CleanSpark Inc (NASDAQ:CLSK) shares are trading higher Friday afternoon as Bitcoin rallied rally above $69,000, attracting fresh money into crypto-linked stocks. Here’s what investors need to know.

• CleanSpark shares are powering higher. Why is CLSK stock surging?

Why CLSK Stock Climbs With Bitcoin

As a pure-play bitcoin miner, CleanSpark's revenue and profitability are tightly linked to the price of the world's largest cryptocurrency. When bitcoin spikes, the value of each mined coin rises while many operating costs, like power and hosting, remain relatively fixed, expanding mining margins.

Leverage From Mining And Balance-Sheet Bitcoin

Investors often view CleanSpark as a leveraged way to gain exposure to bitcoin itself, particularly for equity investors. The company operates large-scale mining facilities and holds a significant stash of bitcoin on its balance sheet, so rising prices simultaneously boost ongoing mining economics and the value of existing holdings. That dynamic often makes CLSK more volatile than bitcoin itself.

Earnings Miss Still In Focus

Today's rebound comes just a week after CleanSpark reported fiscal first-quarter revenue of about $181 million, missing Wall Street estimates near $196 million, and posted a wider-than-expected loss of $1.35 per share.

Management highlighted what it called one of the sector's strongest balance sheets, with more than $450 million in cash and roughly $1 billion worth of bitcoin as of Dec. 31, 2025, giving the miner firepower to keep expanding capacity even through volatility in crypto prices.

CLSK Stock Trades Below Key Averages

Currently, Cleanspark stock is trading 13.2% below its 20-day simple moving average (SMA) and 27.9% below its 100-day SMA, indicating a challenging short-term outlook despite today’s gains.

Over the past 12 months, shares have decreased by 5.62%, and they are currently positioned closer to their 52-week lows than highs, suggesting ongoing pressure in the longer-term trend.

The RSI is at 38.38, which is considered neutral territory, while the MACD is below its signal line, indicating bearish pressure on the stock.

This combination suggests mixed momentum, as the stock is not yet showing strong bullish signals despite the recent price increase.

• Key Resistance: $11.00
• Key Support: $9.00

Benzinga Edge Rankings

Benzinga Edge stock rankings give you four critical scores to help identify the strongest and weakest names, and CleanSpark currently carries a low Momentum score of 17.64, underscoring how weak the stock's trend remains even after today's bounce.

CLSK Stock Gains Friday

CLSK Price Action: Cleanspark shares were up 8.81% at $10.14 at the time of publication on Friday, according to Benzinga Pro data.

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