Crypto
CleanSpark Stock Tanks as Miner-AI Pivot Narrative Falters
CleanSpark's stock has dropped 6% to $11.84 in morning trading as investors reprice the miner-to-AI-landlord pivot.
Bitcoin is up 7% to $77,740.82 over the past 24 hours, but this doesn't explain CleanSpark's decline, which suggests investors are losing confidence in the narrative that miners will become AI data center landlords.
The $6.6 billion Sandersville lease remains a promise rather than cash, as CleanSpark's mining revenue fell 30% year over year to $138 million in fiscal Q3 2026 and adjusted EBITDA swung deeply negative.