtailments to balance supply and demand during emergencies or periods of extreme weather. This practice, known as demand response, is crucial for preventing blackouts and reducing the need for costly new power plants.

"This curtailment demonstrates our continued commitment to being a reliable partner to utilities and the communities in which we operate," said Scott Garrison, CleanSpark's Chief Development Officer. "We take our responsibility seriously to act as good stewards by leveraging our ability to engage in demand response so our local utility partners can keep the lights on when our neighbors need it most."

This approach is becoming an industry standard for large-scale energy consumers. Competitor Riot Platforms, for example, also participates in similar programs, earning significant credits for helping stabilize the Texas power grid. For CleanSpark, this capability is not just a civic duty but a core operational advantage that builds goodwill and creates a more sustainable business model.

Fortifying the Foundation: Financial Strategy and Market Position

Underpinning CleanSpark's ambitious expansion is a calculated financial strategy designed to fuel growth while managing risk. In November 2025, the company closed an upsized $1.15 billion zero-coupon convertible notes offering, securing approximately $1.13 billion in net proceeds. This capital infusion is being deployed across several key areas to strengthen the company's position.

A significant portion, about $460 million, was used to repurchase 30.6 million shares of its common stock, signaling management's confidence in the company's long-term value. The remaining funds are earmarked for expanding its power and land portfolio, developing the new data center infrastructure for its AI pivot, and repaying outstanding debt.

Financially, the company appears robust, with a strong current ratio of 4.18, indicating ample liquidity to cover short-term obligations, and a manageable debt-to-equity ratio of 0.38. However, this aggressive growth comes with risks. The company exhibits a high negative free cash flow yield, suggesting a rapid cash burn to fund its expansion. Analysts also note the execution risks associated with its pivot to AI, including the need to secure high-credit-quality tenants and manage a complex capital allocation strategy between its two business lines. The stock's high beta of 4.6 also points to significant price volatility, reflecting the market's mixture of excitement and caution regarding its transformative strategy. This dual approach of optimizing its established mining operations while aggressively building a new business in AI, supported by sophisticated energy and capital management, firmly plants CleanSpark at the intersection of digital currency, artificial intelligence, and modern energy infrastructure.