CleanSpark Inc (NASDAQ:CLSK) shares are trading slightly higher Monday despite weakness across crypto markets. Here's a look at what's going on.
What To Know: Several crypto-related stocks are trading lower Monday as Bitcoin (CRYPTO: BTC) and the broader crypto market continue to move lower, pulling back following recent strength in the wake of the approval of spot bitcoin ETFs. Bitcoin ETFs reportedly experienced net outflows last week for the third time since launch.
Mining stocks are particularly volatile ahead of bitcoin's upcoming halving event. The amount of bitcoin miners receive for successfully mining transactions is set to be cut in half later this month.
CleanSpark shares are bucking the trend Monday. The upward momentum in the name comes on the back of positive analyst coverage. HC Wainwright & Co. analyst Mike Colonnese reiterated CleanSpark with a Buy rating on Monday and maintained a price target of $27.
The analyst update comes after CleanSpark on Friday announced that it had exceeded 17 exahashes per second (EH/s) of operating hashrate. The company also noted that it exercised its option to purchase 100,000 Bitmain S21 Pros, or 23.4 EH/s of machines.
"Efficiency is the most important variable as we head into the halving. With the upgrade to the new S21 Pro, we expect that we have cemented our lead as the most efficient publicly traded bitcoin miner at scale in North America," said Zach Bradford, CEO of CleanSpark.
"After halving, many old and inefficient machines will go offline, increasing CleanSpark's organic market share while lowering the network's energy consumption. We are well-suited to take advantage of the opportunities that the halving affords and look forward to continuing our unmatched growth."
CLSK Price Action: CleanSpark shares were up 0.34% at $14.90 at the time of publication, according to Benzinga Pro.
Photo: Eivind Pedersen from Pixabay.