CLSK
CLSK · CleanSpark, Inc. · Equity Research Report · as of October 7, 2026
Key figures, each tagged by provenance. Balance sheet items are at March 31, 2026 unless stated. The company reports on a fiscal year ending 30 September, so fiscal 2025 is the year to September 30, 2025 and the half year runs October to March.
| Metric | Value | Basis |
|---|---|---|
| Share price | $12.29 | Market Nasdaq close, Oct 6, 2026 |
| Shares outstanding | 256,817,073 | Filed 10-Q cover, Aug 4, 2026. This document had been carrying the May 7 cover count of 256,608,606 while already taking cash, equity and revenue from the August filing that supersedes it |
| Market capitalization | $3,156.3M | Estimate 256,817,073 × $12.29 |
| Revenue, FY2025 | $766.3M | Filed 10-K, Nov 25, 2025 |
| Revenue, H1 FY2026 | $317.6M | Filed 10-Q, May 11, 2026 |
| Net income, FY2025 | $364.5M | Filed 10-K, Nov 25, 2025 |
| Net loss, H1 FY2026 | ($757.1M) | Filed 10-Q, May 11, 2026 |
| Operating loss, H1 FY2026 | ($662.2M) | Filed 10-Q, May 11, 2026 |
| Cash and equivalents | $202.6M | Filed 10-Q, Jun 30, 2026. Down from $260.3M at Mar 31 |
| Bitcoin on balance sheet | $813.2M | Filed 10-Q, 11,920 BTC at Mar 31, 2026 |
| Bitcoin held, latest | 13,703 BTC | Filed Operational update, Sep 8, 2026, at Aug 31, 2026. Of which 3,951 posted as collateral or as receivable, so 9,752 unencumbered. The encumbered share fell for the first time, 29.22% to 28.83% |
| Convertible notes, principal | $1,800.0M | Filed 10-Q, $650M 2030 plus $1,150M 2032 |
| Total liabilities | $1,927.3M | Filed 10-Q, Mar 31, 2026 |
| Shareholders' equity | $761.3M | Filed 10-Q, Jun 30, 2026. Down from $986.2M at Mar 31 |
| Contracted power | 1,809 MW | Filed 10-Q, Mar 31, 2026 |
| Power actually drawn | 808 MW | Filed Operational update, Sep 8, 2026, peak concurrent August. Unchanged for a third month |
| Operating hashrate | 38.3 EH/s | Filed Operational update, August 2026 average, down 0.8% on July and falling for a third consecutive month |
| Fleet deployed | 201,269 | Filed Operational update, at Aug 31, 2026. Down 29,238 miners, or 12.7%, with no explanation offered in the release |
| Shares short | 77,993,876 | Market Jul 15, 2026 settlement date |
| 52-week range | $8.00 – $23.61 | Market To Oct 6, 2026, over 251 sessions. The window was extended and both ends survive it, the low struck 30 March 2026 and the high 15 October 2025. No ticker change in the window |
CleanSpark buys electricity and sells computation. Until July 10, 2026 there was only one kind of computation on offer: proof-of-work hashing contributed to a single bitcoin mining pool, Foundry, which the company names as its sole customer under a contract terminable at any time by either party. The company contributes all of its computing power to that pool and is paid in bitcoin under a formula, net of pool fees running at roughly 0.20% of gross mining revenue.
Everything upstream of that is an infrastructure business. The company owns and leases data center shells, substations and power contracts across Georgia, Tennessee, Mississippi and Wyoming, and has since added land and power in Texas and South Dakota. It owns its miners rather than hosting for others, and since March 2025 it has conducted all mining at owned and leased sites, having exited its last hosted arrangement.
The second business began on July 10, 2026, when the company signed a 20-year triple net lease at Sandersville, Georgia for 175 MW of critical IT load. Under a triple net structure the tenant bears the costs, charges and expenses of the property, which is why the company can describe the expected cumulative contribution margin as close to 100% and the average annual contribution as roughly $330M. What the company retains is the obligation to build: it must satisfy specified financing, construction and delivery milestones, and failure to do so may result in rent abatements or termination of the lease.
A third activity now sits alongside both. Since April 2025 the company has run an in-house trading desk over its own bitcoin, writing covered calls and puts collateralised by treasury bitcoin or cash under a program it calls Digital Asset Management. In June 2026 alone it sold 179 bitcoin at spot and 250 more into exercised calls, bought 25 through exercised puts and acquired 244 through delta-neutral basis trades, at an average realized price of $69,056 including net premiums. This is a treasury function that generates income and consumes management attention, and it is why 3,951 of the 13,703 bitcoin held at August 31, 2026 were, in the company's own words, posted as collateral or as receivable and all related to derivative transactions, rather than held free in its own custody. That is the figure this revision considers most material, and the headline conceals it. Total holdings rose by seven coins across July, from 13,924 to 13,931. Unencumbered coin fell from 12,205 to 9,861, a fall of 19.2%, because the encumbered portion went 1,719 to 4,070 and its share of the treasury went 12.35% to 29.22%. A reader tracking the headline alone would have recorded a treasury that stood still.
August reversed the direction without reversing the problem. Holdings fell 228 to 13,703, because 593 coins were produced and 821 were sold, 77 at spot, 500 into exercised calls and 244 through basis trades, at an average realised price of $65,420. The encumbered portion fell 4,070 to 3,951 and its share 29.22% to 28.83%, the first fall in that share this document has recorded. Unencumbered coin still fell, 9,861 to 9,752, because the selling was larger than the production.
The lease changes what kind of company this is more than any operating figure yet shows. Mining converts power into a commodity whose price the company cannot influence and whose production reward halves on a fixed schedule. A triple net lease converts the same power into a contracted receivable from a named credit over twenty years. Nothing in the reported numbers reflects that yet: the company states it had earned no revenue at all from AI and high performance computing as of March 31, 2026, and the first contracted deliveries are not expected until the fourth quarter of 2027. For at least five more reported quarters, the financial statements describe the old business while the equity is priced on the new one.
One reported stream today, one contracted stream from late 2027, and a treasury activity that is reported below the revenue line.
| Stream | FY2025 | H1 FY2026 | Share and durability |
|---|---|---|---|
| Bitcoin mining | $766.3M | $317.6M | 100% of revenue in both periods. Paid in bitcoin by one pool operator under a contract terminable at will Filed |
| AI and HPC hosting | $0.0M | $0.0M | No revenue earned to Mar 31, 2026. First deliveries under the Sandersville lease expected Q4 2027 Filed |
| Other services | $0.0M | $0.0M | The former data center services line ceased in FY2023 and the energy segment is in discontinued operations Filed |
Mining revenue is the product of two variables the company reports separately. In fiscal 2025 it mined 7,873 bitcoin at an average price of $97,337. In the half to March 31, 2026 it mined 3,612 bitcoin at an average of $87,916, against 3,902 at $88,170 a year earlier. Both terms moved against it: fewer coins and a lower price. The company attributes the volume decline to global hashrate growing faster than its own fleet, so that its share of network computational power fell even as miners in operation rose from 205,412 to 224,473.
The contracted stream is large enough to dwarf the reported one. $6.6bn over an initial twenty years averages $330M a year, against $766.3M of mining revenue in fiscal 2025. The company describes the expected cumulative contribution margin as close to 100%, which is the ordinary consequence of a triple net structure rather than a claim about operating skill.
The Sandersville lease has not been filed as an exhibit. The company reported it under Item 8.01 of Form 8-K, other events, and furnished only the press release. The $6.6bn figure, the escalators, the milestone schedule and the abatement and termination triggers are therefore known from the company's own summary rather than from the document.
Two markets set the terms here, and they are moving in opposite directions.
Global network hashrate reached 1,060 EH/s at September 30, 2025 against 627 EH/s a year earlier and 391.8 EH/s the year before that. The April 2024 halving cut the block reward from 6.25 to 3.125 bitcoin. The arithmetic of the industry is that every participant must run faster to hold share, and that share is worth less per unit each cycle. CleanSpark's own share went from 2.45% at September 30, 2023 to 4.40% in 2024 to 4.30% in 2025, and stood at 4.66% at March 31, 2026 against a global 1,016 EH/s.
Bitcoin's price has then removed the compensation. Intraday ranges reported by the company show $105,120 to $124,533 in the September 2025 quarter, $80,525 to $126,296 in the December quarter, and $60,000 to $97,964 in the March 2026 quarter. On July 31, 2026 bitcoin opened at $64,724.03 and traded down to $63,652.09 by mid-morning, roughly 45% below its level a year earlier.
The constraint in AI infrastructure has moved from chips to interconnection. ERCOT, the Texas grid operator, is processing a large load interconnection queue it has described at more than 438 GW, with close to 90% of it data centers, and the Public Utility Commission of Texas approved rules on June 18, 2026 for an initial cohort known as Batch Zero. ERCOT's own published process covers loads of 75 MW or greater and set a deadline of July 10, 2026 for interconnecting entities to lodge their forms and July 24, 2026 for the transmission provider to submit them. Applicants were to be told whether they are in the batch during August 2026, with a final transmission plan expected in the autumn of 2027. ERCOT suspended that step on August 3, 2026. Market notice M-A080326-01 states that it will not notify how any large load is classified in the Batch Zero study by August 7, 2026, gives no replacement date, and said it would seek a good cause exception on the Batch Zero timelines at the Public Utility Commission of Texas open meeting of August 20, 2026. ERCOT filed that request on August 10, 2026 and the Commission granted it on August 20, so the exception is no longer sought but held. The audit that follows it carries named completion milestones of December 10 and December 17, 2026. The suspension follows the Governor of Texas directing the Commission and ERCOT, on August 3, 2026, to audit every data center advancing through the interconnection process, with any project failing to comply to be denied connection to the grid.
Georgia is not an organized market. It is served by vertically integrated utilities and municipal systems under the Georgia Public Service Commission, which since February 1, 2025 has required any new Georgia Power customer expecting 100 MW or more of peak demand to take service under a customised contract rather than standard rates, with minimum billing terms permitted. In July 2026 the Commission voted to open a review of how Georgia Power charges data centers. Sandersville operates its own municipal electrical system, of which CleanSpark is the largest customer, so the applicability of the Georgia Power rule to this specific campus is not established here.
| Backdrop measure | Value | Basis |
|---|---|---|
| Global hashrate, Mar 31, 2026 | 1,016 EH/s | Filed 10-Q, sourced by the company to Hashrate Index |
| CleanSpark share of global hashrate | 4.66% | Filed 10-Q, at Mar 31, 2026 |
| Bitcoin, Jul 31, 2026 | ~$64,700 | Market Opened $64,724.03, $63,652.09 at 08:52 ET |
| ERCOT large load queue | >438 GW | Press Utility Dive, Jun 22, 2026, reporting ERCOT |
| PUCT large load rules approved | Jun 18, 2026 | Press Utility Dive, Jun 22, 2026 |
| Georgia customised contract threshold | 100 MW | Filed Georgia Public Service Commission rule, effective Feb 1, 2025 |
Named peers on comparable measures. The company names its own competitors in its annual report and constructs its own peer index; both lists are used here.
CleanSpark names MARA Holdings, Riot Platforms, Core Scientific, Bitfarms, IREN Limited, Cipher Mining and TeraWulf as its principal North American competitors, and adds Equinix, Digital Realty Trust and CoreWeave for the data center business it is entering. Its self-constructed performance peer index is MARA, Riot, HIVE, Bitfarms, TeraWulf, Cipher, IREN and Hut 8.
The naming runs both ways, which is worth stating because it settles that these companies regard each other as direct comparables rather than merely operating in the same sector. IREN's proxy statement of October 6, 2025 places CleanSpark in both its compensation peer group and the performance peer group used for its pay-versus-performance disclosure. MARA's proxy statement of April 30, 2026 places CleanSpark in its compensation peer group and in the four-company market-capitalization-weighted peer group used for its total shareholder return comparison.
| Measure | CleanSpark | Position and basis |
|---|---|---|
| Operating hashrate | 38.3 EH/s | August 2026 average, against a 50 EH/s peak. Among the largest listed fleets, though the average has fallen for three consecutive months Filed |
| Share of global hashrate | 4.66% | At Mar 31, 2026. Was 4.40% at Sep 30, 2024, so share has drifted despite fleet growth Filed |
| Fleet efficiency | 16.2 J/TH | Average operating efficiency at Mar 31, 2026, range 13.5 to 29.5. Peak deployed efficiency 16.07 J/TH in June 2026 Filed |
| Power cost | $0.052 / kWh | Quarter to Mar 31, 2026, against $0.060 a year earlier. Low relative to the sector Filed |
| Contracted power | 1,809 MW | At Mar 31, 2026, against 1,027 MW at Sep 30, 2025 Filed |
| Power actually drawn | 808 MW | Peak concurrent usage in August 2026 and unchanged since June, so under half the contracted figure is energised Filed |
| Bitcoin held | 13,703 BTC | At Aug 31, 2026. Among the larger miner treasuries Filed |
| Contracted AI and HPC revenue | $6.6bn | Over an initial 20-year term, first deliveries expected Q4 2027 Filed |
Where this file and a companion document differ. The MARA report in this set, as of August 1, 2026, describes CleanSpark as having more than 1.8 GW under contract with advanced hyperscaler discussions and AI deployments targeted for 2026 to 2027, on industry press from April to July 2026, and flags that the figure was not verified against CleanSpark's own filings. The power figure is corroborated here from the primary record: 1,809 MW at March 31, 2026 in the quarterly report, and 1.8 GW in the company's own June operational update. The company states a larger and more recent figure that this report, built on August 18, did not carry. Its August 2026 investor presentation, located August 10 prints 2,110 MW contracted capacity, footnoted as “all contracted power capacity for wholly owned or leased sites” and excluding “any other non-binding arrangements”. Estimate That is a series and not a contradiction: 1,809 MW at March and 2,110 MW in August are consistent with a growing book. The definition is the part worth carrying, because it is the issuer's own and it decides what the number counts: contracted power at sites owned or leased, with non-binding arrangements excluded. The characterisation of the customer position is not. As of March 31, 2026 the company stated it had earned no AI or HPC revenue, and the position advanced from discussions to an executed lease on July 10, 2026, with first deliveries expected in the fourth quarter of 2027 rather than in 2026.
Fiscal years end 30 September. Fair value movements on bitcoin run through the income statement under the crypto asset standard adopted from October 1, 2023, which is why reported earnings swing with the coin price.
| $ millions | FY2023 | FY2024 | FY2025 | H1 FY2026 |
|---|---|---|---|---|
| Revenue | 168.1 | 379.0 | 766.3 | 317.6 |
| Cost of revenues | 93.6 | 165.5 | 343.1 | 177.3 |
| Depreciation and amortisation | 120.7 | 154.6 | 348.3 | 222.2 |
| Payroll | 45.7 | 74.1 | 104.4 | 48.7 |
| General and administrative | 20.8 | 30.2 | 52.6 | 31.5 |
| Gain (loss) on fair value of bitcoin | n/a | 113.4 | 425.6 | (470.9) |
| Operating income (loss) | n/a | (149.0) | 318.9 | (662.2) |
| Net income (loss) | (138.1) | (145.8) | 364.5 | (757.1) |
Source: Form 10-K filed November 25, 2025 and Form 10-Q filed May 11, 2026. Filed
Revenue doubled in fiscal 2025 and then fell. The half to March 31, 2026 brought in $317.6M against $344.0M a year earlier, an 8% decline, and the March quarter alone fell 25% to $136.4M. Underneath that, cost of revenues rose 14% over the half, because energy consumption tracks the fleet rather than the coin price. Energy took 55.8% of mining revenue in the half against 43.4% a year before, and 59.9% in the March quarter alone against 46.0%.
Depreciation is the line that has changed the business. The company shortened miner useful lives from five years to three effective May 1, 2024. Depreciation and amortisation ran $348.3M in fiscal 2025 and $222.2M in the first half of fiscal 2026, against $145.1M in the comparable half. Set against the half's $317.6M of revenue, depreciation alone now consumes 70 cents of every revenue dollar.
| Cost to mine one bitcoin, owned facilities | FY2024 | FY2025 | Q2 FY2026 |
|---|---|---|---|
| Energy | $21,308 | $42,890 | $45,387 |
| Other direct, non-energy | $93 | $66 | $24 |
| Direct cash cost | $21,401 | $42,956 | $45,411 |
| Miner depreciation | $17,156 | $39,727 | $58,029 |
| All-in cost | $38,766 | $82,727 | $103,440 |
| Average revenue per bitcoin mined | $53,708 | $97,687 | $75,827 |
| All-in cost as % of revenue per coin | 72.2% | 84.7% | 136.4% |
Source: Form 10-K filed November 25, 2025 and Form 10-Q filed May 11, 2026. Q2 FY2026 is the quarter to March 31, 2026. Filed
The crossing happened in the March 2026 quarter. Every bitcoin mined cost $103,440 to produce on a full-cost basis and sold for $75,827, a shortfall of $27,613 per coin. On a cash basis the fleet remains well ahead, earning $75,827 against $45,411 of avoidable cost, and the company says explicitly that it does not consider depreciation when deciding whether to run a machine, because depreciation is not an avoidable operating cost. Both statements are true and they answer different questions. The cash figure says the machines should keep running. The full-cost figure says the capital that bought them is not being recovered at these prices.
The gap between the two figures is a three-year clock. A fleet depreciated over three years must earn back its purchase price within three years or the replacement cycle is funded from somewhere other than mining. At the March 2026 quarter's rates that shortfall runs at roughly $27,600 per coin against roughly 1,800 coins a quarter, or about $50M a quarter of capital not recovered. That is an inference from the company's own per-coin disclosures and not a figure the company states.
Two internal inconsistencies in the fiscal 2025 annual report are worth noting for anyone reading the primary document. The business section states that the company mined approximately 7,873 bitcoins, net of mining pool fees, "representing a decrease of 11.0% compared to the 7,092 bitcoins mined in fiscal year 2024". The two figures it cites imply an increase of 11.0%, and the management discussion in the same filing describes the same movement as an increase and states the figure is gross of pool fees rather than net. Separately, the market risk disclosure in the March 2026 quarterly report states holdings and collateral of approximately "$925 and $112 million" respectively, where the balance sheet carries $813.2M and $111.9M and $925.2M is their sum, and gives a 10% sensitivity of approximately $104M where 10% of $925.2M is $92.5M.
Shares, preferred, convertibles, project notes, capped calls, bitcoin-backed revolvers and warrants, at March 31, 2026 unless stated.
| Instrument | Amount | Terms and basis |
|---|---|---|
| Common stock authorised | 600,000,000 | Par $0.001 Filed |
| Common issued | 298,964,590 | At Mar 31, 2026 Filed |
| Common outstanding | 256,599,199 | At Mar 31, 2026, after 42,365,391 treasury shares Filed |
| Series A preferred | 1,750,000 | 45 votes each, liquidation preference $0.02 per share, converts to 3 common each on a change of control Filed |
| 2030 convertible notes | $650.0M | 0% coupon, due Jun 15, 2030, conversion price ~$14.80, holder put at par Jun 15, 2028 Filed |
| 2032 convertible notes | $1,150.0M | 0% coupon, due Feb 15, 2032, conversion price ~$19.16, not redeemable before Feb 20, 2029 Filed |
| 2030 capped calls | $90.4M cost | Cap price $24.66. No capped call was bought against the 2032 notes Filed |
| Coinbase revolving facility | $300.0M | Indicative capacity, 8.25%, bitcoin collateral, undrawn at Mar 31, 2026 Filed |
| Two Prime revolving facility | $100.0M | SOFR plus 3.55%, matures Sep 14, 2026, undrawn at Mar 31, 2026 Filed |
| Sandersville project notes | $2,276.0M | 7.875%, due Oct 1, 2031, issued Sep 25, 2026 at 98.500% by CSDC Finance I, LLC. Guaranteed by CSRE Properties Sandersville, LLC and secured on both entities and on the issuer's equity. Non-recourse to CleanSpark for payment; the parent gives a completion guarantee only. Semi-annual interest from Apr 1, 2027, amortising after construction completion Filed |
| Other secured debt | $7.7M | $5.69M aircraft note to 2029 and a $2.0M corporate mortgage to 2030 Filed |
| Warrants | 1,604,559 shares | 22,821,286 warrants at $165.24 per whole share, listed as CLSKW. Deeply out of the money Filed |
One instrument issued in September is larger than both convertible issues together. The Sandersville notes are $2,276.0M against $1,800.0M of convertibles, $476.0M more, and consolidated debt goes from $1,788.2M to $4,064.2M. The two halves are nothing alike. The convertibles are unsecured obligations of CleanSpark at a 0% coupon whose cost is dilution; the project notes are secured obligations of a subsidiary at 7.875% whose cost is $179.2M a year of cash interest and which cannot dilute anyone. The company has swapped the one kind of debt for the other, and the paragraphs below describe only the older kind.
Both convertible issues carry a 0% coupon, so the cash cost of $1.8bn of that debt is close to nothing: effective rates of 0.46% and 0.27% respectively, reflecting only the accretion of issuance costs. What the company sold instead of a coupon is equity optionality, and the market has repriced it. At March 31, 2026 the 2032 notes carried a fair value of $779.2M against $1,150.0M of principal, roughly 68 cents on the dollar, while the 2030 notes stood at $635.7M against $650.0M.
If both issues converted in full they would deliver 103,941,450 shares, computed as $650M at 67.5858 shares per $1,000 plus $1,150M at 52.1832 shares per $1,000. Against 256,599,199 shares outstanding that is 40.5% dilution, and the company may elect to settle in cash instead. Neither conversion price is in reach, though the nearer one is close: the stock closed at $12.29 on October 6, 2026 against conversion prices of $14.80 and $19.16, so the 2030 series sits about 17% below its conversion price, having been about 14% below at the September 4 close, about 18% below at the 12 August close and about 4% below at the 4 August close. Four consecutive revisions have now restated this distance without either conversion price changing, which is the price moving under a fixed strike rather than anything about the notes.
The date that matters before then is June 15, 2028, when holders of the 2030 notes have a one-time non-contingent right to require the company to repurchase their notes at par for cash. That is $650M of potential cash demand at a fixed date, and it falls roughly six months after the Sandersville lease is expected to begin delivering.
The company has no share repurchase program. It has nonetheless retired 42,365,391 shares for $605.0M in two transactions, and both were struck alongside a convertible offering with the investors buying the notes. In December 2024 it repurchased 11,759,935 shares for approximately $145.0M from investors in the 2030 notes. In November 2025 it repurchased 30,605,456 shares for approximately $460.0M from investors in the 2032 notes, accruing $3.19M of excise tax. The 2025 transaction implies roughly $15.03 a share, against $12.29 on October 6, 2026, so the shares retired eleven months ago were bought 22.3% above where the stock now trades.
Repurchasing stock from the buyers of a convertible bond is a hedging accommodation rather than a statement about value. Convertible arbitrage funds short the underlying to hedge the equity component, and a concurrent repurchase lets them establish that short without selling into the open market. Reading the $605.0M as management's view on the share price would misread the structure. What it does establish is that $605.0M of the $1.76bn raised across the two offerings was never available for the power and land portfolio.
The Series A preferred carries 45 votes a share. At the March 3, 2026 annual meeting the record showed 255,750,361 common votes and 78,750,000 preferred votes, so the preferred held 23.5% of the aggregate voting power. The holders are the Chairman and Chief Executive S. Matthew Schultz, the director Larry McNeill, Celtic LLC which they control, and the former Chief Executive Zachary K. Bradford. The amended certificate of designation filed on March 20, 2026 provides that all Series A shares vote together in accordance with the majority of that class while officers and directors hold a majority of it.
On March 20, 2026 the company eliminated the Series A quarterly dividend, which had been calculated as 2% of earnings before interest, taxes and amortisation, in exchange for a one-time special dividend of $17.1428571428571 per preferred share. Against 1,750,000 shares that is $30,000,000, paid on or about March 24, 2026 to the four holders named above. It was recorded as a deemed dividend in a quarter that reported a net loss of $378.3M. The board approved it excluding Messrs Schultz and McNeill.
Multiples with their basis and date shown. Equity market data is at the October 6, 2026 close; the bitcoin mark is at July 31, 2026, no settled closing print having been established for a later date; corporate debt is at March 31, 2026 and the Sandersville project notes at September 25, 2026; cash and equity are at June 30, 2026. The enterprise value below therefore mixes five dates and is labeled accordingly. It is also the first version of this table in which the largest single line is not the equity.
| Measure | Value | Basis |
|---|---|---|
| Market capitalization | $3,156.3M | Estimate 256,817,073 shares × $12.29 close of Oct 6, 2026. The share count is the Aug 4, 2026 10-Q cover and does not include the net ~1.19M shares that insider vesting has added since, which the Form 10-K cover will settle |
| Plus corporate debt | $1,788.2M | Filed Carrying value at Mar 31, 2026 |
| Plus Sandersville project notes | $2,276.0M | Filed Principal at Sep 25, 2026. Issued at 98.500%, so the carrying value will be below principal and the Form 10-K settles it. It consolidates, being a wholly owned subsidiary, but it is non-recourse to CleanSpark for payment |
| Less cash | ($202.6M) | Filed At Jun 30, 2026. The note proceeds are NOT added here: they sit at the issuer, the indenture confines them to the facility, the debt service reserves and the reimbursement of prior equity contributions, and the size of that reimbursement is not disclosed |
| Enterprise value | $7,017.9M | Estimate Sum of the four lines above, across five dates. Up 44.9% from $4,844.6M, and the price fell over the same period: the whole of the rise is the new debt |
| Less bitcoin at ~$64,700 | ($901.3M) | Estimate 13,931 BTC at Jul 31, 2026 marked at the Jul 31, 2026 price, so the coin count and the mark share a date. The latest count is 13,703 at Aug 31, 2026 and is deliberately not used here: no settled mark has been established for that date, and using it would re-break the alignment the previous revision fixed. On the same mark it would read $886.6M |
| Enterprise value ex-bitcoin | $6,116.6M | Estimate $7,017.9M less $901.3M |
| EV / FY2025 revenue | 9.2× | Estimate $7,017.9M / $766.3M. Every multiple in this block jumps because the numerator took on $2.28bn of debt against revenue that has not changed, and none of that debt is serviced by the revenue in the denominator |
| EV / annualised H1 FY2026 revenue | 11.0× | Estimate $7,017.9M / ($317.6M × 2) |
| EV / annualised 9M FY2026 revenue | 11.6× | Estimate $7,017.9M / ($455.6M × 4/3), being H1 $317.6M plus Q3 $138.0M |
| Price / book | 4.15× | Estimate $3,156.3M / $761.3M equity at Jun 30, 2026 |
| Market cap per EH/s | $84.4M | Estimate $3,156.3M / 38.3 EH/s August 2026 average. Both halves moved again and this time they moved against each other: the numerator fell 3.2% on the price and the denominator fell 0.8% on the hashrate, so the multiple falls to $82.4M from $84.4M. The hashrate has now fallen for a third consecutive month, 42.6 to 38.6 to 38.3 EH/s |
| EV per contracted MW | $3.88M | Estimate $7,017.9M / 1,809 MW at Mar 31, 2026 |
| EV per drawn MW | $8.69M | Estimate $7,017.9M / 808 MW peak concurrent, unchanged for a third month |
The July 14, 2026 announcement supplies enough figures to test the deal on its own terms without adding any of this file's own. It states $6.6bn of expected contract value over twenty years, an expected cumulative contribution margin close to 100%, an average annual contribution of approximately $330M, and landlord project costs of $10M to $12M per MW of critical IT load against 175 MW.
The company has now published a development cost and it lands inside this range. The September presentation gives ~$11.9M per IT MW, or $2,082.5M against 175 MW, against the $10M to $12M per MW and $1,750M to $2,100M below. Project cost of $10M to $12M per MW against 175 MW gives $1,750M to $2,100M. Set the company's stated $330M average annual contribution against the midpoint of $1,925M and the unlevered yield on cost is 17.1%, and against the top of the range 15.7%; against the company's own $2,082.5M it is 15.8%. That is an attractive return on paper for a twenty-year lease to an investment-grade credit. It also implies capital expenditure between 2.3 and 2.8 times the company's entire June 30, 2026 shareholders' equity of $761.3M, to be spent before the first rent is received in the fourth quarter of 2027. The yield calculation and the capex-to-equity ratio are arithmetic on the company's stated inputs; the company publishes neither.
The company's own investor relations page names its covering firms, and on August 4, 2026 it enumerated fourteen, each with one named analyst. That list is the coverage set; the ratings services supply the actions against it. Every row below is cited to the service that carries it rather than to the firm, because no note was read. Targets and ratings are reported here as market data. This file issues no rating and derives no target of its own.
| Firm and analyst | Date | Rating | Target | Price at publication | Basis and disclosed conflict |
|---|---|---|---|---|---|
| B. Riley Securities, Nick Giles | Aug 3, 2026 | Buy | $26, raised from $19 | $13.76 | Market Three services carry the action and agree on the date, the analyst and the target. Named an initial purchaser of the 2032 notes in the indenture filed November 13, 2025. What the firm itself discloses about this issuer is not established. |
| Clear Street, Brian Dobson | Aug 3, 2026 | Buy | $22, reiterated | $13.76 | Market One service carries the action; two others do not list the firm at all. Named an initial purchaser of both note issues, in the indentures filed December 17, 2024 and November 13, 2025. What the firm itself discloses about this issuer is not established. |
| Keefe, Bruyette & Woods, Stephen Glagola | Jul 28, 2026 | Buy | $25, raised from $16 | $14.025 | Market Three services agree on the date, which settles against 28 July the discrepancy this document had left open after recording the action on 27 July. Two of the three carry the firm's own Outperform and the third normalizes it to Buy. Initial purchaser of both note issues. What the firm itself discloses is not established. |
| Chardan Capital Markets, Bill Papanastasiou | Jul 28, 2026 | Buy | $21, raised from $19 | $14.025 | Market Two services carry the action and agree. A second Chardan analyst, James McIlree, runs a separate line on this stock at $19 as recently as June 8, 2026; the issuer's list names Papanastasiou. Initial purchaser of both note issues. What the firm itself discloses is not established. |
| Cantor Fitzgerald, Brett Knoblauch | Jul 15, 2026 | Overweight | $26, raised from $17 | $13.45 | Market Two services date the action 15 July and a third dates it 14 July; the target and the prior target agree across all three. Initial purchaser of both note issues and the representative of both syndicates. What the firm itself discloses is not established. |
| Needham & Company, John Todaro | Jul 15, 2026 | Buy | $23, raised from $18 | $13.45 | Market Three services carry the action and agree on the date and the target. Initial purchaser of both note issues. What the firm itself discloses is not established. |
| Maxim Group, Matthew Galinko | Jul 15, 2026 | Buy | $24, raised from $22 | $13.45 | Market One service dates this raise, which is what supplies a date the earlier reading could not establish; two others carry only the preceding raise to $22 on May 12, 2026. Named in neither indenture and holding no role in the equity program. What the firm itself discloses is not established. |
| Northland Capital Markets, Michael Grondahl | Jul 15, 2026 | Buy | $21, reiterated | $13.45 | Market One service carries the action, which supplies a date the earlier reading could not establish; a second records only an unrelated January 2026 upgrade with no target. The issuer prints the firm as Northland Capital Markets and the analyst as Mike Grondahl. Initial purchaser of the 2032 notes. What the firm itself discloses is not established. |
| BTIG, Gregory Lewis | Jul 14, 2026 | Buy | $26, reiterated | $12.36 | Market Two services date the reiteration 14 July and a third dates the same $26 to 24 July. Initial purchaser of both note issues. What the firm itself discloses is not established. |
| H.C. Wainwright & Co., Michael Colonnese | Jul 14, 2026 | Buy | $22, reiterated | $12.36 | Market One service carries the analyst and a target where the earlier reading had neither, and the issuer's list names the same analyst. This firm holds two roles in the issuer's own financings: sole sales agent under every at-the-market equity program the company has run, from June 2021 to the January 2024 agreement raised to $800M in March 2024, and an initial purchaser of the 2032 notes. What the firm itself discloses is not established. |
| Citizens JMP, Greg P. Miller | Jun 24, 2026 | Market Outperform | $27, on initiation | $17.19 | Market Three services carry the initiation and agree on the date, the rating and the target. Named in neither indenture and holding no role in the equity program. What the firm itself discloses is not established. |
| Macquarie Capital, Paul Golding | May 13, 2026 | Outperform | $22, raised from $18 | $13.47 | Market One service carries this action; the other two stop at earlier ones, February 6, 2026 and November 26, 2025, so its currency rests on a single service. Initial purchaser of both note issues. What the firm itself discloses is not established. |
| AllianceBernstein, Gautam Chhugani | Nov 3, 2025 | Outperform | $24, raised from $20 | $17.80 | Market The issuer's list and two services name Gautam Chhugani and date this raise November 3, 2025. Two further services carry the same $24 under the name Chad Dillard and date it August 3, 2026; those two are one source rather than two, the second stating that its individual analyst data comes from the first. This document had carried the Dillard attribution. The divergence in both the name and the date is recorded rather than resolved. Named in neither indenture and holding no role in the equity program. What the firm itself discloses is not established. |
| Ladenburg Thalmann, Jon R. Hickman | Jul 28, 2025 | Buy, on initiation | $20.25 | $11.82 | Market Two services carry the initiation and agree on the date, the rating and the target; a third does not list the firm. The oldest action in the set, struck 351 days before the lease was announced. Initial purchaser of the 2032 notes. What the firm itself discloses is not established. |
Price at publication is the close on the last trading day before the action. That is what the author could see when the target was struck, since a same-day close is set after the note is out and sometimes moves because of it.
Ten of the fourteen were published on or after July 14, 2026 and so incorporate the Sandersville lease. Four predate it: Citizens JMP by three weeks, Macquarie Capital by two months, AllianceBernstein by eight months and Ladenburg Thalmann by not quite a year. The highest target in the set, the $27 from Citizens JMP, is one of those four, struck three weeks before the largest single fact about this company was announced. The spread runs $20.25 to $27 on the actions as dated, and the four services disagree about both the center and how many firms are in the set.
Their published averages are $23.02, $23.73, $23.75 and $23.88, taken over 17, 13, 12 and 16 contributors, all four read on August 4, 2026 when the stock closed at $14.17. Their stated lows disagree further than their averages do, at $14, $21 and $19, and the $14 belongs to a firm the issuer's list does not carry. Each is that service's own published figure, reported as such; none is averaged with the others and none is struck in this document. Market
CleanSpark has raised $1,800M of convertible debt in two Rule 144A offerings and has run an at-the-market equity program throughout. Reading the covering set against those documents rather than against the firms' own notes gives this: eleven of the fourteen firms the issuer names were initial purchasers of one or both note issues. The 2030 indenture filed December 17, 2024 names seven: Cantor Fitzgerald as representative, BTIG, Macquarie Capital, Keefe Bruyette & Woods, Needham, Clear Street and Chardan. The 2032 indenture filed November 13, 2025 names those seven again plus H.C. Wainwright, B. Riley Securities, Ladenburg Thalmann, Northland Securities and JonesTrading, twelve in all. JonesTrading is the only initial purchaser the issuer's coverage list does not carry. Separately, H.C. Wainwright has been the sole sales agent under every at-the-market program, so it holds two roles where no other firm holds more than one. Filed
The three covering firms with no role in either financing are Citizens JMP at $27, AllianceBernstein at $24 and Maxim Group at $24. That is the highest target in the set and two at its middle, and no firm without a distribution role sits below $24. The eleven that do have one span $20.25 to $26 and hold every target in the lower half of the range, along with three of the top four. So on this issuer the relationship does not push the covering houses to one end of the range: it accounts for the whole of the bottom and most of the top, while the abstainers cluster at and above the middle. What that rules out is the simple reading in either direction, that the syndicate is uniformly bullish or that the independents are.
Two limits bound this. Absence from an agent or purchaser list is not absence of a relationship: a firm may disclose banking compensation in its own note, and no note was read for any of the fourteen. And the capped call counterparties on the 2030 notes, which cost $90.4M, are named in the filings only as certain financial institutions, with the filed confirmation a form leaving the dealer blank; the company's own announcement said it expected to transact with one or more of the initial purchasers. Whether any covering firm is among them is therefore not established.
| Driver | Scale | What has to happen, and basis |
|---|---|---|
| Sandersville lease | $6.6bn | Finance and build 175 MW of critical IT load, hit the milestones, deliver from Q4 2027 Filed |
| Extension options | $5.0bn | The difference between $11.6bn with both five-year extensions and $6.6bn without. Tenant's option, exercisable at the end of year 20 Filed |
| Texas portfolio | 885 MW | 718 acres under a letter of intent and exclusivity with the same tenant, converting to a lease is unconfirmed Filed |
| Georgia platform for retrofit | 620 MW | The company describes the existing Georgia estate as a base for retrofit and dual-purpose compute Filed Its own presentation classifies far less of the estate as AI-suitable. At page 14, outside Sandersville's 250 MW and the 885 MW under Texas exclusivity, only 340 MW is classed AI-suitable, and that 340 MW spans sites in Georgia, Tennessee and Wyoming rather than Georgia alone; the remaining 635 MW is labelled bitcoin. Estimate The two are not reconciled here. A 620 MW retrofit platform and a 340 MW AI-suitable pool spread across three states are different claims about the same estate, and the second is the issuer's own current classification |
| Unenergised contracted power | ~1,000 MW | 1,809 MW contracted against 808 MW drawn. Bringing it online needs capital and interconnection Estimate |
| Bitcoin price recovery | 13,703 BTC | Each $10,000 on the coin moves the treasury by roughly $137M before tax Estimate |
The company has also added a South Dakota property in December 2025 and further Tennessee property in February 2026, and in October 2025 appointed Jeffrey Thomas as Senior Vice President of AI Data Centers. It is working with Submer Technologies on modular AI data center design under what it describes as a non-binding framework, with no definitive agreement in place.
Severity-ranked, most severe first.
This was the first Severe risk in this document and it is downgraded. It said Sandersville needed $1.75bn to $2.10bn against $260.3M of cash and $400M of bitcoin-collateralised revolvers, and that no financing had been announced. $2,276.0M closed on September 25, 2026, at a subsidiary, secured on the facility and its rent, non-recourse to CleanSpark for payment and with no equity issued. The company's own development cost of $2,082.5M is covered by it.
What survives is smaller and is stated rather than left at Severe out of caution. CleanSpark gives an uncapped completion guarantee, so an overrun still falls on a parent with $202.6M of cash and $761.3M of equity against a build of 2.7 times that equity. The lease's construction and delivery milestones are untouched by the financing and their dates are still undisclosed, so whether the financing itself beat its own milestone cannot be established here. And the $650M put in June 2028 is unaffected: it is a parent obligation and the project notes cannot be used to meet it.
Shareholders' equity went from $2,175.1M at September 30, 2025 to $1,382.3M at December 31, 2025 to $986.2M at March 31, 2026, tracking bitcoin from roughly $114,100 to roughly $87,500 to roughly $68,200. The fair value standard puts those movements straight through earnings, so a further decline reduces both the reported result and the book value against which the company would borrow. Bitcoin was near $64,700 on July 31, 2026, below the 31 March mark.
In the March 2026 quarter the all-in cost of a mined bitcoin was $103,440 against $75,827 of revenue per coin. The fleet is depreciated over three years, so the shortfall is a real claim on future capital rather than an accounting artefact. Energy took 59.9% of mining revenue in the quarter against 46.0% a year earlier, and global hashrate has grown faster than the fleet, so the company's share of network rewards has drifted down even as it added machines.
Holders have a one-time non-contingent right to require repurchase at par on June 15, 2028. With the stock at $12.29 against a $14.80 conversion price, the notes are not currently equity-like, and the put falls within months of the first expected lease revenue. The September financing does not reach it: the project notes are obligations of a subsidiary the indenture confines to Sandersville, so they cannot be drawn on to meet a parent put. The 2032 notes, at a $19.16 conversion price and trading around 68 cents on the dollar at March 31, 2026, carry no equivalent early put but also no capped call to blunt their dilution.
Four holders, three of them current or former insiders plus an entity two of them control, hold 23.5% of the vote on 1,750,000 preferred shares with a $0.02 liquidation preference. In March 2026 they received $30.0M in cash to give up a dividend entitlement, in a quarter with a $378.3M net loss. The board has five members, two of whom are among those holders. At the March 2026 meeting, withheld votes ran to 31.6M for Mr McNeill and 32.2M for Dr Wood against 159.7M cast for the Chief Executive.
In Hasthantra v. CleanSpark, filed in the Southern District of New York in January 2021 over statements between December 10, 2020 and August 16, 2021 concerning the ATL Data Centers acquisition, the court granted class certification on September 24, 2025. The company's motions to exclude the plaintiffs' two experts were fully briefed on March 3, 2026 and were decided on June 30, 2026: the court granted the motion to exclude in its entirety the report and opinions of the plaintiffs' sole expert on loss causation and damages, and declined to exclude the construction expert while limiting his trial testimony. Related motion practice remains ongoing. This report carried the motions as pending for five weeks after the ruling was on EDGAR, in a filing it had already read for its figures. In the consolidated Smith derivative action in Nevada, the court denied the special litigation committee's motion to defer on April 2, 2026, and the company is evaluating whether to seek appellate review. The company states it cannot estimate potential losses in either matter.
From May 2025 US Customs and Border Protection has asserted Chinese-origin import tariffs on miners imported in 2024. The company states total liability could reach approximately $130M excluding statutory interest, that it holds importation documentation showing non-Chinese origin, that some administrative protests have been approved, and that it has recorded no provision because a loss is not probable.
All computing power goes to a single mining pool operator, Foundry, which the company names as its sole customer under a contract either party may terminate at any time. Every dollar of reported revenue depends on that relationship continuing.
The counterparty was described only as a high investment grade global technology company until September 17, 2026. The presentation furnished that day names the tenant as Anviran, LLC, a wholly owned subsidiary of Meta, with Meta as guarantor of rent and operating expenses, and sets out the terms this document had carried from the July announcement: 20-year base term with two five-year extensions and one twelve-month option, a 3.0% annual rent escalator, ~100% NOI margin and Q4 2027 rent commencement. The escalator is the one term that was genuinely new.
The lease itself is still not on file. It was not filed as an exhibit and the 8-K reported it under other events rather than as a material definitive agreement, so the milestone schedule and the termination triggers still cannot be read directly, and a furnished investor presentation is not the contract.
The 885 MW under exclusivity is described as secured and planned rather than energised. ERCOT's Batch Zero process for loads of 75 MW or more closed its submission window on July 24, 2026 and applicants were to learn of inclusion during August 2026. That step is suspended. ERCOT suspended that step on August 3, 2026. Market notice M-A080326-01 states that it will not notify how any large load is classified in the Batch Zero study by August 7, 2026, gives no replacement date, and said it would seek a good cause exception on the Batch Zero timelines at the Public Utility Commission of Texas open meeting of August 20, 2026. ERCOT filed that request on August 10, 2026 and the Commission granted it on August 20, so the exception is no longer sought but held. The audit that follows it carries named completion milestones of December 10 and December 17, 2026. The suspension follows the Governor of Texas directing the Commission and ERCOT, on August 3, 2026, to audit every data center advancing through the interconnection process, with any project failing to comply to be denied connection to the grid. A final transmission plan for the batch had been expected in the autumn of 2027 and now rests on a timeline under review. The process this capacity depends on is not merely still being designed; it has been stopped while a regulator audits the queue it governs.
77,993,876 shares were short at the July 15, 2026 settlement date, against 78,632,173 at 30 June. On the 256,817,073 shares outstanding at August 4, 2026 that is 30.4%. The position cuts both ways: it is a standing bid under bad news and an accelerant on good news, and days-to-cover of 3.3 means it can move quickly.
Big Digital Energy, formerly Mawson Infrastructure Group, discloses in its quarterly report filed May 14, 2026 that on July 16, 2024 it 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, that the defendants' motion to dismiss was denied, and that the parties are pursuing informal settlement discussions. Neither CleanSpark's fiscal 2025 annual report nor its March 2026 quarterly report names the matter. The sum is immaterial to CleanSpark at this size; the subject is the Sandersville campus now under the $6.6bn lease.
Each case with its preconditions: what must be true, not what might be.
Bitcoin stays near $65,000 and the fleet keeps failing to recover its capital while the balance sheet now carries $4.06bn of debt against $761.3M of equity. The financing limb of this case is spent: the money arrived early and cheaply. What replaces it is construction, where an overrun draws on an uncapped parent guarantee, and delivery, where a slip still puts rent abatement or termination in reach. The $650M put in June 2028 falls at most two or three quarters after rent is due to begin, and the project notes cannot be used to meet it.
Requires: bitcoin flat to lower, construction overrunning or delivery slipping, and no second lease to validate the Texas exclusivity.
This case has been beaten on its own precondition. It required financing closed on ordinary terms during fiscal 2027, with a mix of project debt and equity that dilutes. It closed on September 25, 2026, five days before the end of fiscal 2026, entirely as project debt, with no equity and no dilution. What the case said next still stands: mining continues to cover cash costs but not capital, the reported result stays hostage to the bitcoin mark for four more quarters, and the lease begins delivering in late 2027, at which point the story becomes a rent roll rather than a hash rate.
Requires: construction completing within the proceeds, milestones met, bitcoin no worse than current levels.
One of this case's three preconditions is met. Financing at project-finance rather than corporate rates is exactly what closed, against a rent stream guaranteed by Meta. The other two are untouched: the Texas letter of intent has not converted, though ERCOT has conditionally classified the whole 885 MW, and the market has not repriced 1.8 GW of controlled power as contracted infrastructure. On the contrary, it marked the stock up 19.3% to $15.14 as the notes priced and then gave back more than all of it, to $12.29. A short position of 30% of shares outstanding has still to be covered into any rerating.
Requires: Texas exclusivity converting to signed leases, construction completing on schedule, and a market willing to capitalise contracted rent it has so far declined to.
CleanSpark spent fiscal 2025 doing what a bitcoin miner does well. Revenue doubled to $766.3M, the fleet reached 45.6 EH/s across 1,027 MW, and the fair value of a rising coin delivered $364.5M of net income. It then spent the following six months demonstrating the limits of that model. Revenue fell 8%, the coin fell roughly 40% from the September mark, and the fair value line reversed from a $425.6M gain to a $470.9M loss. Shareholders' equity halved. The all-in cost of mining a bitcoin passed the revenue a bitcoin brings in.
Into that, on July 10, 2026, came a twenty-year triple net lease worth $6.6bn from a tenant the company would not name for two months and has now named as Meta, plus exclusivity over 885 MW more. On the company's own inputs the deal earns roughly 17% unlevered on cost, or 15.8% on the $2,082.5M development cost it published in September. That financing has been announced, and it is the best of the shapes this document said it could take. On September 25, 2026 a ring-fenced subsidiary closed $2,276.0M of 7.875% senior secured notes due 2031, secured on the facility and its Meta-guaranteed rent, non-recourse to CleanSpark for payment, without issuing a share.
The first of the three things this document said were worth watching more than the coin price has happened, and it went the right way. It said the difference between project debt secured on a rent stream and further corporate convertibles was the difference between the two halves of this document. It was project debt. The equity was not diluted, the rate reflects Meta's credit rather than CleanSpark's, and the obligation sits two companies away from the shareholder.
Two remain, and a third has taken the first one's place. Whether the Texas letter of intent converts, because 885 MW under exclusivity is either the second chapter the company says it is or an option that expires; ERCOT has now conditionally classified the whole of it, which is a step and not a lease. The June 2028 put on the 2030 notes, which is still the only fixed cash date in a parent capital structure otherwise made of zero-coupon paper, and which the project notes cannot be used to meet. And now construction itself: the completion guarantee is uncapped, the build is 2.7 times the parent's equity, and the amortisation test at a 1.275x coverage ratio starts when the building is finished.
The unusual feature of this situation is that the reported financial statements and the reason for owning the shares no longer describe the same business, and will not for at least five more quarters. That is not by itself a criticism. It does mean that quarterly results through fiscal 2027 will say very little about whether the thesis is working, and that the observable tests are financing announcements, milestone confirmations and lease conversions rather than earnings.
Requested categories with nothing to report. Status reads Covered above, None where a named source was checked and found empty, or Not established where the category was not examined. A category nobody looked at is a gap, not an absence.
| Category | Status | Basis |
|---|---|---|
| Common dividends | None | The fiscal 2025 annual report states no dividend has ever been declared on the common stock and none is planned. |
| Preferred dividends | Covered above | The $30.0M Series A special dividend of March 2026 is in section 7. |
| Share repurchase program | None | No authorised program exists. The $605.0M of privately negotiated repurchases alongside the two note offerings is in section 7. |
| Segment reporting | None | The company reports a single reportable segment, bitcoin mining. The lease will create a second business with no segment history. |
| Corporate credit rating | None | Both note issues were sold under Rule 144A without a corporate rating. The only rating found is a provisional (P)Ba2 assigned to the New Hampshire conduit bonds that were not issued. |
| Going concern | None | No going concern qualification appears in the fiscal 2025 audit report or the March 2026 quarterly report. The company states existing resources are sufficient for at least twelve months. |
| Analyst coverage | Covered above | Fourteen named firms are in section 8, matching the issuer's own coverage page read on August 4, 2026, every one of them carrying a dated action and a target, together with four published consensuses that disagree. Reported as market data. |
| Index membership | Covered above | S&P SmallCap 600 from March 24, 2025, in section 5 and the calendar record. |
| At-the-market equity program | None | The last at-the-market issuance recorded was 16,619,361 shares for $191.6M gross in the half to March 31, 2025. No at-the-market sales are recorded in the half to March 31, 2026, and the fiscal 2025 annual report refers to the programs in the past tense. H.C. Wainwright & Co. was the sole sales agent throughout, which is why the firm appears in section 8 with two roles. |
| Product launches | None | The company sells computation, not products. The nearest referent is capacity energisation and the AI and HPC lease, both covered in sections 2 and 9. |
| Insider open-market purchases | Not established | Now examined, and the raw shape inverted. All fifteen Forms 4 and two Forms 144 filed since September 7, 2026 were read by transaction code. 2,157,654 shares vested or were exercised at nil cost; 936,557 were withheld by the company for tax; and 33,097 were sold on the market, all by one officer. 96.6% of the disposals were tax withholding and the open-market sales were 1.5% of what vested, so a cluster of eight Forms 4 and two Forms 144 on October 1 that reads as selling is a vesting event. Insiders added a net 1,188,000 shares. The two Forms 144 reconcile exactly to the October 1 dispositions, 16,458 and 14,854. |
| Industry conferences | Not established | Not examined. Also named in what was not checked. |
Pricing basis, the tagging scheme, and, importantly, what was not checked.
Equity market figures are struck at the Nasdaq close of October 6, 2026, $12.29, on volume of 10,896,270 shares, about 0.69 times the mean of the nine preceding sessions. The path is emphatically not a straight line, and this time it is the story: across the twenty-two sessions from September 4 the close ranged $12.29 to $15.14 and the intraday range was $12.09 to $15.265. The stock rose 19.3% to $15.14 by September 22, four sessions after the notes priced and on the heaviest volume of the window, then fell 18.8% back. The 3.15% decline stated here is between two endpoints and conceals a round trip of nearly 40%. The 52-week range of $8.00 to $23.61 was recomputed on the same 251-session convention rather than carried forward, and is unchanged. A second service gives the same close to the cent, and a third prints it beside its own consensus. A fourth was unreachable, returning a browser-verification page rather than data.
Bitcoin is referenced at approximately $64,700 for July 31, 2026: the sources read give an opening price of $64,724.03 and $63,652.09 at 08:52 Eastern, and no single settled closing print was established, so the enterprise value line in section 8 is sensitive to roughly $14M across that range. That mark has not been moved to 4 August, because no settled print was established for that date either. The enterprise value bridge therefore mixes four dates and labels each.
Prices shown against third-party targets are the close on the last trading day before each action, taken from the exchange's own historical record.
| Document | Filed | What it settles |
|---|---|---|
| Form 10-K, FY ended Sep 30, 2025 | Nov 25, 2025 | Full-year financials, fleet, sites, competitors, legal matters, subsequent events |
| Form 10-Q, quarter ended Mar 31, 2026 | May 11, 2026 | Half-year financials, indebtedness, collateral, litigation, tariffs, equity |
| Form 8-K, Sandersville lease | Jul 14, 2026 | Lease terms, 175 MW, $6.6bn, milestones, Texas exclusivity |
| Form 8-K, Series A amendment | Mar 24, 2026 | $30.0M special dividend, holder identities, voting mechanics |
| Form 8-K, 2032 notes | Nov 13, 2025 | $1,150M issue, conversion terms, $460M concurrent repurchase |
| Form 8-K, annual meeting results | Mar 5, 2026 | Vote totals, voting power split, directors, auditor |
| Form 8-K, Sandersville notes closing | Sep 25, 2026 | Items 1.01 and 2.03. $2,276.0M of 7.875% senior secured notes due Oct 1, 2031 at 98.500%, the issuer and guarantor structure, the security, the amortisation test, the redemption schedule, the covenants and the completion guarantee |
| Form 8-K, notes pricing | Sep 18, 2026 | Pricing at $2,276.0M and 98.500%, the first-priority liens and the equity pledge |
| Form 8-K, notes offering and Sandersville presentation | Sep 17, 2026 | The $2,227.0M launch size, and the Reg FD presentation that names Meta as guarantor and Anviran, LLC as tenant, gives development cost of ~$11.9M per IT MW, a 3.0% rent escalator, rent from Nov 30, 2027 and the illustrative project model |
| Operational update, August 2026 | Sep 8, 2026 | 13,703 bitcoin of which 3,951 encumbered, 38.3 EH/s average, 808 MW drawn, 201,269 miners deployed, and ERCOT conditional batch zero classification of 585 MW baseload and 300 MW studied load. Again not furnished on Form 8-K |
| Operational update, July 2026 | Aug 5, 2026 | 13,931 bitcoin of which 4,070 encumbered, 38.6 EH/s average, 808 MW drawn, 230,507 miners deployed, treasury activity. This release is not furnished on Form 8-K and was missed by three revisions that swept the filing index |
| Schedule 13G filings, eleven since Nov 2025 | to Jul 17, 2026 | The institutional register, read here rather than deferred: BlackRock 43,632,921 shares and 15.5% at March 31, 2025, unamended since; Bank of Nova Scotia 14,791,062 and 5.62% filed July 15, 2026; D. E. Shaw 12,859,115 and 5.0% filed July 17, 2026 under Exchange Act Rule 13d-1(c), of which 1,117,500 shares are held through call options; Vanguard Capital Management 5.08% at March 31, 2026 after The Vanguard Group reported zero on an amendment dated March 13, 2026; Dimensional Fund Advisors down from 5.5% to 3.8% between March and June 2026; and the Susquehanna broker-dealer group down from 5.1% to 4.8%. Every one of these but D. E. Shaw is filed under Exchange Act Rule 13d-1(b), the institutional route. No Schedule 13D has been filed since 2016 |
| Big Digital Energy Form 10-Q | May 14, 2026 | The Mawson litigation over the Sandersville bill of sale |
| IREN Limited proxy statement | Oct 6, 2025 | CleanSpark in IREN's compensation and performance peer groups |
| MARA Holdings proxy statement | Apr 30, 2026 | CleanSpark in MARA's compensation and total-return peer groups |
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 held 750 filings from November 17, 2008 to July 17, 2026 when that sweep was run, and all eighteen form families were swept across it, most recent first. It was re-read on October 7, 2026 and holds 785. Twenty have appeared since the September sweep: the three Forms 8-K of September 17, 18 and 25, 2026 that this revision is built on, fifteen Forms 4 and two Forms 144, all of which were read, the Forms 4 by transaction code rather than by count. The index is not the whole record and this document now says so. CleanSpark's monthly operational updates are press releases and are not furnished on Form 8-K: all nine Form 8-K filings of calendar 2026 were enumerated and none carries one. A sweep of the filing index cannot see them, and three revisions of this document swept the index and missed the July update because of it. Exhibit lists were enumerated rather than form types alone. Beneficial ownership was swept under both of the labels the electronic system emits, which is how the eleven filings made under the newer label since November 2025 were found alongside the twenty made under the older one.
The Forms 4 filed on August 14, 2026 disclose the vesting conditions on the long-term incentive awards, and they are the issuer's own calibration of upside. The share-price tranche vests on the common stock reaching a target market price of at least $18.80 on a 20-trading-day average in the period ending March 2027, with further tranches running to $47 and above by September 2030. Against the $12.29 close struck here, $18.80 is 53% above and $47 is 282% above. The baseline the awards were granted against is $9.40, so $18.80 is a doubling from grant rather than from today.
A second tranche is tied to power under lease rather than to the share price, and it is the one worth reading against section 09. The awards vest on gross power under leases to customers for data centres, with threshold performance at 600 MW and target at 800 MW by March 2027, and on capacity ready for service of 1.0 to 2.5 GW by September 2030. This document is built on a single executed lease of 175 MW of critical IT load. The two figures are not on the same basis, gross power against critical IT load, and the filings do not supply the conversion, so no ratio is derived here. What is established is that management's own threshold is stated in gross megawatts several times the size of the one lease this document carries, and on a March 2027 horizon. Filed Forms 4, Aug 14, 2026, footnotes to the long-term incentive awards for four Section 16 officers
| 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 the Georgia Public Service Commission rule, ERCOT's published Batch Zero process, and 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. A third party's target or rating is market data, attributed to the firm that issued it and never adopted here. |
| 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. |
An unexamined area is a gap, not a clean bill. The following were not established.
| Area | Status | What is missing |
|---|---|---|
| Individual Form 4 transactions | Not established | The 222 Forms 4 and 55 Forms 144 were enumerated by date and count. Individual transaction codes, so whether insiders have bought on the open market rather than received awards, were not read. |
| Industry conferences | Not established | No conference calendar was checked. The company's events page was reached on August 3, 2026 but populates by script and returned no listings. |
| The covering firms' own notes | Not established | No research note was read for any of the fourteen firms in section 8. Every rating, target and date there is taken from a ratings service, and what each firm discloses about this issuer in its own note is unread. The roles recorded in that section come from the issuer's filings, not from the firms. |
| Capped call counterparties | Not established | The $90.4M of capped calls on the 2030 notes were transacted with parties the filings name only as certain financial institutions, and the filed confirmation is a form with the dealer left blank. Whether any covering firm is among them is not established. |
| Sandersville power contract | Not established | Sandersville operates a municipal electrical system and the Georgia Public Service Commission regulates Georgia Power. Which regime governs the 175 MW of new load, and on what tariff, was not settled. |
| ERCOT Batch Zero participation | Not established | ERCOT publishes the process but not the applicant list. Whether the Sealy or Brazoria sites lodged Batch Zero applications by the July 24, 2026 deadline is not on any record read. |
| New Hampshire council vote date | Not established | CoinDesk dates the Executive Council 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. |
| 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 procedural posture is as of each party's last report rather than as of today. |
| Bitcoin closing print, Jul 31, 2026 | Not established | Two named sources give an opening price and an intraday price but no settled close. The mark used is stated as approximate in the pricing basis above. |
| Canadian and Australian registries | None | Not applicable rather than unexamined. The company is 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 in 785 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. |
Newest first. The original build entry is never removed or rewritten.
The financing this pair was organised around has closed, and it is the shape both documents said was the better one. On September 25, 2026 CSDC Finance I, LLC, a wholly owned indirect subsidiary, closed $2,276.0M of 7.875% senior secured notes due October 1, 2031, issued at 98.500%. It was announced on September 17 at $2,227M and priced on September 18 at $2,276M, so it was upsized by $49M. The notes are guaranteed by CSRE Properties Sandersville, LLC and secured by first-priority liens on both entities and on the issuer’s equity. CleanSpark guarantees completion, not payment, and no equity was issued. The standing condition on construction financing had named exactly this as its upside branch.
The tenant is Meta, and neither document had ever named it. The presentation furnished with the Form 8-K of September 17 names Anviran, LLC, a wholly owned subsidiary of Meta, as tenant and Meta as guarantor of rent and operating expenses, and adds a 3.0% annual rent escalator that neither file carried. A case-insensitive search of this markup returns the string fifty times and every one of them is the CSS class name; stripped of tags and matched case-sensitively it returned zero. The lease itself is still not on file.
The section headed "The convertibles are the balance sheet" is no longer true and is retitled. One instrument issued in September is larger than both convertible issues together, $2,276.0M against $1,800.0M, and consolidated debt goes from $1,788.2M to $4,064.2M. The two halves are nothing alike: the convertibles are unsecured obligations of the parent at a 0% coupon whose cost is dilution, and the project notes are secured obligations of a subsidiary at 7.875% whose cost is $179.2M a year of cash interest and which cannot dilute anyone. Enterprise value rises 44.9% to $7,017.9M while the price fell, so the whole of the rise is the new debt. The note proceeds are deliberately not netted against it: they sit at the issuer under an indenture that confines them, and the size of the reimbursement to the parent is not disclosed.
A risk rated Severe is downgraded, and the first Severe risk in this document at that. "The lease requires capital the company has not raised" is now Moderate: the capital is raised, non-recourse and undiluted. What survives is stated rather than left at Severe out of caution, being an uncapped completion guarantee against a build 2.7 times the parent’s equity, construction and delivery milestones whose dates are still undisclosed, and a $650M put in June 2028 that the project notes cannot be used to meet.
An insider cluster that reads as selling is a vesting event, and the null category saying the codes were unread is discharged. All fifteen Forms 4 and two Forms 144 since the last stamp were read by transaction code: 2,157,654 shares vested or were exercised at nil cost, 936,557 were withheld for tax and 33,097 were sold on the market, all by one officer. 96.6% of the disposals were withholding and the sales were 1.5% of what vested. The two Forms 144 reconcile exactly to the October 1 dispositions. Recording eight Forms 4 and two Forms 144 on one day as insider selling would have been the error.
The August operational update arrived one day after the previous stamp, and carries a fall in the deployed fleet of 29,238 miners, 12.7%, with no explanation in the release and none inferred here. Holdings fell 228 to 13,703 on 593 produced against 821 sold; the encumbered share fell for the first time this pair has recorded, 29.22% to 28.83%; and average hashrate fell for a third consecutive month to 38.3 EH/s. ERCOT has conditionally classified 885 MW of Texas capacity, 585 baseload and 300 studied load.
Two passages survived this revision saying ERCOT would seek a good cause exception at the August 20 open meeting. It filed the request on August 10 and the Commission granted it on August 20, both of which this same revision recorded elsewhere in the file. The resolved card was written and the prose that contradicts it was not swept, which is a partial sweep of exactly the kind this document warns against.
The audit also has named completion milestones, which no version of this file has carried. ERCOT's presentation to that meeting sets them at pages 12 and 15: December 10, 2026 to file the Batch Zero Eligibility Verification Report and the Community Impact Review Report, and December 17, 2026 for the Commission open meeting that receives them. Loads that do not pass verification, or do not respond, are disqualified from Batch Zero.
The July 2026 operational update was published on August 5 and three revisions of this document passed over it. This report was stamped August 18, thirteen days later, and cited the June update of July 7 as its latest operating source. The reason is mechanical and is now recorded in section 14: CleanSpark does not furnish its monthly operational updates on Form 8-K. All six Form 8-K filings of calendar 2026 were enumerated and none carries one. A sweep of the filing index cannot see them, and the entries of 11, 13 and 18 August each reasoned from the filing index and each read as complete because it was complete about the wrong universe.
A second claim in the entry of August 13 was already false when it was written. It says of the Texas grid review that "None of it is on EDGAR". The Form 10-Q filed August 6, seven days earlier and a filing this document had already absorbed, names the Governor's directive in its Risk Factors. The document read that filing for its numbers and not for its prose.
The most material figure moved in the opposite direction to its own headline. Bitcoin held rose seven coins across July, 13,924 to 13,931. Bitcoin posted as collateral or as receivable rose 1,719 to 4,070, so unencumbered coin fell 12,205 to 9,861, down 19.2%, and the encumbered share went 12.35% to 29.22%. A reader tracking the headline alone would have recorded a treasury that stood still.
The fleet grew and the hashrate fell, which is the pair of figures worth carrying together. Deployed miners went 225,137 to 230,507, up 5,370. Average operating hashrate went 42.6 to 38.6 EH/s, down 9.4%. Bitcoin produced fell 614 to 586. Peak deployed efficiency at 16.07 J/Th and peak concurrent draw at 808 MW are unchanged, so neither the machines nor the power explains it on the face of the release.
A multiple moved on both of its halves and they moved the same way. Market capitalisation per exahash goes $73.4M to $84.4M: the numerator rose 4.3% on the price and the denominator fell 9.4% on the hashrate. On the price alone it would read $76.5M, so most of the move is operating rather than market, and the row now names July rather than June.
The share count was one quarter stale against a filing this document had already read. It carried 256,608,606 from the 10-Q cover of May 7, 2026 while taking cash, equity and third-quarter revenue from the 10-Q filed August 6. That filing's cover states 256,817,073 at August 4, 2026, and the capitalisation, the enterprise value and every multiple below them are struck on it here.
The reprice. $12.18 to $12.69, up 4.19%, capitalisation $3,125.5M to $3,259.0M, enterprise value $4,711.1M to $4,844.6M. The path is not a straight line: across the eighteen sessions the close ranged $11.06 to $12.95. The 52-week range of $8.00 to $23.61 was re-measured over 251 sessions to September 4 and both ends survive. The distance below the 2030 conversion price goes about 18% to about 14%, the third consecutive revision to restate it without either conversion price changing.
A disclosure this document had never carried is now in it. The Forms 4 of August 14 state the vesting conditions on the long-term incentive awards: a share price of $18.80 by March 2027 rising to $47 and above by September 2030, and, separately, 600 to 800 MW of gross power under customer lease by March 2027 and 1.0 to 2.5 GW ready for service by September 2030. This document is built on one executed lease of 175 MW of critical IT load. The two power figures are on different bases and the filings supply no conversion, so none is derived.
What was not carried, and one absence that is itself a finding. The bitcoin mark stays at the July 31 price because no settled closing print has been established for a later date, and the coin count now shares that date rather than being a month older than it. No August 2026 operational update has been published as of this stamp, against a cadence of 33 consecutive months unbroken since November 2023, every one landing between the 3rd and the 7th of the following month. It is overdue by the file's own measured cadence, and the companion calendar carries the timing.
The company states 2,110 MW of contracted capacity and this report stopped at June. The figures carried here, 1,809 MW at March and 1.8 GW in June, are a series rather than a disagreement with it. What the deck adds that matters is the definition: contracted power at wholly owned or leased sites, excluding non-binding arrangements. This report was built on August 18 and the deck was published on August 10.
A characterisation conflict is recorded rather than resolved. The opportunity table carries a 620 MW Georgia retrofit platform; the same deck classes only 340 MW as AI-suitable outside Sandersville and the Texas exclusivity, spread across Georgia, Tennessee and Wyoming, with 635 MW labelled bitcoin. Both are now on the row.
This deck was nearly missed. The company's events page answers a plain fetch with a 168 KB page reading “No presentations available”, which is a false negative rather than an honest gap. It took a rendering browser to see it. Nothing here is newer information; the as-of does not move and nothing is repriced.
The valuation section opened on a basis this document does not use, and it was stale twice over. It read "Equity market data is at the August 4, 2026 close" while section 14 and the masthead both carry the August 12, 2026 close of $12.18, which the entry below repriced to. It also said balance sheet inputs were at March 31, 2026, which the entry of 11 August had already superseded: cash reads $202.6M at June 30 and equity $761.3M at June 30, and only debt is still carried at March 31. Both clauses are settled by the enterprise value table beneath them, whose Basis column dates every input, and no figure moved. The sentence still says the enterprise value mixes four dates, and the four are August 12, July 31, June 30 and March 31.
The 52-week window was recomputed rather than re-dated. Across the daily record the window to the 4 August close and the window to the 12 August close are both 251 sessions, $8.00 to $23.61 intraday and $8.18 to $23.20 on closes. Only the date on which the window ends was stale.
The bitcoin mark is deliberately not moved. It stays at the July 31, 2026 price, with the reason the sentence already gives: no settled closing print has been established for a later date. The holding of 13,924 coins is at June 30, 2026.
The filing record was re-read today. The sweep sentence named 750 filings to July 17, 2026; the index now holds 760. Ten have appeared since: the quarterly report and current report of August 6, 2026, which the entry of 11 August absorbed, and eight Forms 4 and 144 of August 14, 2026, which were not read. The issuer newsroom was reached and carries nothing after the third-quarter results of August 6.
Not repriced, and the stamp moves without the basis. The 13, 14 and 17 August sessions have closed at $11.52, $12.09 and $12.40 since this file was stamped, and it stays on the August 12, 2026 close of $12.18.
This file stated a Batch Zero timetable that the grid operator had already withdrawn, eight days before the file was stamped. Section 4 and the Texas capacity risk both said applicants are told during August 2026 whether they are in the batch. ERCOT market notice M-A080326-01 of August 3, 2026 says it will not notify by August 7, gives no replacement date, and will seek a good cause exception at the Public Utility Commission of Texas open meeting of August 20, 2026, following the Governor's directive of the same day to audit every data center advancing through the interconnection process. None of it is on EDGAR, and the sweep that produced this file read filings rather than the grid operator's notices. Both passages now carry the suspension and the calendar item is retimed to the Commission meeting.
Enterprise value was stated two ways on adjacent rows. The table gave $5,221.7M as the sum of capitalization, debt and cash, and then computed both per-megawatt measures off $5,164.0M, a figure carried from the previous reprice on a different cash number. The two differ by $57.7M. Every measure now derives from one enterprise value.
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. Market capitalization $3,636.1M → $3,125.5M on the unchanged 256,608,606 shares, enterprise value $5,221.7M → $4,711.1M and ex-bitcoin $4,320.8M → $3,810.2M, EV to FY2025 revenue 6.8× → 6.1×, to annualised H1 FY2026 revenue 8.2× → 7.4×, to annualised nine-month revenue 8.6× → 7.8×, price to book 4.78× → 4.11×, capitalization per exahash $85.4M → $73.4M, enterprise value per contracted megawatt $2.85M → $2.60M and per drawn megawatt $6.39M → $5.83M. The 52-week range is unchanged at $8.00 to $23.61, which was recomputed on the file's own 251-session convention rather than carried forward. The 2030 notes now sit about 18% below their $14.80 conversion price against about 4% at the previous close.
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. Balance sheet, share count, hashrate, capacity and every figure at March 31 and June 30, 2026 are unchanged.
Third fiscal quarter 2026 reported on August 6, 2026. Revenue $138.0M against $198.6M a year earlier, down 30.5%; net loss $239.8M, $0.89 per basic share; Adjusted EBITDA negative $113.0M, improved from negative $377.7M. Nine months to June 30 therefore carry $455.6M of revenue and $996.9M of net loss.
The balance sheet figures this document quotes as current are restated. Cash reads $202.6M at June 30, 2026 rather than $260.3M at March 31, and shareholders’ equity $761.3M rather than $986.2M. Everything derived from them moves: enterprise value to $5,221.7M and ex-bitcoin to $4,320.8M, EV to FY2025 revenue to 6.8x, price to book to 4.78x from 3.69x, and the Sandersville build from 1.8 to 2.1 times equity to 2.3 to 2.8 times.
Two bases are now shown rather than one replaced. The EV to annualised H1 FY2026 multiple is correctly labelled H1 and stays, at 8.2x on the new enterprise value, and a nine-month basis is added beside it at 8.6x. The bitcoin line is left as marked, at 13,924 coins valued on the stated July 31, 2026 price, because the 10-Q reports $814.9M on a different basis and substituting it would change the method rather than update a figure.
Cash rose against the year end and fell against the quarter. The release compares $202.6M to $42.966M at September 30, 2025. Against March 31, the last reported quarter, it fell $57.7M. The price was not restruck: the pricing basis stays at the August 4, 2026 close.
The price at publication beside every third-party target was the wrong close. The convention is the close on the last trading day before the action, which is what the author could see when the target was struck; a same-day close is set after the note is out. All seven dated rows carried the same-day close instead. Keefe Bruyette and Chardan move $13.48 → $14.025, Cantor Fitzgerald and Needham $14.13 → $13.45, BTIG and H.C. Wainwright $13.45 → $12.36, and Citizens JMP $16.23 → $17.19. No firm, analyst, rating, target or date in those rows changes. The convention is now stated in section 8 rather than left to be inferred.
The 3 August reprice reached the masthead and not the body. The masthead carried $14.65 against a 3 August basis, while section 1 showed a market capitalization struck at the earlier $13.76, section 8 valued the whole enterprise off the 31 July close, section 7 quoted $13.76 twice, and the sources section named 31 July as the basis outright. One document stated its own pricing basis two ways. Everything is now struck at the 4 August close and the arithmetic reruns from it.
Third-party coverage extended from ten firms to fourteen, against the issuer's own coverage page read on August 4, 2026, which enumerates fourteen and states no count of its own. Added: B. Riley Securities (Nick Giles) at $26, Clear Street (Brian Dobson) at $22, Macquarie Capital (Paul Golding) at $22 and Ladenburg Thalmann (Jon R. Hickman) at $20.25 on initiation. Three rows that had no date now have one, from a service that itemises the action: Maxim Group and Northland at July 15, 2026 and AllianceBernstein at November 3, 2025. The H.C. Wainwright row gains both an analyst and a $22 target where it had carried neither, and the reiteration is no longer described as targetless. The Keefe Bruyette date discrepancy this file had left open is settled at July 28, 2026 on three services agreeing.
The Bernstein attribution divides, and the row now says so. The issuer's list and two services name Gautam Chhugani and date the $November 24 to 3, 2025. Two others carry the same $24 under Chad Dillard, the name this file had used, and date it August 3, 2026. Those two count once rather than twice: the second states that its individual analyst data comes from the first. The name and the date are both recorded as divergent rather than resolved.
The covering set read against the issuer's own financings. Eleven of the fourteen were initial purchasers of one or both convertible offerings, seven named in the 2030 indenture and twelve in the 2032 indenture, and H.C. Wainwright has additionally been the sole sales agent under every at-the-market program the company has run. The three firms with no such role hold $27, $24 and $24, so the highest target in the set belongs to a firm outside the syndicate while the syndicate holds the whole of the lower half of the range. The capped call counterparties are unnamed in the filings and are recorded as not established rather than assumed to be outside the covering set.
The single consensus figure is replaced by four. The file had reported one service's $23.19 over 13 analysts and noted a second counting sixteen firms. Read on 4 August, four services give $23.02 over 17 contributors, $23.73 over 13, $23.75 over 12 and $23.88 over 16, with stated lows of $14, $21 and $19. The disagreement is reported as the finding; no center is struck here.
Repriced $14.65 → $14.17 on the August 4, 2026 close, down 3.28% on 25.7 million shares. Market capitalization $3,759.3M → $3,636.1M and enterprise value $5,058.8M → $5,164.0M on the unchanged share count, the second rising because the previous figure had never been moved off the 31 July price. The 2030 notes now sit about 4% below their $14.80 conversion price, against about 1% at the 3 August close. The bitcoin mark stays at July 31, 2026, no settled print having been established for a later date, so the enterprise value bridge mixes four dates and says which.
The filing sweep reached today. 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. The count and the range are unchanged since the previous entry: nothing has been filed since the beneficial ownership statement of July 17, 2026. No identifier moved and no catalyst resolved.
Known gaps in this version. No research note was read for any of the fourteen covering firms, so what each discloses about this issuer rests on the issuer's filings rather than the firms' own. The capped call counterparties are not established. No settled bitcoin closing print was established for 31 July or August 4, 2026. The remaining gaps are as recorded in the previous entry.
Third-party coverage extended, not rebuilt. The six rows already carried keep their firm, analyst, rating and target exactly as sourced. What is added is the publication date, the close on that date and a disclosed-conflict column, together with four 2026 actions the earlier reading had not carried: Chardan at $21, Cantor Fitzgerald at $26, Needham at $23 and Citizens JMP at $27 on initiation, plus an H.C. Wainwright reiteration with no target. Ten named firms now appear against five before. Every one of them is cited to the service that reports it rather than to the firm, and no note was read, so no conflict is established for any.
Two things the extension could not settle are left visible. The service dates the KBW action to July 28, 2026 while this document had recorded reading it on 27 July, and both cannot hold. And the services disagree on the size of the coverage set, one counting thirteen analysts in the consensus and another sixteen covering firms. Three rows keep a date of Not established because the service does not itemise their actions, so no close can be struck against them.
Repriced to the August 3, 2026 close, and the register carried here rather than deferred. 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% on 19.21 million shares against a recent average of 22.95 million. Market capitalization moves $3,530.9M → $3,759.3M on the unchanged share count. The 2030 notes now sit about 1% below their $14.80 conversion price, against 8% below on the previous basis. The sources table had recorded the institutional register as detailed in the companion calendar; a companion document is not a source, and each file stands on its own evidence, so the holders are now named here from the filings this document swept itself.
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 fiscal 2025 Form 10-K of November 25, 2025, the Form 10-Q for the quarter ended March 31, 2026 filed May 11, 2026, the Form 8-K of July 14, 2026 reporting the Sandersville lease, the Form 8-K of March 24, 2026 amending the Series A certificate of designation, and the June 2026 operational update of July 7, 2026. Beneficial ownership was swept under both labels the electronic filing system emits, which surfaced eleven filings made since November 13, 2025 that a search on the older label alone returns none of. Full-text search of other filers' documents supplied the Mawson litigation from Big Digital Energy's quarterly report of May 14, 2026 and the peer-group placements in the IREN and MARA proxy statements. Non-SEC sources were the Georgia Public Service Commission, ERCOT's published Batch Zero process, and press coverage of the New Hampshire conduit bond.
Pricing basis is the Nasdaq close of July 31, 2026 at $13.76, with market capitalization computed against the 256,608,606 shares on the quarterly report cover of May 7, 2026. Balance sheet inputs are at March 31, 2026 and bitcoin holdings at June 30, 2026, so the enterprise value in section 8 mixes three dates and says so.
Conventions fixed at construction: fiscal years end 30 September, so fiscal 2025 is the year to September 30, 2025 and half-year figures run October to March. Mining cost comparisons use the owned-facilities table, since the company exited hosted facilities in March 2025 and no longer reports hosted metrics.
Known gaps in this version. Individual Form 4 transaction codes were not read, so whether insiders have bought on the open market is not established. No conference calendar was checked. Which power regime governs the new 175 MW at Sandersville was not settled, the site sitting on a municipal system while the Public Service Commission rule binds Georgia Power. Whether the Texas sites lodged ERCOT Batch Zero applications is not on any record read. Court dockets were not queried directly, so litigation posture is as of each party's last filing. No settled bitcoin closing print for July 31, 2026 was established from the sources read, and the mark is stated as approximate. The date of the New Hampshire Executive Council vote differs between sources and the Union Leader account returned a rate-limit response rather than content.