Bitcoin miner CleanSpark to join the S&P SmallCap 600 index

Nasdaq-listed Bitcoin mining agency CleanSpark has introduced its upcoming inclusion within the S&P SmallCap 600 index.

CleanSpark, one of many largest Bitcoin (BTC) mining firms on the earth, revealed this by way of press launch on Mar. 10. Based on the information launch, inclusion within the S&P SmallCap 600 index will go into impact forward of market opening on March 24, 2025.

Why does this matter?

The S&P SmallCap 600 Index measures the small-cap constituents of the U.S. inventory market. It tracks firms primarily based on standards comparable to e-book worth and earnings, with these deemed worth shares additionally evaluated by way of liquidity and monetary viability.

Inclusion into the index provides to the latest constructive developments for CleanSpark, which accomplished vital offers in 2024. The miner additionally crossed 10,000 BTC in its treasury and hit key targets in its hashrate haul.

Milestone for traders, shareholders

Zach Bradford, the chief govt officer of CleanSpark, famous that becoming a member of the S&P SmallCap 600 index marks one other vital milestone for the Bitcoin mining firm’s workers, traders, and administration workforce. The inclusion can be notable because it acknowledges CleanSpark’s constant market efficiency. He added:

“Our inclusion enhances visibility throughout the funding neighborhood and offers us a chance to reveal the worth of being a pure play, vertically built-in Bitcoin mining firm and making publicity to our mannequin extra broadly obtainable.”

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CleanSpark’s first-quarter outcomes indicated that the corporate’s income rose 82% quarter-over-quarter to $162.3 million. Q1 additionally noticed a 33% enhance in BTC manufacturing, with 1,945 BTC mined over the three months in comparison with 1,465 BTC within the earlier quarter. In the meantime, the deployed hashrate elevated by 41.7% to 39.1 exahashes per second.

These spikes got here as Bitcoin value recorded a 37% upside movementum.

Whereas BTC has dropped 16% up to now month, hovering close to $80,000, crypto analysts stay bullish on the asset. Inventory analysts additionally price the pure-play Bitcoin miner CleanSpark’s inventory as a high choose within the sector.

Learn extra: Analyst reiterates CleanSpark as ‘Prime Choose’ after Q1 report