Bitcoin Miner CleanSpark to Join S&P SmallCap 600 Index
Nasdaq-listed Bitcoin mining company CleanSpark has announced its upcoming inclusion in the S&P SmallCap 600 Index.
CleanSpark, one of the leading Bitcoin (BTC) mining companies globally, shared the news in a press release on March 10. According to the press release, the inclusion in the S&P SmallCap 600 index will be effective when the market opens on March 24, 2025.
Why does this matter?
The S&P SmallCap 600 Index tracks small-cap companies in the U.S. stock market. It measures companies based on criteria such as book value and earnings, and also takes into account the liquidity and financial strength of the stocks.
The index inclusion adds to recent positive developments for CleanSpark, which has made significant deals in 2024. The miner also surpassed the 10,000 BTC mark in its reserves and reached key hashrate milestones.
A significant step for investors and shareholders
Zach Bradford, CEO of CleanSpark, emphasized that joining the S&P SmallCap 600 Index represents another important milestone for the Bitcoin mining company’s employees, investors, and management. The inclusion is also noteworthy because it recognizes CleanSpark’s robust market performance. He added:
“Our listing increases our visibility in the investment community and provides us with an opportunity to demonstrate the value of our operations as a vertically integrated, environmentally friendly Bitcoin mining company, as well as make our model more accessible.”
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CleanSpark's Q1 results showed that the company's revenue increased by 82% compared to the previous quarter, reaching $162.3 million. The first quarter also saw a 33% increase in BTC production, with 1,945 BTC mined in the three months compared to 1,465 BTC in the previous quarter. At the same time, the deployed hashrate increased by 41.7%, reaching 39.1 exahashes per second.
These increases came as the price of Bitcoin recorded a 37% gain.
Although BTC has fallen 16% over the past month, remaining around $80,000, crypto analysts remain bullish on the asset. Analysts also consider shares of pure Bitcoin miner CleanSpark to be one of the best picks in the sector.
Read more: Analyst calls CleanSpark a 'top pick' again after Q1 report
Source: cryptonews.net
