TLDR
- CleanSpark (CLSK) stock fell 5.11% to $16.71 Thursday morning as Bitcoin dropped below $73,000
- Q2 2026 net loss widened to $378.3 million, driven largely by non-cash markdowns on Bitcoin holdings
- May production came in at 671 BTC, bringing the 2026 calendar-year total to 3,110 BTC
- Operational hashrate hit 50.0 EH/s with 224,473 miners deployed; Bitcoin treasury stands at 13,470 BTC
- Despite the dip, CLSK trades 32.6% above its 200-day SMA and a golden cross remains in place
CleanSpark (CLSK) stock was down 5.11% at $16.71 Thursday morning, pulled lower by a combination of a falling Bitcoin price and a weaker-than-expected Q2 earnings report.
Bitcoin slid back below $73,000, dragging crypto-linked stocks down with it. For CleanSpark, that kind of move hits hard — the company’s valuation is tightly linked to where Bitcoin trades.
🚨May Mining Numbers out for @CleanSpark_Inc ⛏️
Let's compare with April Results:
⬆️BTC mined 640 ➡️ 671 (1 more day)
⬆️ Max Daily 22.38 ➡️ 23.16
⬆️AVG $BTC mined 21.33 ➡️ 21.66
🛑 Operating hash 46.2 – Same
🛑Efficiency 16.07 – Same
🛑 Fleet 224,473 – Same
🛑Power Contracted… https://t.co/VVLZ15v7k9 pic.twitter.com/zgnOYC2rKv— Earnest Hamilton (@FinancialErnie) June 4, 2026
The Q2 2026 results added fuel to the selloff. CleanSpark posted a net loss of $378.3 million for the quarter, well beyond what the market was expecting. Most of that loss came from non-cash write-downs on its Bitcoin holdings rather than operational issues, but the headline number still rattled investors.
Revenue came in at $136.4 million against a $145.4 million consensus estimate. EPS was a loss of $1.52 versus an expected $0.50 profit. Gross margin held above 40%, which is the one clean bright spot in an otherwise rough report.
On the operational side, CleanSpark’s May update was more encouraging. The company mined 671 BTC last month, bringing its 2026 calendar-year total to 3,110 BTC.
Its deployed fleet now stands at 224,473 miners with a hashrate of 50.0 EH/s — a level that puts it among the larger publicly listed miners in the U.S.
During May, CleanSpark sold 404 BTC at spot prices and 250 BTC through call exercises, at an average price of $79,934 per coin. That leaves the company’s Bitcoin treasury at 13,470 BTC as of May 31.
Management and Institutional Moves
CleanSpark also used the May update to announce a new hire. Ruben Sahota, described as a $20 billion deal veteran, joins to support multi-gigawatt commercialization efforts.
On the institutional side, Situational Awareness increased its stake from $16.6 million to $104.5 million, lifting its portfolio weight to 0.76% from 0.3%. That kind of single-holder move can attract fast-follow buying — but it also creates risk if sentiment turns and the position unwinds.
The hedge fund’s total CleanSpark position grew from 1.64 million to 12.28 million shares between the end of 2025 and the most recent filing period.
Technical Picture Still Intact
Despite the morning drop, CLSK’s longer-term chart hasn’t broken down. The stock is trading 7.8% above its 20-day SMA at $15.58 and 32.6% above its 200-day SMA at $12.67.
A golden cross — the 50-day SMA crossing above the 200-day — triggered in June and remains in place, which technicians generally view as a bullish backdrop.
MACD is above its signal line with a positive histogram, suggesting the recent selling pressure is easing compared to the previous downswing.
Key support to watch sits at $16.00, a nearby pivot level that becomes relevant if sellers push the weakness further into the session.
Year-to-date, CLSK is still up 74.01% despite Thursday’s move.
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