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CleanSpark Inc (NASDAQ: CLSK) shares are declining on Thursday. The company announced a new $100 million Bitcoin (CRYPTO: BTC)-backed credit facility with Two Prime. Here’s what you need to know.
What To Know: CleanSpark said it has expanded its capital strategy by opening a new $100 million Bitcoin-backed credit facility, bringing its total collateralized lending facilities up to $400 million.
“We have a range of exciting opportunities to maximize current megawatts in our portfolio, accelerate potential development of high-performance compute campuses, and further invest in our Digital Asset Management strategies. This financing supports CleanSpark’s continued evolution across all business segments,” said Matt Schultz, chairman and CEO of CleanSpark.
Earlier this week, CleanSpark announced a $100 million expansion of its Bitcoin-backed credit facility with Coinbase Prime, which sent shares higher in after-hours trading. Thursday's announcement adds another $100 million facility as the company focuses on expanding its energy portfolio, scaling mining operations and investing in high-performance computing capabilities.
Supporting the capital expansion, analysts see significant upside potential. The consensus price target sits at $19.88 based on 13 analyst targets, with a range spanning from $5.30 (Bernstein) to $27 (HC Wainwright & Co). Recent ratings from Chardan Capital and Macquarie suggest significant upside potential from current levels.
As shares move lower on Thursday, bears highlight CleanSpark’s exposure to fluctuating Bitcoin prices and rising global hashrates, which directly impact profitability. Bitcoin was down approximately 3.59% over a 24-hour period, trading at $109,590 at publication time.
Bulls counter with strong recent performance, noting revenues from the company’s most recent quarter reached $198.6 million, up 91% year-over-year driven by higher Bitcoin prices. The recent move into more diversified compute opportunities is also being received well by investors.
CLSK Price Action: CleanSpark shares were down 4.61% at $13.80 at the time of publication on Thursday, according to Benzinga Pro.
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