Bitcoin miner CleanSpark will be added to the S&P SmallCap 600 Index on March 24, 2025. The addition is a nod to the company’s healthy fiscal outlook, giving it some leeway to outdo mining-specific challenges that may arise, especially following a halving that happened in April 2024. While most industry participants are fighting for their lives, CleanSpark has overcome those odds and become one of the most successful public Bitcoin miners of 2025. CleanSpark performance has been consistent throughout the period CleanSpark chief executive officer and president, Zack Bradford, has been enjoying the success of a stronger business model, which has led to CleanSpark’s addition to the S&P SmallCap 600 Index. The addition creates value, a cascade opportunity, and a more diversified investment, but it also creates, as he puts it, “vertical integration” in Bitcoin mining. CleanSpark’s profits surged to $241.7 million, or $0.85 per share, in the final quarter of 2024, up from just $25.9 million a year earlier. This represents an 833% rise YoY. Company-wide revenues jumped 120% on a year-over-year basis to $162.3 million. As of February 2025, CleanSpark’s BTC holdings rose 6% to 11,177 BTC, positioning it as one of the top five public BTC mining and holding companies. The Bitcoin mining business has been struggling since halving in April 2024. This placed other players in the mining industry in a weaker economic position and caused them to look for alternate sources of revenue. AI data centre build-outs are also taking a market share that rightly deserves to be taken away from the old-school Bitcoin mining business, which is far more profitable. CleanSpark has succeeded when everyone else is feeling pressed Mergers and acquisitions (M&A) in the parts of the economy that are now severely bottlenecked remain one surefire way to stifle competition early. However, the biggest moves in the industry have already occurred. According to JPMorgan, Riot Platforms and CleanSpark, which have aggressively expanded their holdings, have fortified their positions competitively. As many Bitcoin miners navigate shifts within the industry, CleanSpark has a more bullish outlook. The April 2024 Bitcoin halving event that reduced block reward and miner revenues forced many companies to revise their strategies. Consequently, a few mining companies turned to AI data centers, which have been considerably more profitable. This transition remains largely under the general public’s radar, as Nvidia GPUs dedicated to AI model training operate at vastly greater scales than those used for Bitcoin mining. With this evolution comes a wave of M&A in the industry as smaller firms struggle to survive. JPMorgan also points out that CleanSpark and Riot Platforms have aggressively pursued acquisitions to increase their market share. In contrast, capital-constrained miners such as IREN and Cipher have pursued a more disciplined path, searching for alternative forms of revenue with lower capital needs. Cryptopolitan Academy: Want to grow your money in 2025? Learn how to do it with DeFi in our upcoming webclass. Save Your Spot
