CleanSpark Stock Soars with Bitcoin Rally
CleanSpark's stock has been steadily rising over the past week, mirroring the broader cryptocurrency market.
The rally in Bitcoin, which started this week with the Treasury Department's decision to increase its bond-buyback operations, has carried into Thursday.
As part of this program, the government retires older bonds that see little trading activity and covers the cost through short-term bills, reducing long-term debt in investors' hands and pulling down longer-dated yields.
The 30-year yield has dropped to around 5.2%, while the 10-year yield has eased closer to 4.65%, leading to a weaker dollar.
A weaker dollar paired with falling yields typically sends investors seeking better returns elsewhere, and cryptocurrency tends to be an early beneficiary of this search.
CleanSpark's stock continues to track Bitcoin's moves closely despite the company's shift away from pure mining towards AI infrastructure work.
This connection persists because CleanSpark still holds a substantial bitcoin position on its balance sheet, worth $814.9 million as of June 30, alongside $202.6 million in cash.