Cleanspark Stock Dips 8%
Cleanspark's stock dropped by over 8% after hours following the announcement of plans to sell $800 million worth of shares.
The decision will result in a dilution of CLSK shares by 19%, considering Cleanspark's market capitalization of $4.2 billion. The adjustment from an initial offering of $500 million to $800 million, in collaboration with H.C. Wainwright & Co, was disclosed in an SEC filing on March 28th, aiming to raise additional capital. This strategy is also employed by other Bitcoin mining companies, such as Riot Platforms and Marathon Digital Holdings.
Despite the recent decline in stock prices, Cleanspark has seen significant growth of 95% in 2024 and 685% over the past 12 months. The company is also preparing for the anticipated Bitcoin halving event scheduled for April 20th, which will reduce mining rewards. Cleanspark is positioned as the company with the lowest Bitcoin production costs post-halving.
*this is not financial advice
