CleanSpark reported a substantial increase in its Bitcoin holdings, reaching 13,011 BTC as of September 30, 2025, a treasury valued at roughly $1.6 billion late that year. The company emphasized growth driven primarily by self-mined production, noting that 2,583 BTC were recently added directly to the Bitcoin network, and that year-over-year monthly production rose by more than 27%, underscoring consistent operational output. CleanSpark’s reserve has remained above 12,000 BTC since early 2025, placing it among the larger treasuries held by public miners globally, and its position is framed as a strategic asset supporting both liquidity and long-term value capture. The company also highlighted operational scale, reporting an operational hashrate that reached 50.00 EH/s by June 2025. Operational expansion has underpinned the company’s capacity to accumulate and monetize Bitcoin, with a reported operational hashrate reaching 50 EH/s by June 2025 and an average operating hashrate of 45.60 EH/s as of September, metrics that signal scale in mining throughput. Efficiency metrics also advanced, with peak fleet efficiency reaching 16.07 J/TH and deployment of immersion cooling across multiple sites, initiatives that reduce energy intensity per hash and improve margins, while new deployments in Mississippi, Georgia, and Wyoming incrementally added exahash-scale capacity. The company utilized 808 MW across its data centers, reflecting substantial power consumption that is managed through regional power access and infrastructure investments, including the acquisition of GRIID and leveraging TVA connections in Tennessee. Financially, CleanSpark has shifted from holding 100% of mined coins to a mixed approach, selling portions of production to fund operations and limit equity dilution, an approach supported by Bitcoin-backed credit facilities totaling up to $400 million and $650 million in zero-percent convertible notes. The firm completed $145 million in share buybacks and retains flexibility through a recent $100 million facility, moves intended to support shareholder value while preserving capital for further scale. This strategy reduces reliance on equity raises but introduces market exposure and liquidity management considerations, and stakeholders should note risks from Bitcoin price volatility, credit facility covenants, and continued capital intensity as the company pursues expanded mining scale. The company’s treasury strategy is also informed by its 13,011 BTC holdings and ongoing additions. Cold storage remains a critical security measure to protect such digital assets from online threats and ensure long-term custody integrity.
