CLSK
CLSK · CleanSpark, Inc. · Catalyst Calendar · as of August 13, 2026
Banded 0–3 / 3–6 / 6–12 months, earliest first. Numbering is gapless and runs straight through the bands, so a boundary never resets the count. An ID marks position in the current ordering and changes between revisions, so catalysts are named by title.
The company publishes a monthly production and treasury release; the June update came on July 7, 2026. It carries bitcoin produced, holdings, average and peak hashrate, fleet efficiency, megawatts actually drawn and the average realized price on bitcoin sold. June showed 614 bitcoin produced, holdings of 13,924, a 42.6 EH/s average against a 50 EH/s peak, and 808 MW drawn against 1.8 GW under contract. The company's August presentation puts the contracted book at 2,110 MW, on its own definition of contracted power at wholly owned or leased sites excluding non-binding arrangements. Estimate The June figure above is not superseded by it; the two are a series, and the drawn megawatts are what this row tracks.
The line that matters most is the treasury one. In June the company sold 179 bitcoin at spot and a further 250 into exercised calls at an average of $69,056 including premiums, against 614 produced. Whether it is still a net accumulator at a bitcoin price near $64,700 is the question this release answers each month.
Holdings rise again, drawn megawatts climb toward the contracted figure, and efficiency improves below 16 J/TH.
Holdings fall as bitcoin is sold to fund operations, or average hashrate slips further below the 47.3 EH/s reported at March 31, 2026.
The date is a cadence estimate from the June release of July 7, 2026 and the pattern before it, not a company announcement. It may also be folded into the results release, in which case this item and the third quarter results and quarterly report (R14) arrive together.
Source: Company operational update, July 7, 2026, and prior monthly releases. Filed
The inclusion decisions this item used to be dated to have been suspended. The Texas grid operator's Batch Zero process covers large loads of 75 MW or greater. Its published schedule set July 10, 2026 as the deadline for interconnecting large load entities to lodge their forms and attestations and July 24, 2026 for the transmission provider to submit the completed package, and applicants were to be told during August 2026 whether they are in the batch. ERCOT withdrew that step on August 3, 2026 in market notice M-A080326-01: it will not notify how any large load is classified by August 7, 2026, gives no replacement date, and will file a request for a good cause exception on the Batch Zero timelines ahead of the Public Utility Commission of Texas open meeting of August 20, 2026. That meeting is the dated point, and the next occasion on which anything about the batch becomes knowable.
The suspension follows the Governor of Texas directing the Commission and ERCOT, on August 3, 2026, to conduct a comprehensive verification and audit of every data center advancing through the interconnection process, with any project failing to comply to be denied connection to the grid.
Both Texas campuses clear the 75 MW threshold: Sealy in Austin County at roughly 285 to 300 MW and Brazoria at an initial 300 MW with expansion to 600 MW. The entire 718-acre, 885 MW portfolio sits under the tenant's exclusivity letter of intent, so the batch outcome bears directly on whether that exclusivity can become a lease.
The Commission grants an exception on a short timetable and inclusion decisions follow within weeks, putting a study path and a date on 885 MW that is currently only secured and planned. An audit that thins a queue the operator describes at more than 438 GW favours applicants who can satisfy it.
The timetable is reset rather than extended, and the batch slips behind an audit with no completion deadline named. Exclusion, whenever it is decided, pushes the Texas sites to a batch whose applications do not open until summer 2027.
Whether CleanSpark lodged Batch Zero applications for either Texas site is still not established. The grid operator publishes the process and the deadlines but not the applicant list, and no company filing or release names the process. The impact rating assumes participation; if the company did not apply, the item resolves as not applicable rather than as a negative outcome. Nor is it established whether the audit reaches CleanSpark's sites specifically, and the directive's scope is stated here rather than interpreted.
Source: ERCOT market notice M-A080326-01, August 3, 2026; Office of the Governor of Texas, directive of August 3, 2026; ERCOT large load integration process publication and PGRR145; Public Utility Commission of Texas approval, June 18, 2026. Filed
The $100M bitcoin-collateralised revolver entered into with Two Prime Lending Limited on September 19, 2025 matures on September 14, 2026. It was undrawn at March 31, 2026 with no bitcoin posted against it. Its terms are one-month SOFR plus 3.55%, an initial maximum loan-to-value of roughly 62.5%, a margin call above 74% and a liquidation trigger above 80%.
The interest is not the balance but the renewal. Whether a bitcoin-collateralised lender extends at these coin prices, and on what loan-to-value, is a read on the sector's credit conditions ahead of a far larger financing requirement.
Renewed or enlarged on similar or better terms, confirming bitcoin-backed liquidity remains available.
Allowed to lapse or renewed at a tighter loan-to-value, cutting undrawn capacity from $400M to $300M.
Source: Form 10-Q for the quarter ended March 31, 2026, filed May 11, 2026. Filed
The fiscal year closes on September 30, 2026. Two things are struck on that date: the bitcoin treasury is marked to the closing price for the annual accounts, and the miner fleet is assessed for impairment and useful life. The company has form here, having recorded $189.2M and a further $7.8M of miner impairment in fiscal 2024 and shortened miner lives from five years to three effective May 1, 2024.
With the all-in cost of a mined bitcoin at $103,440 against $75,827 of revenue per coin in the March quarter, the conditions that produced the last impairment are present again. Nothing is announced on the day itself; the date matters because it fixes what the annual report two months later must show.
Bitcoin recovers into the year end, lifting the treasury mark and the equity base the financing will be raised against.
A further coin decline plus a fleet impairment compounds in one reporting period, with equity already down from $2,175.1M to $986.2M over the prior six months.
Source: Form 10-K for fiscal 2025, filed November 25, 2025; Form 10-Q filed May 11, 2026. Filed
The fiscal 2025 annual report was filed on November 25, 2025 and the fiscal 2024 report drew a late-filing notification on December 2, 2024, so the cadence is late November with a demonstrated history of slipping. As a large accelerated filer the company has sixty days from the 30 September year end, which puts the statutory deadline at November 29, 2026.
This is the document that will first put the lease inside audited disclosure: the accounting treatment, the committed construction spend, the milestone obligations as the company describes them under a risk factor rather than a press release, and the auditor's view on a business whose revenue line and whose valuation case have separated.
Lease terms and milestone schedule disclosed in full, financing in place, and no going concern or internal control qualification.
A late-filing notification as in fiscal 2024, a fleet impairment, or a first disclosure that milestone dates are at risk.
The date is inferred from the last two filing dates and the statutory sixty-day deadline, not from a company announcement.
Source: Filing history under Central Index Key 0000827876; Form 10-K filed November 25, 2025; Form NT 10-K filed December 2, 2024. Filed
The quarter ends December 31, 2026 and the last two comparable reports were filed on February 5, 2025 and February 5, 2026. By then the construction financing will either exist or it will be a year old as a question, and the first capital expenditure against the 175 MW should be visible in the cash flow statement.
Construction spend running to plan with financing drawn, and a second lease or a Texas conversion alongside it.
No financing, no construction spend, and a fourth consecutive loss with the delivery date still fixed at the fourth quarter of 2027.
Source: Filing history under Central Index Key 0000827876. Filed
The last two meetings were held on March 3, 2026 and March 3, 2025, with proxy statements filed on 22 January in each year. The 2026 meeting elected five directors and ratified BDO USA as auditor, and nothing else was put to a vote.
Two things make the next one worth watching. Withheld votes at the 2026 meeting ran to 31.6M against Larry McNeill and 32.2M against Dr Thomas Wood, on 159.7M cast for the Chief Executive, and the Series A preferred cast 78,750,000 of the 334,500,361 votes on the register. The March 2026 payment of $30.0M to the preferred holders will be the first related-party transaction the meeting has met since it happened.
Board additions with data center or project finance experience, or a governance change to the preferred voting arrangement.
Withheld votes rise sharply against the directors who hold the preferred, without any change following, confirming that the vote cannot reach the arrangement.
Source: Form 8-K of March 5, 2026 reporting the meeting results; proxy statements filed January 22, 2025 and January 22, 2026. Filed
The quarter ends March 31, 2027. The comparable reports were filed on May 8, 2025 and May 11, 2026. This is the last full quarter reported before the fourth quarter of 2027, when the first Sandersville deliveries are expected, so it is the last routine opportunity to confirm or move that date before it arrives.
Delivery date reaffirmed with the build on schedule, and rent commencement quantified for the first time.
Delivery slips out of 2027, which is the condition the lease attaches rent abatement and termination rights to.
Source: Filing history under Central Index Key 0000827876. Filed
Structural items that shape the backdrop but do not trade in the window.
The company expects deliveries of 175 MW of critical IT load to begin in the fourth quarter of 2027. That is the point at which the $6.6bn becomes a receivable rather than a commitment, and the point at which the company's stated average annual contribution of roughly $330M begins.
Rent begins on schedule and the company reports its first non-mining revenue in its history at close to a 100% contribution margin.
Delivery is late, exposing the company to the rent abatement and termination rights the lease attaches to the milestones.
Source: Form 8-K and press release, July 14, 2026. Filed
A final transmission plan covering the first batch of large load interconnections is expected in the autumn of 2027. For any Texas capacity inside that batch, this is the document that fixes what can actually be energised and when. That expectation now rests on a timetable under review: ERCOT suspended the batch classification notifications on August 3, 2026 and will seek a good cause exception on the Batch Zero timelines, so the autumn 2027 date is inherited from a schedule the operator has asked to change.
Transmission provided for the Texas sites on a timeline that lets the exclusivity convert into a dated lease.
Transmission constrained or deferred, leaving 885 MW of secured and planned capacity without a route to energisation.
Source: Utility Dive, June 22, 2026, reporting the Public Utility Commission of Texas and ERCOT. Press
Holders of the $650M 2030 notes have a one-time non-contingent right to require the company to repurchase all or any portion of them for cash at par on June 15, 2028. This is the only fixed cash date in a capital structure otherwise made entirely of zero-coupon paper, and it falls within months of the first expected lease revenue rather than after it.
The stock trades above the $14.80 conversion price by then and holders convert rather than put, extinguishing the cash claim.
Holders put in full and $650M of cash is due at the point of peak construction spend on the lease.
Source: Form 10-Q for the quarter ended March 31, 2026, filed May 11, 2026. Filed
The company may not redeem the $1,150M 2032 notes before February 20, 2029, and thereafter only if the stock has traded at least 130% of the $19.16 conversion price, meaning roughly $24.91, for twenty trading days in a thirty-day window. Until that date the notes cannot be called at all.
The share price condition is met, letting the company force conversion and remove $1,150M of principal from the balance sheet.
The condition is never met and the principal runs to 2032 as a hard maturity against an unbuilt second business.
Source: Form 8-K of November 13, 2025 and Form 10-Q filed May 11, 2026. Filed
Ongoing and undated, most material first. These take “Why undated” in place of timing confidence.
On the company's own stated project cost of $10M to $12M per MW against 175 MW of critical IT load, the build needs $1,750M to $2,100M. Cash stood at $202.6M at June 30, 2026, down from $260.3M at March 31, and the two undrawn revolvers total $400M, both bitcoin-collateralised. Nothing has been announced in the three weeks since the lease.
The shape of the financing decides which document describes this company. Project debt secured on an investment-grade rent stream is one outcome; a third convertible or an equity raise against a $3.5bn market capitalization is another. The company's own forward-looking language names both its need for substantial additional capital and the risks of the significant additional indebtedness it may incur.
Non-recourse project financing at a rate reflecting the tenant's credit rather than the company's, with limited or no equity issuance.
Equity issued near current levels, or a third convertible layered onto $1.8bn of existing notes, or financing late enough to put a milestone at risk.
Source: Form 8-K and press release, July 14, 2026; Form 10-Q filed May 11, 2026. Filed Open
Bitcoin is marked to the quoted price at every reporting date and the movement runs straight through earnings. From September 30, 2025 to March 31, 2026 the coin went from roughly $114,100 to roughly $68,200, producing a $470.9M fair value loss on holdings and a $142.5M loss on bitcoin posted as collateral, and taking shareholders' equity from $2,175.1M to $986.2M. It was near $64,700 on July 31, 2026, below the March mark.
With 13,924 bitcoin at June 30, 2026, each $10,000 on the coin is worth roughly $139M of book value before tax. The same variable sets mining revenue per coin, so it moves both the income statement and the balance sheet in the same direction at once.
A recovery lifts the treasury, the reported result and the equity base against which construction financing would be raised.
A further fall compounds a fair value loss with mining revenue per coin already below all-in cost, at a point of maximum capital need.
Source: Form 10-Q filed May 11, 2026; company operational update, July 7, 2026; bitcoin price at July 31, 2026. Filed Market
The lease requires the company to satisfy specified financing, construction and delivery milestones and other covenants and conditions, and states that failure to satisfy applicable milestones may result in rent abatements or termination. The company has not disclosed what the milestones are or when they fall.
This is the condition that converts the financing question into a contractual one. A financing that arrives late is a cost of capital problem; a financing that arrives after a milestone is a lease problem.
The milestone schedule is disclosed and met, removing the largest unquantified term in the largest contract the company has signed.
A missed milestone triggers rent abatement, or termination removes the $6.6bn entirely and with it the exclusivity over 885 MW in Texas.
Source: Form 8-K, Item 8.01, July 14, 2026. Filed
The tenant executed a letter of intent and exclusivity arrangement covering 718 acres and up to 885 MW of secured and planned capacity across the Sealy and Brazoria campuses. The company calls Sandersville the first chapter of a substantially larger relationship. A letter of intent is not a lease, no exclusivity period has been stated, and the capacity is described as secured and planned rather than energised.
Conversion at Sandersville-like economics across 885 MW would be several times the $6.6bn already contracted.
Exclusivity lapses without a lease, leaving 718 acres of land and power commitments carried at cost with no tenant.
Source: Form 8-K and press release, July 14, 2026. Filed
Hasthantra v. CleanSpark, filed in the Southern District of New York on January 20, 2021, alleges material misstatements and omissions between December 10, 2020 and August 16, 2021 concerning the acquisition of ATL Data Centers and the anticipated expansion of mining. The court granted class certification on September 24, 2025. Expert discovery concluded in late 2025, and the company's motions to exclude the plaintiffs' two experts were fully briefed on March 3, 2026 and remain pending.
The company states the claims are without merit and that it cannot estimate potential losses. Class certification is the point at which a securities case acquires settlement value, and a ruling on the expert motions is the next observable step.
The expert motions are granted, which typically weakens damages and reduces settlement value. The company states it cannot estimate the exposure either way.
The motions are denied and a certified class proceeds toward trial or a settlement the company has not reserved for.
Source: Form 10-Q filed May 11, 2026, Note 15; Form 10-K filed November 25, 2025, Note 19. Filed
From May 2025 US Customs and Border Protection has invoiced the company asserting Chinese-origin import tariffs on miners imported in 2024. The company states that if the agency were to prevail on the remaining entries, total liability could reach approximately $130M excluding statutory interest. It holds importation documentation showing non-Chinese origin, the seller represented the same, some administrative protests have been approved, and no provision has been recorded because a loss is not considered probable.
The remaining protests are approved and the exposure closes at nil, as several already have.
An adverse determination crystallises up to $130M plus statutory interest against a balance sheet carrying no provision.
Source: Form 10-Q filed May 11, 2026, Note 15. Filed
Four shareholder derivative actions filed in Nevada between 21 February and March 8, 2023 against current and former officers and directors, consolidated in the Eighth Judicial District Court in Clark County, assert breach of fiduciary duty, unjust enrichment and corporate waste. The special litigation committee's motion to defer was denied on April 2, 2026 without prejudice, a denial the company describes as procedural rather than a ruling on the merits. The company is evaluating whether to seek appellate review.
Derivative claims are brought on the company's behalf, so the direct financial exposure is usually modest. What the case can produce is governance change, and the standing arrangements around the preferred stock (S12) are exactly the kind of matter such an action reaches.
Appellate review reinstates the deferral, or the action is dismissed, closing a matter open since 2023.
The action proceeds to discovery against sitting directors while the company is negotiating its largest ever financing.
Source: Form 10-Q filed May 11, 2026, Note 15. Filed
Full conversion of both issues would deliver 103,941,450 shares, being $650M at 67.5858 shares per $1,000 and $1,150M at 52.1832 shares per $1,000, or 40.5% of the 256,599,199 shares outstanding at March 31, 2026. The company may elect to settle in cash, shares or a combination.
Early conversion is tested each calendar quarter against 130% of the conversion price, roughly $19.24 for the 2030 notes and $24.91 for the 2032 notes. Neither condition had been met at March 31, 2026 and the stock closed at $12.18 on August 12, 2026. The 2030 notes carry capped calls struck at $24.66 that blunt dilution above that level; the 2032 notes carry none.
A re-rating above the conversion prices converts $1.8bn of debt into equity and removes the 2028 cash put entirely.
The stock stays below both prices, leaving $1.8bn as hard debt with a fixed cash call in June 2028 and no equity relief.
Source: Form 10-Q filed May 11, 2026, Note 9; Form 8-K of November 13, 2025. Filed
All computing power goes to one pool operator, Foundry, which the company names as its sole customer under a contract terminable at any time by either party. Pool fees ran at roughly 0.21% of gross mining revenue in the March 2026 quarter. Every dollar of reported revenue depends on that single relationship continuing.
Diversification across pools, or self-mining, removes a concentration the company itself flags as a risk factor.
Termination or a fee increase hits 100% of revenue with no contractual notice period disclosed.
Source: Form 10-K filed November 25, 2025; Form 10-Q filed May 11, 2026. Filed
The register has turned over in nine months, with three filings in July 2026 alone. D. E. Shaw filed a new position of 12,859,115 shares, 5.0% of the class, on July 17, 2026 with an event date of July 10, 2026, the day the lease was executed; 1,117,500 of those shares are held through call options. Bank of Nova Scotia filed a new 5.62% position, 14,791,062 shares, on July 15, 2026 for the 30 June date. Dimensional went from 5.5% at 31 March to 3.8% at 30 June.
The Vanguard sequence needs stating carefully because two entities are involved. The Vanguard Group reported 10.05% at November 28, 2025 and then reported zero on an amendment with an event date of March 13, 2026. Separately, Vanguard Capital Management reported 5.08% at March 31, 2026. The two together are more consistent with a change in which entity reports than with a sale and a repurchase, but neither filing says so, and this file does not choose between the readings. BlackRock's last filing, at 15.5% for March 31, 2025, has not been amended since.
Further new 5% holders after the lease, as with the two filed in mid-July, on a register with 30% of shares already short.
Continued index and quantitative selling, as with the Dimensional reduction, into a name whose passive weight follows a falling market capitalization.
Source: Eleven beneficial ownership filings under the newer form label between November 13, 2025 and July 17, 2026. Filed
77,993,876 shares were short at the July 15, 2026 settlement date, against 78,632,173 at June 30, 2026, with days to cover of 3.3. On the 256,608,606 shares outstanding that is 30.4%. Part of the position is structural: convertible arbitrage against $1.8bn of notes requires a short in the underlying, and the company itself repurchased $605.0M of stock from note investors to let them establish it.
Good news on financing or a Texas conversion forces covering into a float where three days of volume are already committed.
A large short base is also a large body of informed sellers, and it grew through the period in which the equity halved.
Source: Short interest at the July 15, 2026 settlement date; Form 10-Q filed May 11, 2026 for the share count. Market Filed
The Business Finance Authority of the State of New Hampshire proposed up to $100M of taxable conduit revenue bonds with CleanSpark as borrower, secured by bitcoin pledged into a custody trust with BitGo as custodian and liquidation agent. Moody's assigned a provisional Ba2 rating in late March 2026, with an initial collateral coverage of 1.60 times and mandatory redemption at a 1.40 times trigger. The state's Executive Council rejected it 3 to 2 on the account read here, citing concern for the state's financial reputation. A New Hampshire legislator has said publicly that reconsideration will be sought at a future council meeting.
The sum is small against $1.8bn of existing notes. What it tests is whether bitcoin-collateralised structured debt is available to this company at all, which is a live question given how much capital the lease requires.
Reconsideration succeeds, establishing a template for bitcoin-collateralised term debt that does not dilute equity.
The rejection stands, confirming that a rated, over-collateralised, $100M structure could not clear a public body, at a point of far larger capital need.
The company has filed nothing on this matter: no current report on the rating, the proposal or the rejection appears in its filing record. Everything above is from the rating agency's action and press coverage of the council. The date of the vote differs between accounts, and the newspaper of record could not be retrieved when attempted on August 3, 2026.
Source: CoinDesk, July 9, 2026; reporting of the Moody's rating action of late March 2026. Press
Big Digital Energy, formerly Mawson Infrastructure Group, discloses that on July 16, 2024 it and Luna Squares sued CleanSpark and CSRE Properties Sandersville LLC in the Southern District of New York, case 1:24-cv-5379, for at least $2.0M for breach of a bill of sale dated October 1, 2022. It states the defendants' motion to dismiss, filed September 13, 2024, was denied, that the matter is proceeding, and that the parties are actively pursuing informal settlement discussions.
CleanSpark acquired the Sandersville facility from Mawson effective October 2022 and names neither the matter nor the counterparty's claim in its own legal contingencies. The amount is immaterial at this size. The subject is title and terms around the campus now carrying a $6.6bn lease, which is why it is listed rather than ignored.
Settlement closes a claim against the lease campus before a lender diligences it.
An unresolved claim touching the Sandersville assets surfaces during financing diligence, having never appeared in the company's own disclosure.
Source: Big Digital Energy, Inc. Form 10-Q filed May 14, 2026; CleanSpark Form 10-K filed November 25, 2025 for the acquisition. Filed
Closed items, kept for the record, ordered by resolution date. A resolved catalyst takes the next free R number; it does not carry its old D number over.
Completed under an agreement of June 26, 2024. 5,031,221 shares issued at $12.06, valued at $60.7M, plus 22,803,726 warrants valued at $6.1M. It added three Tennessee sites and moved the company into Tennessee Valley Authority territory, and carried $48.3M of tax-deductible goodwill at close. Total goodwill went from $8.0M to $135.3M in the quarter that followed.
Announced by the company on March 10, 2025 and effective before the open on March 24, 2025. Index membership is decided by the provider rather than by the company, and it creates a passive holder base whose weight follows the market capitalization down as well as up.
S. Matthew Schultz was appointed Chief Executive by a current report of August 11, 2025, replacing Zachary K. Bradford. Effective September 4, 2025 Gary Vecchiarelli added President to Chief Financial Officer, Scott Garrison became Executive Vice President and Chief Development Officer, and Taylor Monnig added Chief Operating Officer to Chief Technology Officer. New employment agreements were entered for five executives, with base salary of $950,000 and a bonus target of up to 200% for the Chief Executive, and with bitcoin introduced as an element of executive pay. The former Chief Executive's severance included restricted stock units, which the company cites as a driver of the rise in stock-based compensation to $45.3M in fiscal 2025.
The 50 MW Coinmint hosting arrangement in Massena, New York expired at the end of December 2024 and wind-down began on expiry. The company states all megawatts allocated to it had been vacated as of September 30, 2025, and that from March 31, 2025 it mines exclusively at owned and leased facilities. It no longer reports hosted-facility metrics. Hosting and profit-sharing fees fell from $32.7M in fiscal 2024 to $11.2M in fiscal 2025.
Approximately 271 acres acquired with an option over adjacent land, plus long-term power supply agreements totalling 285 MW providing for a progressive buildout over an estimated eighteen-month development period. Consideration was cash and stock approximating $66.0M at closing, including 1,788,834 shares, with further cash payable on certain post-closing events. This is the Sealy campus now under the tenant's exclusivity.
Revenue of $766.3M, up 102%, with net income of $364.5M against a $145.8M loss, on a $425.6M fair value gain on bitcoin. Filed without a late notification, unlike the prior year. It reported 1,027 MW contracted, 45.6 EH/s, 336,544 miners owned and 241,934 in service, and 10,428 bitcoin held with a further 2,583 posted as collateral.
Property acquired in Brazoria County with a framework for approximately 300 MW of power capacity and potential expansion to approximately 600 MW, where transmission-level infrastructure supports the initial demand load. Together with the Sealy campus this took the Texas portfolio to 718 acres and up to 885 MW.
Held on a January 9, 2026 record date of 255,750,361 common shares and 1,750,000 preferred carrying 78,750,000 votes, an aggregate 334,500,361. Quorum was 68.19%. Schultz, McNeill, Wood, Beynon and Cavaleri were elected and BDO USA ratified for fiscal 2026. Withheld votes ran to 31,646,526 against McNeill and 32,164,897 against Wood, against 3,744,323 for the Chief Executive.
An amended certificate of designation effective March 20, 2026 eliminated the preferred's quarterly dividend of 2% of earnings before interest, taxes and amortisation and paid a one-time $17.1428571428571 per share, being $30,000,000 across 1,750,000 shares, on or about March 24, 2026 to a record date of March 19, 2026. The 45 votes a share continue. The board approved it excluding the two directors who hold the preferred, and it was recorded as a deemed dividend in a quarter reporting a $378.3M net loss.
The Nevada court denied the special litigation committee's motion that the derivative claims should be dismissed, without prejudice to the defendants' contentions on the merits. The company describes the denial as procedural and is evaluating whether to seek appellate review. It ended a stay that had run since November 6, 2023, and it is why the derivative action is carried as a live standing condition (S7) rather than as resolved.
The state's Executive Council voted 3 to 2 against authorising up to $100M of taxable conduit revenue bonds through the Business Finance Authority with CleanSpark as borrower, against roughly $175M of bitcoin pledged into a custody trust. Moody's had assigned a provisional Ba2 rating in late March 2026. Reported reasons centerd on the state's financial reputation. Reconsideration has been signalled and is carried as a standing condition (S13). The date differs between accounts and the newspaper of record could not be retrieved when attempted on August 3, 2026.
A twenty-year triple net lease with two five-year extension options, covering 175 MW of critical IT load, with annual escalators, expected contract value of $6.6bn over the initial term and $11.6bn if both extensions are taken, expected cumulative contribution margin close to 100% and average annual contribution of approximately $330M, and landlord project costs of $10M to $12M per MW. Morgan Stanley advised, Davis Polk acted as counsel. The tenant also signed a letter of intent and exclusivity over 718 acres and up to 885 MW in Texas. Reported under Item 8.01 rather than as a material definitive agreement, and the lease itself was not filed as an exhibit.
Reported on the first day of the window this card named, with the Form 10-Q lodged the same day at a lag of 37 days from the June 30 period end, inside the forty days a large accelerated filer has. The card set out four things to watch. Two were answered and two were not.
| What the card asked | The print |
|---|---|
| How Sandersville will be financed | Answered. The anticipated equity portion is stated to be fully funded, and all long-lead items are ordered and pre-paid |
| Whether the fleet carrying value is being reassessed | No impairment in the quarter, nil for the three months against $5.4M for the nine, and no useful-life change disclosed |
| What the milestone schedule requires | Not answered. A ready-for-service schedule is referenced and no dates are given |
| Cash cost near $45,000 per bitcoin | Not disclosed. The release carries no cost-per-bitcoin figure |
Neither condition landed cleanly, which is what Two-sided meant here. The downside was compound, a third consecutive quarterly loss with no financing detail plus an impairment or a further useful-life change, and it fails on two of its three limbs. The upside required financing named, milestone dates disclosed and cash costs near $45,000, and only the first arrived.
The operating line went the other way. Revenue $138.0M against $198.6M a year earlier, down 30.5%. Net loss $239.8M, or $0.89 per basic share. Adjusted EBITDA negative $113.0M, improved from negative $377.7M. Total assets $2.7bn, total liabilities $1.9bn, stockholders’ equity $0.8bn, long-term debt $1.8bn, working capital $761M.
Cash rose against the year end and fell against the quarter, and only one of those is the trend. The release compares $202.6M to $42.966M at September 30, 2025. Against March 31, 2026, the last reported quarter, cash of $260.3M fell to $202.6M, a decline of $57.7M in the period the Sandersville equity was funded.
Source: Form 10-Q and Form 8-K with Item 2.02, both August 6, 2026; third fiscal quarter 2026 results release, Exhibit 99.1.
Every category reviewed appears as a row, including those that produced catalysts, which read across by title and ID. A category checked and found empty is recorded rather than omitted.
| Category | Status | Basis |
|---|---|---|
| Earnings | Covered above | Third quarter fiscal 2026 results (R14), fiscal 2026 annual report (D5), first quarter fiscal 2027 results (D6), second quarter fiscal 2027 results (D8), fiscal 2025 annual report (R7). |
| Product launches | None | The company sells computation, not products, so the category has no direct referent. What stands in its place is capacity energisation and the move into leased AI and HPC infrastructure, covered by the Sandersville lease (R13) and its first deliveries (D9). |
| Investor days | None | No investor day or analyst day appears in the filing record to July 17, 2026 or in the company's releases to July 31, 2026, which carry only quarterly results webcasts. The company's events page was reached on August 3, 2026 but populates by script and returned no listings. |
| Regulatory decisions | Covered above | ERCOT Batch Zero inclusion decisions (D2) and the final transmission plan (D10). The customs tariff assessments (S6) are an administrative determination in the same family. |
| Lawsuits | Covered above | Certified securities class action (S5), consolidated Smith derivative action (S7), counterparty litigation over the Sandersville bill of sale (S14), and the special litigation committee motion denied (R11). |
| Macro events | Covered above | Bitcoin price and the fair value line (S2). Network difficulty and global hashrate act through the same channel and are discussed there. |
| Industry conferences | Not established | Not examined. No conference calendar was checked. Also named in what was not checked. |
| Management changes | Covered above | Chief executive transition and leadership realignment (R3). No change has been filed since; the most recent officer appointment disclosed is the Senior Vice President of AI Data Centers in October 2025. |
| Buybacks | None | No authorised repurchase program exists. The buyback authority took a different form: $605.0M of shares repurchased in privately negotiated transactions from the investors in two convertible offerings, covered by the 2032 notes and concurrent repurchase (R6), plus $90.4M of capped calls on the 2030 notes covered by the dilution mechanics (S8). |
| Dividends | Covered above | No common dividend has ever been declared and the fiscal 2025 annual report states none is planned. The preferred dividend right was extinguished for $30.0M in cash, covered by the Series A amendment (R10). |
| Major contracts | Covered above | Sandersville twenty-year lease executed (R13), lease milestone compliance (S3), Texas exclusivity converting to a lease (S4), first deliveries (D9). |
| Index membership | Covered above | Addition to the S&P SmallCap 600 (R2). Decided by the provider rather than the company, which is why it is tracked separately from company events. |
| Convertible and other financings | Covered above | 2032 notes and concurrent repurchase (R6), dilution mechanics (S8), 2030 notes holder put (D11), 2032 notes first redemption eligibility (D12), Sandersville construction financing (S1), Two Prime facility maturity (D3), New Hampshire conduit bond rejected (R12) and its revival (S13). |
| Mergers and acquisitions | Covered above | GRIID Infrastructure acquisition (R1), Austin County acquisition (R5), Brazoria County acquisition (R8). No pending transaction is on file. |
| Analyst coverage and short interest | Covered above | Short interest at roughly 30% of shares outstanding (S11). The company's own investor relations page, read on August 4, 2026, enumerates fourteen covering firms with one named analyst each. Eleven of the fourteen were initial purchasers of one or both convertible offerings, and one of those eleven has also been the sole sales agent under every at-the-market program, so the covering set and the distribution syndicate are largely the same firms. |
| Credit rating actions | None | No corporate credit rating exists. Both note issues were sold under Rule 144A unrated. The only rating found is the provisional Ba2 on the New Hampshire conduit bonds, which were not issued, covered by the rejection (R12). |
| Segment reporting | None | The company reports a single reportable segment, bitcoin mining, and states so in its goodwill disclosure. A second segment would follow the first lease revenue, which is not expected before the fourth quarter of 2027 (D9). |
| Exchange listing compliance | None | No deficiency, compliance or listing determination notice appears across the complete 750-filing record under Central Index Key 0000827876. The common stock and the warrants are listed on Nasdaq under file number 001-39187. |
| Late filing notifications | None | Six late annual and eleven late quarterly notifications exist across the 750-filing record, the most recent being a late annual notification on December 2, 2024 and a late quarterly notification on August 10, 2022. None has been filed since, and the two most recent annual reports were lodged on time. |
Sits across every other catalyst rather than beside them.
Every item on this calendar is read against one fact: the company must find between $1,750M and $2,100M to build what it has just leased, and it has $202.6M of cash, $400M of undrawn bitcoin-collateralised revolvers and $761.3M of book equity. The overlay is therefore not a footnote about share count. It is the main event, and each of the sources of capital below carries a different consequence for the equity.
| Source | Capacity | Consequence, and basis |
|---|---|---|
| Cash on hand | $202.6M | At June 30, 2026, down from $260.3M at March 31. Covers roughly one tenth of the low end of the build Filed |
| Bitcoin treasury | ~$900.9M | 13,924 bitcoin at June 30, 2026 marked near $64,700. Selling it funds the build and removes the asset the equity story has rested on Estimate |
| Undrawn revolvers | $400.0M | Coinbase $300M indicative and Two Prime $100M, both requiring bitcoin collateral at loan-to-value ratios that tighten as the coin falls Filed |
| Authorised share headroom | 301,035,410 | 600,000,000 authorised less 298,964,590 issued at March 31, 2026. Ample room to issue, which is the point Estimate |
| Convertible conversion shares | 103,941,450 | Both issues at their initial rates, being 40.5% of shares outstanding. Settleable in cash, shares or a mix at the company's election Estimate |
| 2030 notes cash put | $650.0M | Holder option at par on June 15, 2028. A cash claim, not a dilution, and it lands months before first rent Filed |
| Preferred change-of-control conversion | 5,250,000 | 1,750,000 preferred at three common each, triggered automatically on a change of control Filed |
| Warrants | 1,604,559 | Exercisable at $165.24 per whole share. Immaterial at any plausible price Filed |
The company has raised $1,800M of convertible debt in eleven months and returned $605.0M of it to the buyers as a share repurchase. It has never issued project-level debt. Whether Sandersville is financed at the project or at the parent decides whether the equity is diluted at $12.18 or insulated behind a non-recourse structure secured on an investment-grade rent stream. Nothing filed indicates which is intended, and the company's own forward-looking language names both the need for substantial additional capital and the risks of significant additional indebtedness without choosing between them.
What would prove this read wrong, stated in advance. Each trigger is settleable from a document; an unquantified threshold is not a test.
| # | If this happens… | …this was wrong | Status |
|---|---|---|---|
| 1 | A current report or press release announces committed financing of $1,000M or more specifically for the Sandersville build, on or before November 30, 2026. | That the financing gap is the binding constraint on this equity. | Untriggered |
| 2 | The quarterly report for the period ended June 30, 2026 discloses average revenue per bitcoin mined at or above the all-in cost to mine one bitcoin, on the owned-facilities table. | That mining has stopped recovering its capital. | Untriggered |
| 3 | A current report discloses an executed lease, not a letter of intent, covering 200 MW or more of the Texas portfolio, on or before December 31, 2026. | That the Texas exclusivity should be treated as an option rather than as contracted capacity. | Untriggered |
| 4 | The fiscal 2026 annual report discloses the Sandersville milestone dates and states that all milestones falling before its filing date have been met. | That milestone risk is unquantifiable from the public record. | Untriggered |
| 5 | A monthly operational update reports total bitcoin holdings below 10,000, or the quarterly report discloses bitcoin sold to fund construction. | That the treasury will be preserved rather than spent on the build. | Untriggered |
| 6 | Holders of the 2030 notes are reported to have converted, or the notes become conditionally convertible because the stock closes at or above $19.24 for 20 of 30 trading days in a quarter. | That the June 2028 put is a live $650M cash claim. | Untriggered |
| 7 | A current report discloses that Customs and Border Protection has withdrawn or that the company has recorded a provision against the asserted tariffs. | That the $130M exposure remains an open, unprovisioned contingency. | Untriggered |
| 8 | The court rules on the motions to exclude the plaintiffs' two experts in the securities class action. | That the next observable step in that matter is a ruling on those motions. | Untriggered |
| 9 | An amended beneficial ownership filing reports D. E. Shaw below 5%, or Bank of Nova Scotia below 5%, before December 31, 2026. | That the post-lease institutional buying represents durable positioning. | Untriggered |
| 10 | A short interest settlement date on or before December 31, 2026 reports fewer than 50,000,000 shares short. | That the roughly 30% short position is structural rather than directional. | Untriggered |
The thresholds in tests 1, 3, 5, 6 and 10 are analyst judgments rather than figures the company has published. $1,000M is set at roughly half the low end of the stated build cost, 200 MW at roughly a quarter of the Texas portfolio, 10,000 bitcoin at roughly 70% of the June 30, 2026 holding, $19.24 as 130% of the 2030 conversion price, and 50,000,000 shares at roughly two thirds of the current short position. Each is stated so that the test can be settled from a document even where the level itself is a judgment.
Every ID in one table, gapless within each class. Must match the cards above exactly: same IDs, same count, same order. Links point at title slugs so they survive renumbering.
| Tag | What it asserts |
|---|---|
| Filed | Stated in an SEC filing or company release, cited by form and date. Also covers a dated official publication by a named non-SEC issuer, with the issuer named in the Source line. Used here for ERCOT's published Batch Zero process and for the company's monthly operational updates. |
| Estimate | Derived or inferred here. The arithmetic is shown. |
| Open | Expected but unconfirmed. Nothing filed either way. |
| Market | Price, volume, float, short interest, published targets and ratings. Stamped with the close or publication date. |
| Press | Reported by a named publication that is neither the issuer nor an analyst, cited by outlet and date. Corroborates; never the sole basis for a material claim. |
| Social | Publicly posted by a named account, cited by handle and date. Asserts that the statement was made, never that it is true. Not used in this document. |
| Level | Means |
|---|---|
| High | Date is company-announced, protocol-defined, or statutorily fixed. |
| Medium | Date inferred from filing cadence or a stated deadline window. |
| Low | Date is a judgment call. Could move by a quarter or more. |
The fiscal year ends 30 September, so the reporting cadence runs a month later than a December year-end peer on the same calendar quarter. Deriving a date from a December year-end would put every estimate here roughly thirty days out. The cadence was taken from the filing record itself: quarterly reports lodged February 5, 2025, May 8, 2025, August 7, 2025, February 5, 2026 and May 11, 2026, and annual reports lodged November 25, 2025 for fiscal 2025 and, after a late notification on December 2, 2024, for fiscal 2024. As a large accelerated filer the company has forty days from a quarter end and sixty days from a year end.
Confidence rates timing, never outcome. A High-confidence catalyst can be a coin flip; a Low-confidence one can be near-certain in direction.
Impact is independent of confidence. A High-impact, Low-confidence item is the most important kind here: it matters enormously and could land any time. The Sandersville first deliveries (D9) and the Sandersville construction financing (S1) are both of that kind.
Primary filings and company releases first, with form type and date.
| Source | Date | What it settles here |
|---|---|---|
| Form 8-K, Sandersville lease | Jul 14, 2026 | Lease terms, 175 MW, $6.6bn, milestones, Texas exclusivity, project cost per MW |
| Operational update, June 2026 | Jul 7, 2026 | 614 bitcoin produced, 13,924 held, 42.6 EH/s average, 808 MW drawn, treasury activity |
| Form 10-Q, quarter ended Mar 31, 2026 | May 11, 2026 | Half-year financials, indebtedness, collateral, litigation, tariffs, equity, capacity |
| Form 8-K, Series A amendment | Mar 24, 2026 | $30.0M special dividend, holder identities, voting mechanics |
| Form 8-K, annual meeting results | Mar 5, 2026 | Vote totals, voting power split, directors, auditor |
| Form 10-K, FY ended Sep 30, 2025 | Nov 25, 2025 | Full-year financials, fleet, sites, competitors, legal matters, subsequent events |
| Form 8-K, 2032 notes | Nov 13, 2025 | $1,150M issue, conversion terms, $460M concurrent repurchase |
| Beneficial ownership filings, eleven | to Jul 17, 2026 | The institutional register: D. E. Shaw, Bank of Nova Scotia, Vanguard, Dimensional, Susquehanna, BlackRock |
| Big Digital Energy Form 10-Q | May 14, 2026 | The Mawson litigation over the Sandersville bill of sale |
| ERCOT large load integration publication | to Jul 2026 | Batch Zero process, the 75 MW threshold, the July 10 and 24, 2026 deadlines |
| Utility Dive | Jun 22, 2026 | Public Utility Commission of Texas approval of June 18, 2026, queue size, batch timeline |
| CoinDesk | Jul 9, 2026 | New Hampshire Executive Council rejection of the conduit bond |
| Company results webcast announcement | Jul 30, 2026 | Third quarter fiscal 2026 webcast set for August 6, 2026 |
| Company analyst coverage page | read Aug 4, 2026 | The fourteen covering firms and their analysts, enumerated from the page rather than from any count stated on it |
| Form 8-K, 2030 notes indenture | Dec 17, 2024 | The seven initial purchasers of the 2030 notes, and the $90.4M of capped calls with unnamed counterparties |
The filing sweep was run against Central Index Key 0000827876, which is the permanent identifier and survives the company's earlier names Stratean Inc. and SmartData Corp. The complete index holds 752 filings from November 17, 2008 to August 6, 2026, and all eighteen form families were swept across it, most recent first, with exhibit lists enumerated rather than form types alone. Beneficial ownership was swept under both of the labels the electronic filing system emits: eleven filings have been made under the newer label since November 13, 2025, against twenty under the older label whose most recent is November 12, 2024, so a search on the older label alone returns none of the current register.
Categories, date ranges and filing families the sweep did not reach. An unexamined area is a gap, not a clean bill.
| Area | Status | What is missing |
|---|---|---|
| Industry conferences | Not established | No conference calendar was checked for the twelve months ahead. The company's events page was reached on August 3, 2026 but populates by script and returned no listings. |
| Individual Form 4 transactions | Not established | The 222 Forms 4 and 55 Forms 144 in the index were enumerated by date and count. Individual transaction codes were not read, so insider open-market buying is not established either way. |
| ERCOT Batch Zero applicant list | Not established | Whether the Sealy or Brazoria sites lodged applications by the July 24, 2026 deadline is not on any record read. The grid operator publishes the process but not the applicants. |
| Sandersville power regime | Not established | Sandersville operates a municipal electrical system while the Georgia Public Service Commission rule on customers above 100 MW binds Georgia Power. Which regime governs the new 175 MW, and on what tariff, was not settled. |
| Court dockets, read directly | Not established | Litigation status is taken from the parties' own filings. Neither CourtListener nor PACER nor the Nevada state portal was queried, so posture is as of each party's last report rather than as of today. |
| New Hampshire council vote date | Not established | CoinDesk dates the vote July 9, 2026; other coverage dates it 8 July. The Union Leader account was attempted on August 3, 2026 and returned a rate-limit response rather than content, so it is a gap rather than a check. |
| The covering firms' own notes | Not established | No research note was read for any of the fourteen firms on the issuer's coverage page. The distribution roles recorded here come from the issuer's indentures and its equity program, not from the firms' own disclosure, and absence from those lists is not absence of a relationship. |
| The lease document | Not established | The lease was not filed as an exhibit. Escalator rates, the milestone schedule, the abatement formula and the termination triggers are known only from the company's own summary. |
| Canadian and Australian registries | None | Not applicable rather than unexamined. A Nevada corporation filing as a US domestic filer on Forms 10-K, 10-Q, 8-K and DEF 14A, with no 20-F, 40-F or 6-K across 750 filings, so no SEDAR+ or ASIC obligation arises. |
| Federal energy dockets | None | FERC eLibrary was not required: the sites take retail service from utilities and municipal systems rather than holding Federal Power Act authorisations, and no such authorisation is referenced in any filing read. |
| Exchange notices | None | The Nasdaq listing record was checked through the complete filing index. No deficiency, compliance or listing determination notice appears across 750 filings. |
Newest first. The original build entry is never removed or rewritten.
The contracted book has a more recent figure than this calendar carried. The company's August presentation states 2,110 MW contracted, on its own definition: contracted power at wholly owned or leased sites, excluding non-binding arrangements. The June figure of 1.8 GW is not superseded, because the two are a series and the drawn megawatts are what the row tracks. No catalyst changes state and no date moves.
This deck was nearly missed. The events page answers a plain fetch with a 168 KB page reading “No presentations available”, a false negative rather than an honest gap, and the same host failed the same way on August 3. It took a rendering browser to see it. Nothing here is repriced.
A High-impact dated catalyst was timed to an event the grid operator had already withdrawn. The catalyst then titled ERCOT Batch Zero inclusion decisions (D2) was timed August 2026, and its body stated that applicants are told during that month whether they are in the batch. ERCOT suspended exactly that on August 3, 2026, eight days before this file was stamped, in market notice M-A080326-01: no notification by August 7, no replacement date, and a request for a good cause exception to be filed ahead of the Public Utility Commission of Texas open meeting of August 20, 2026. The suspension follows the Governor's directive of the same day to audit every data center advancing through the interconnection process, with non-compliant projects to be denied grid connection. None of it is on EDGAR, and the sweep behind the previous revision read filings rather than the grid operator's notices.
The Batch Zero catalyst (D2) is retimed to the Commission meeting of August 20, 2026 and renamed for what is now dated, the Batch Zero timeline before the PUCT rather than the inclusion decisions themselves. Confidence moves Medium to High, because the meeting is scheduled and the filing is committed to, while the inclusion outcome it used to name has no date at all. The identifier does not move: August 20 still sorts between the monthly update in the first half of August and the facility maturity on September 14. The card's anchor changed with its title and the reference to it was swept in the same build. The ERCOT Batch Zero final transmission plan (D10), expected in the autumn of 2027, now carries the same qualification.
Repriced to the 12 August close. $14.17 → $12.18, up 5.73% on the session against the one before, on volume of 17,831,990 shares, about 0.82 times the mean of the nine preceding sessions.
No filing moved. Nothing has been filed since the third fiscal quarter report of August 6, 2026, and the issuer's newsroom carries nothing since this file's previous stamp.
Third quarter fiscal 2026 resolved on the first day of the window. Reported August 6, 2026 with the Form 10-Q the same day. Revenue $138.0M, down 30.5% from $198.6M; net loss $239.8M, $0.89 per basic share; Adjusted EBITDA negative $113.0M, improved from negative $377.7M. Carried as third quarter fiscal 2026 results and quarterly report (R14).
Two of the four questions the card asked were answered. Sandersville financing was, the anticipated equity portion being stated as fully funded with long-lead items ordered and pre-paid, and the fleet carrying value was, there being no impairment in the quarter and no useful-life change. Milestone dates and cash cost per mined bitcoin were not disclosed and remain open against the next print.
Cash on hand is restated and the direction depends on the comparison. It reads $202.6M at June 30, 2026 rather than $260.3M at March 31, a fall of $57.7M. The release compares instead to $42.966M at the September 30, 2025 year end, against which it is a rise. Both are true; the sequential figure is the one this file carries.
The filing sweep was rerun and restated. The index holds 752 filings reaching August 6, 2026, against 750 to July 17 at the last as-of. The price was not restruck: the pricing basis stays at the August 4, 2026 close.
Repriced $14.65 → $14.17 on the August 4, 2026 close, down 3.28% on 25.7 million shares against a 22.5 million average. The exchange reported the session closed and after-hours trading in progress when the figure was taken, so the volume test is corroboration rather than the basis. The 2030 notes now sit about 4% below their $14.80 conversion price. The horizon band boundaries do not move, being a convention this document adopted for dividing near from far rather than a measurement.
Analyst coverage now rests on this document's own evidence. The null table had read the coverage figures across from the companion report, which is not a source. The company's investor relations page was read here on August 4, 2026 and enumerates fourteen covering firms, each with one named analyst, with no count stated anywhere on the page. Eleven of those fourteen are named as initial purchasers in one or both convertible note indentures, and one of the eleven, H.C. Wainwright, has been the sole sales agent under every at-the-market equity program the company has run.
The filing sweep reached today and moved nothing. The complete index under Central Index Key 0000827876 holds 750 filings and carries no overflow file, so the whole record sits in one view rather than a recent page of it. Nothing has been filed since the beneficial ownership statement of July 17, 2026, and no dated catalyst resolved.
Known gaps in this version. No research note was read for any of the fourteen covering firms. The capped call counterparties on the 2030 notes are named in the filings only as certain financial institutions and are not established. The remaining gaps are as recorded in the previous entry.
Repriced to the August 3, 2026 close. The 3 August session closed while this file was being assembled, so the basis moves July 31, 2026 → August 3, 2026 and the price $13.76 → $14.65, up 6.47%. The 2030 notes now sit about 1% below their $14.80 conversion price. The sentence describing the interval between the close and the as-of stamp has been removed rather than restated: the two are now the same date, and prose that reasons from the stamp goes false at the next reprice. The horizon band boundaries do not move, being a convention this document adopted for dividing near from far rather than a measurement.
Built from the complete Central Index Key 0000827876 filing record, 750 filings from November 17, 2008 to July 17, 2026, swept across all eighteen form families with exhibit lists enumerated rather than form types alone. The load-bearing documents are the Form 8-K of July 14, 2026 reporting the Sandersville lease, the June 2026 operational update of July 7, 2026, the Form 10-Q for the quarter ended March 31, 2026 filed May 11, 2026, the Form 8-K of March 24, 2026 amending the Series A certificate of designation, and the fiscal 2025 Form 10-K of November 25, 2025. Beneficial ownership was swept under both labels the electronic filing system emits, which surfaced eleven filings since November 13, 2025 that a search on the older label alone returns none of, and those filings supply the whole of the institutional register recorded here. Full-text search of other filers' documents supplied the counterparty litigation from Big Digital Energy's quarterly report of May 14, 2026, which CleanSpark's own filings do not name. Non-SEC sources were ERCOT's published Batch Zero process, the Public Utility Commission of Texas approval as reported by Utility Dive, the Georgia Public Service Commission rule on customers above 100 MW, and press coverage of the New Hampshire conduit bond.
Pricing basis is the Nasdaq close of August 3, 2026 at $14.65, the most recent completed session.
Conventions fixed at construction: identifiers are gapless within each class and are positions rather than names, so catalysts are named by title with the current identifier in parentheses. Anchors are permanent title slugs. Resolved items are ordered by the date they completed rather than the date they began, which is why the exit from hosted mining operations sits at September 30, 2025, when the last capacity was vacated, rather than at the December 2024 expiry. Reporting dates are derived from the company's own filing cadence against a 30 September year end, not from a December year-end assumption.
Known gaps in this version. No conference calendar was checked, so that category reads as not established rather than empty. Individual Form 4 transaction codes were not read, so insider open-market buying is not established either way. Whether the Texas sites lodged ERCOT Batch Zero applications is not on any record read, which is why the inclusion decisions (D2) carry an assumption of participation. Which power regime governs the new 175 MW at Sandersville was not settled. Court dockets were not queried directly, so litigation posture is as of each party's last filing. The lease itself was not filed as an exhibit, so its escalators, milestone schedule and termination triggers rest on the company's summary. The date of the New Hampshire Executive Council vote differs between sources and the newspaper of record returned a rate-limit response rather than content when attempted.