CleanSpark, Inc. (NASDAQ: CLSK) is a Bitcoin mining company headquartered in Henderson, Nevada, that has rapidly grown to become one of the largest and most efficient publicly traded miners in North America. Originally founded in 2014 as a diversified energy technology company, CleanSpark pivoted to Bitcoin mining and has since distinguished itself through a combination of aggressive growth, operational efficiency, and a disciplined approach to power costs. With approximately 13,363 BTC on its balance sheet, CleanSpark is one of the top corporate holders of Bitcoin among publicly traded mining companies.
Under the leadership of CEO Zachary Bradford, CleanSpark has pursued a strategy of acquiring and developing mining sites in the southeastern United States, particularly in Georgia and Mississippi, where the company has secured access to reliable, low-cost electricity. This geographic focus has given CleanSpark a competitive advantage in an industry where energy costs are the single largest determinant of profitability. The company has grown from a small-scale mining operation to one with over 30 exahashes per second of deployed hashrate.
Bitcoin Treasury Strategy
CleanSpark has adopted an increasingly aggressive Bitcoin treasury strategy, retaining a large portion of its mined BTC rather than selling it on the open market. The company's approach reflects a growing conviction among Bitcoin mining executives that holding mined coins is more value-accretive for shareholders than converting to fiat currency, particularly during periods of rising Bitcoin prices.
As of early 2026, CleanSpark holds approximately 13,363 BTC, a treasury that has been built almost entirely through mining production rather than open-market purchases. The company's low all-in mining costs -- consistently among the lowest in the industry -- allow it to maintain profitability while retaining a significant share of its output. This cost discipline has been critical to CleanSpark's ability to accumulate Bitcoin without relying heavily on debt or dilutive equity issuances.
CleanSpark's treasury strategy has evolved over time. During the 2022 bear market, the company sold most of its mined Bitcoin to fund operations and growth. As market conditions improved in 2023 and 2024, CleanSpark shifted to a HODL-oriented approach, building up its Bitcoin reserves while continuing to fund expansion through capital markets.
Growth and Operations
CleanSpark's growth trajectory has been one of the most impressive in the Bitcoin mining industry. The company has executed a series of acquisitions of mining facilities and equipment, rapidly scaling its hashrate while maintaining operational efficiency. Key acquisitions include multiple mining sites in Georgia, where CleanSpark has consolidated a significant mining presence, and expansion into Mississippi and other states.
The company's focus on energy efficiency extends beyond simply securing cheap power. CleanSpark has invested in advanced mining equipment, facility optimization, and heat management systems to maximize the output per megawatt of its operations. The company has also emphasized its use of grid-balanced energy and its participation in demand response programs, positioning itself as a responsible mining operator.