CleanSpark (Nasdaq: CLSK) has the largest share of short open interest among Bitcoin mining and treasury companies, with short positions representing 34.89% of the free float and 4.71 days to cover, according to the source analysis. The stock traded at $11.42, up from $8.18 at the end of March, though it remains below 2024 peak levels when treasury companies were novel investments.
Mining Operations and Profitability
CleanSpark maintains a leading position as a pure-play Bitcoin miner for the U.S. market. The company operates up to 50 EH/s in mining power, comparable to competitors like Mara Holdings. In 2025, CleanSpark achieved $766.3M in revenues and $364.5M in annual income, with $1B in working capital retained by year’s end. The mining operator holds 13,363 BTC from self-mining and legacy operations.
Reasons for Short Interest
Several factors contribute to CLSK’s high short interest. The stock has experienced typical mining sector fluctuations and periods of losses dependent on Bitcoin sentiment. The company’s pivot to artificial intelligence, announced in late 2025, is viewed as potentially late given slowing hype around data centers and GPU fleets.
Stock dilution is another concern. Common share count increased from 22 million in 2020 to 280 million currently, with buybacks of 40 million shares considered insufficient to offset dilution. The stock has not reflected Bitcoin’s price rise, and CleanSpark was not a true treasury playbook company, resulting in only a brief period of investment hype.
CLSK competes for investor attention with other companies pivoting to AI, including Iren Ltd. (Nasdaq: IREN) and Mara Holdings (Nasdaq: MARA). While some investors view CleanSpark as a hidden gem with established mining operations potentially profitable at lower Bitcoin prices, concerns about mining asset depreciation and decommissioning in coming years persist. Currently, CleanSpark is only exploring AI data centers with no established contracts.
FAQ
Q: Why does CleanSpark have the highest short interest among Bitcoin mining stocks?
A: CLSK has 34.89% of its free float shorted due to multiple factors: stock price not reflecting Bitcoin gains, significant share dilution (from 22M to 280M shares since 2020), and a late pivot to AI announced in late 2025. Additionally, the company’s brief period as a treasury hype play and typical mining sector volatility contribute to short positioning.
Q: Is CleanSpark profitable despite high short interest?
A: Yes. In 2025, CleanSpark generated $766.3M in revenues and $364.5M in annual income, with $1B in working capital retained by year’s end. The company holds 13,363 BTC and operates 50 EH/s of mining power, positioning it as a profitable pure-play Bitcoin miner for the U.S. market.
Q: What are the risks associated with CleanSpark’s AI pivot?
A: CleanSpark announced its AI plans in late 2025, which some analysts view as late given slowing hype around data centers and GPU fleets. Currently, the company is only exploring AI data centers with no established contracts, creating uncertainty about the success of this strategic shift.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Bitcoin ETFs See Daily Outflow While Ethereum and Solana ETFs Post Gains on April 17
Gate News message, according to the April 17 update, Bitcoin ETFs recorded a 1-day net outflow of 142 BTC ($10.98M) and a 7-day net inflow of 7,093 BTC ($550.09M). Ethereum ETFs showed a 1-day net inflow of 22,357 ETH ($54.55M) and a 7-day net inflow of 89,684 ETH ($218.83M). Solana ETFs posted a 1-
GateNews38m ago
BTC rises 0.69% over 15 minutes: spot buy-side strength and sustained whale accumulation on-chain reinforce the move
From 14:30 to 14:45 (UTC) on 2026-04-17, the Bitcoin (BTC) market saw clear signs of abnormal movement. The 15-minute candlestick return reached +0.69%, with the price ranging from 77455.4 to 78044.4 USDT and an amplitude of 0.76%. Short-term fluctuations increased market attention, trading volume expanded in parallel, and liquidity improved further.
The main driver behind this abnormal move was a clear strengthening of spot-market buy-side demand. According to on-chain and statistical data, from 14:00 to 15:00, BTC spot buys had the upper hand. Massive buy orders continued to push the price higher, while whale addresses (≥10,000 BTC holdings) were actively net-buying during this period. The inflow of large on-chain funds directly drove spot prices higher. In addition, CME Bitcoin futures open interest increased by 70%, yet there was no large-scale liquidation or forced selling, indicating that institutional capital was returning in an orderly manner and that futures leverage did not become the dominant source of pressure. The leading force behind this upswing came from the spot market, and any wait-and-see sentiment caused by shrinking ETF flows did not suppress short-term prices.
Meanwhile, on-chain data shows that network activity has continued to rise, and the distribution of holdings is becoming more concentrated. In the short term, the coordinated effect of whales and newly onboarded users amplified price elasticity. Benefiting from an increase in macro risk appetite in mid-April—along with dovish signals from the Bank of Japan coinciding with easing geopolitical tensions—BTC’s attractiveness as a risk asset improved, and investors’ risk appetite strengthened. In addition, although ETF net inflows fell to $4.2 million, there were no large outflows, providing bottom support for spot. Multiple factors converged to drive BTC’s short-term rebound within the 15-minute window.
It is worth noting that the SOPR data for short-term holders shows that some short-term capital is currently trading at a loss; if the price pulls back, there may be a risk of additional downside. Changes in institutional capital driven by shrinking ETF flows are also a potential trigger for volatility. The return of leveraged funds to the futures market is also worth watching. Investors should closely monitor key support levels, the movements of actively circulating on-chain funds, and changes in macro news, so they can grasp the market’s timing and stay up to date with more real-time market information.
GateNews1h ago
BTC breaks through 78000 USDT
Gate News bot message, Gate market shows, BTC breaks through 78000 USDT, current price 78000 USDT.
CryptoRadar1h ago
Sui Targets South Korea for Financial Partnerships, Plans Won-Pegged Stablecoin and Bitcoin Products
Sui, a Layer 1 blockchain project, aims to expand in South Korea by collaborating with financial institutions and technology companies. Key initiatives include developing a stablecoin pegged to the won and enhancing its developer ecosystem with the Move programming language.
GateNews1h ago
Smart Trader pension-usdt.eth Faces $15.5M Loss on BTC and ETH Short Positions Amid Market Rally
Gate News message, smart trader pension-usdt.eth is currently experiencing losses exceeding $15.5 million on short positions of 1,000 BTC (valued at $77.5 million) and 20,000 ETH (valued at $48.7 million) due to the market rally. The trader's total profit has decreased from $33.28 million to $14.98
GateNews1h ago
