CleanSpark Joins S&P SmallCap 600 Despite Share Decline Amid Bitcoin Slump
Bitcoin miner sees stock dip 5% as BTC price drops, despite milestone index inclusion
CleanSpark, a U.S.-based Bitcoin mining company, is set to be added to the S&P SmallCap 600 index later this month, a move that typically signals greater visibility within the investment community. However, the news failed to boost investor confidence, as CleanSpark’s shares fell by 5% on Monday, mirroring Bitcoin’s own decline of around 4%.
As of 12:40 p.m. ET, CleanSpark’s stock was trading at $8.40, according to Yahoo Finance. The dip comes despite the company’s impressive financial performance—CleanSpark reported $162.3 million in revenue for Q4 of last year, marking a 120% year-over-year increase.
Commenting on the index inclusion, CEO Zach Bradford expressed optimism, stating, “Our inclusion enhances visibility within the investment community and gives us an opportunity to demonstrate the value of being a pure play, vertically integrated Bitcoin mining company and making exposure to our model more broadly available.”
The reaction to CleanSpark’s announcement contrasts with what was seen last year when Marathon Digital, another Bitcoin mining firm, saw its shares surge 18% following news of its addition to the S&P SmallCap 600.
The broader crypto market downturn appears to be weighing on CleanSpark’s stock, despite its strategic growth. Investors will be watching closely to see if the index inclusion provides any long-term upside.
