CleanSpark announced on March 5 that it increased its Bitcoin treasury by nearly 6% through its mining operations in February.
Throughout February, CleanSpark successfully mined a total of 624 Bitcoin (BTC), valued at over $55 million with Bitcoin’s spot price hovering around $89,000 as of March 5, according to the company’s monthly report.
In February, the company sold 2.73 BTC at an average price exceeding $95,000 per Bitcoin. The remainder was added to its corporate treasury, which totals 11,177 BTC as of February 28, as stated by the miner.
With holdings that surpass $1 billion, CleanSpark currently boasts the fifth-largest corporate Bitcoin treasury globally, as detailed by BitcoinTreasuries.NET.
Miners are increasingly adopting strategies similar to those of Strategy — formerly known as MicroStrategy — by retaining a greater portion of mined Bitcoin within their financial statements.
According to CleanSpark CEO Zach Bradford, the results from February “showcased the benefits of our focused Bitcoin mining strategy.”
In contrast to competing Bitcoin miners who are diversifying their revenue streams, such as offering high-performance computations for AI models, CleanSpark remains dedicated solely to Bitcoin mining.
CleanSpark stands out as a leading corporate Bitcoin holder. Source: BitcoinTreasuries.NET
Related: Monthly Bitcoin production declines as miners contend with increasing hashrate
Revenue and Profit Surge
On February 7, CleanSpark reported a significant rise in revenue and profitability for the last three months of 2024, driven by reduced production costs and favorable BTC prices following US President Donald Trump’s November election victory.
In its first fiscal quarter of 2025, which concluded on December 31, the mining company recorded $162.3 million in revenue, marking a substantial 120% increase year-over-year.
The company’s profits surged to $241.7 million, or $0.85 per share, compared to just $25.9 million the previous year. Additionally, it increased its treasury by acquiring over 1,000 BTC.
Business Models Facing Challenges
Despite a strong earnings report, CleanSpark’s shares have decreased by more than 10% year-to-date as falling cryptocurrency prices continue to exert pressure on Bitcoin miners’ operational models, which are already strained by the forthcoming Bitcoin network halving in April.
Macroeconomic instability, including concerns about a trade war, has disturbed markets since Trump’s inauguration in January, when he proposed 25% tariffs on Canada and Mexico.
Miners remain hopeful that additional revenue avenues, such as renting high-performance hardware to AI operations and selling specialized ASIC chips, will help mitigate any potential revenue shortfalls.
Magazine: AI may already consume more energy than Bitcoin — posing a threat to Bitcoin mining
