CleanSpark (CLSK) Soars 14.7% as Bitcoin Seen to Hit $200K

We recently published 10 Stocks With 10-60% Upside. CleanSpark, Inc. (NASDAQ:CLSK) is one of the top performers on Monday.

Shares of CleanSpark recovered by 14.74 percent on Monday to finish at $14.87 apiece, bolstered by strong optimism for the Bitcoin industry.

CleanSpark, Inc. (NASDAQ:CLSK) rallied alongside its Bitcoin mining firms on Monday, namely MARA Holdings, Riot Platforms, and Galaxy Digital, after the latter’s chief executive said that he expects the price of Bitcoin to propel past the $200,000 level if a new dovish chairman takes over the Federal Reserve.

CleanSpark (CLSK) Soars 14.7% as Bitcoin Seen to Hit $200K

The rally suggested strong confidence for the company even after getting a rating downgrade from JPMorgan.

Over the weekend, JPMorgan downgraded CleanSpark, Inc. (NASDAQ:CLSK) to “neutral” from “overweight” previously, while maintaining its price target of $14.

According to the investment firm, CleanSpark, Inc. (NASDAQ:CLSK) is currently fully priced after announcing expansion to 50 EH/s in June. It is currently the 7th largest Bitcoin mining firm in terms of market capitalization.

In other news, CleanSpark, Inc. (NASDAQ:CLSK) last week raised $100 million in fresh funds through tapping a credit facility with Two Prime. Proceeds will be used to support Bitcoin mining hashrate deployment, invest in high-performance computing (HPC) capabilities, and fund its evolving digital asset management strategies.

While we acknowledge the risk and potential of CLSK as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than CLSK and that has 10,000% upside potential, check out our report about this cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.