BTIG Reiterates a Buy Rating on CleanSpark (NASDAQ:CLSK), Sets a $22 PT

CleanSpark, Inc. (NASDAQ:CLSK) is one of the 13 Crypto Stocks with the Highest Upside Potential. In a report released on June 13, Gregory Lewis from BTIG reiterated a Buy rating on CleanSpark, Inc. (NASDAQ:CLSK) with a price target of $22.00. The analyst reasoned that while other companies pursued high-performance computing opportunities, CleanSpark, Inc. (NASDAQ:CLSK) “quietly” became the second largest US-listed bitcoin miner by hash capacity, standing behind Mara Holdings.

A hall of server racks, illuminated by blue LED lights and humming with energy.

He further told investors in a research note that the company has outgrown a majority of the competition since the end of 2023, experiencing a notable hash capacity growth of 350%. Management stated that CleanSpark, Inc.’s (NASDAQ:CLSK) existing infrastructure footprint holds the capacity to support over 60 EH of capacity.

The firm also said that CleanSpark, Inc. (NASDAQ:CLSK) owns around 12,500 bitcoins, which is the third-highest number of bitcoins owned by miners. Since the company’s management is focusing on mining, BTIG anticipates it to gain hash capacity market share as other miners pause mining growth for HPC.

CleanSpark, Inc. (NASDAQ:CLSK) is a Bitcoin mining company that independently owns and operates data centers across the US, with locations in Georgia, Mississippi, Tennessee, and Wyoming.

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