CleanSpark's BTC Treasury Tops $1 Billion in Q3 2025

Las Vegas-based bitcoin miner CleanSpark (ticker CLSK) reported impressive growth for Q3 2025, with revenues rising 91% year-over-year to reach $198.6 million. Adjusted EBITDA rose to $377.7 million, a stark improvement from a loss of $12.6 million during the same quarter last year. "This was the most successful quarter in CleanSpark's history, showcasing our strategic strength, disciplined execution, and the unwavering dedication of our team," stated CEO Zach Bradford. The net income for the three months ending June 30 totaled $257.4 million. Net income can exceed revenue due to sources like asset sales or one-time gains, which contribute to net income but are not counted in revenue. CleanSpark also employs an adjusted EBITDA metric that deviates from GAAP standards. The company previously omitted non-cash impairment losses from bitcoin and realized gains/losses from bitcoin sales but has decided to include these as part of its standard operations in future calculations. During this period, Bitcoin's price surged approximately 26%, rising from $86,500 at the beginning of Q3 in April to nearly $109,000 in June, benefitting many mining operations and boosting earnings. CleanSpark sold 578.51 BTC in June, 293.50 BTC in May, and 401.39 BTC in April. Interestingly, CleanSpark’s fiscal third quarter ends on June 30, usually part of a public firm’s Q2 reports. The company reported a hashing power of 50 EH/s in Q3, which represents 5.8% of the global hashrate. Bradford highlighted that CleanSpark is the first public firm to achieve this level solely using American infrastructure. Additionally, its bitcoin treasury surpassed $1 billion this quarter, driven by the rising bitcoin prices and increased holdings. The company boasts total assets of approximately $3.1 billion, including $1.08 billion in bitcoin, $985 million in mining assets, and $34.6 million in cash against total liabilities of about $1 billion. CLSK shares fell about 2% to $10.74 by market close, down from an opening price of over $11, according to The Block’s data directory. Disclaimer: The Block is an independent media outlet that provides news, research, and data. Since November 2023, Foresight Ventures has been a primary investor. Learn more about our financial disclosures.