CleanSpark Releases November 2025 Bitcoin Mining Update

Rhea-AI Summary

CleanSpark (Nasdaq: CLSK) released its November 2025 mining update and fiscal 2025 results on Dec 3, 2025. Key points: 587 BTC mined in November and 7,124 BTC produced in CY2025; 13,054 BTC total holdings as of Nov 30, 2025. The company reported > $766 million in revenue for fiscal 2025 and closed an upsized $1.15 billion zero-coupon convertible notes offering due 2032 on Nov 13, 2025. In connection with the offering CleanSpark repurchased ~30.6 million shares (~10.9% outstanding) for $460 million. Operational fleet metrics: 50 EH/s operational hashrate, average operating hashrate 47.4 EH/s, deployed miners 246,104. Power portfolio: 1.45 GW under contract and 808 MW utilized.

Positive

• Fiscal 2025 revenue > $766 million
• Closed $1.15 billion zero-coupon convertible notes offering
• Repurchased ~30.6M shares (~10.9%) for $460M
• November production: 587 BTC; CY2025 production: 7,124 BTC
• Operational hashrate reached 50 EH/s
• Power under contract: 1.45 GW

Negative

• $1.15 billion convertible notes create potential future conversion-related dilution
• Repurchase used $460 million of proceeds, reducing available cash for other uses
• Sold 565.41 BTC for $52.0M, reducing liquid Bitcoin holdings available for upside

News Market Reaction

+5.69%

1 alert

+5.69% News Effect

On the day this news was published, CLSK gained 5.69%, reflecting a notable positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

FY 2025 revenue: >$766 million Convertible notes size: $1.15 billion Share repurchase: $460 million (30.6M shares, 10.9%) +5 more

8 metrics

FY 2025 revenue >$766 million Fiscal year 2025 results referenced in the update

Convertible notes size $1.15 billion 0.00% convertible senior notes due 2032

Share repurchase $460 million (30.6M shares, 10.9%) Repurchase tied to the $1.15B convertible offering

Bitcoin mined in November 587 BTC November 2025 production

BTC holdings 13,054 BTC Treasury as of November 30, 2025

BTC sale proceeds $52,005,409 Proceeds from 565.41 BTC sold in November 2025

Avg BTC sale price $91,979 per BTC Average price for November 2025 BTC sales

Power under contract 1.45 GW Total contracted power capacity as of November 30, 2025

Market Reality Check

Price: $13.37 Vol: Volume 21,141,906 shares ...

low vol

$13.37 Last Close

Volume Volume 21,141,906 shares is below the 20-day average of 36,813,059 shares ahead of this update. low

Technical Price at $14.82 is trading above the 200-day moving average around $11.30.

Peers on Argus

Before this update, CLSK was down 2.15% while key bitcoin-mining peers like HUT ...

Before this update, CLSK was down 2.15% while key bitcoin-mining peers like HUT (+5.53%), MARA (+2.20%), CIFR (+3.45%), and WULF (+1.93%) were generally positive, suggesting stock-specific factors.

Historical Context

5 past events · Latest: Dec 03 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Dec 03	Mining & FY update	Positive	+5.7%	Stronger mining metrics, sizable BTC treasury and large convertible plus buyback.
Nov 25	FY 2025 results	Positive	+3.0%	Record revenue, net income, EBITDA and enhanced capital flexibility.
Nov 19	Earnings webcast	Neutral	-5.5%	Announcement of webcast timing for full-year 2025 results discussion.
Nov 13	Convertible closing	Negative	-10.1%	Closing of $1.15B 0% convertibles and large common share repurchase.
Nov 10	Convertible pricing	Negative	-3.5%	Upsized $1.15B 0% convertible notes offering with defined conversion terms.

Pattern Detected

Recent history shows positive reactions to strong operational and full-year results, and negative reactions to convertible note financings, with one webcast-related announcement seeing a downside divergence.

Recent Company History

Over the last month, CleanSpark reported multiple milestones. On Nov 10 and Nov 13, 2025, it announced and then closed a $1.15B 0% convertible note deal alongside a $460M share repurchase, which coincided with share-price declines. A webcast notice on Nov 19, 2025 preceded another pullback. By Nov 25, 2025, “transformative” fiscal 2025 results with $766.3M revenue and strong profitability drew a positive reaction. Today’s Nov mining and financing update on Dec 03, 2025 fits this pattern of operational scale plus capital-structure moves.

Market Pulse Summary

The stock moved +5.7% in the session following this news. A strong positive reaction aligns with how...

Analysis

The stock moved +5.7% in the session following this news. A strong positive reaction aligns with how CleanSpark previously traded on operational and full-year milestones, such as the recent FY 2025 results. This update combined solid November production of 587 BTC, a treasury of 13,054 BTC, and confirmation of the $1.15B 0% convertible plus share repurchase. Investors would still have to weigh conversion overhang and execution on the expanded 1.45 GW power portfolio when assessing how durable a large move might be.

Key Terms

zero-coupon convertible notes, convertible senior notes, hashrate, operational hashrate, +1 more

5 terms

zero-coupon convertible notes financial

"Announced closing of upsized $1.15 billion zero-coupon convertible notes offering"

A zero-coupon convertible note is a loan a company issues that does not pay periodic interest but instead accumulates value and is repayable at maturity or can be converted into company shares. Think of it as a buy-now ticket that either becomes equity later or redeems for a larger cash amount; investors accept no regular income in exchange for potential upside if the company’s shares rise, while shareholders face possible dilution if conversion occurs.

convertible senior notes financial

"a $1.15 billion offering of 0.00% convertible senior notes due 2032"

Convertible senior notes are a type of loan that a company issues to investors, which can be turned into company shares later on. They are called "senior" because they are paid back before other debts if the company runs into trouble. This allows investors to earn interest like a loan but also have the chance to own part of the company if its value rises.

hashrate technical

"optionality to shift hashrate to optimal segments of the portfolio"

Hashrate is a measure of how quickly a computer network can process and verify transactions, often expressed as the number of calculations it can perform in a second. Think of it like the engine power of a car; the higher the hashrate, the more work the network can do in a given time. For investors, a higher hashrate generally indicates a more secure and robust network, which can influence confidence and the value of related digital assets.

operational hashrate technical

"Operational Hashrate 1 | 50 EH/s"

Operational hashrate is the actual computing power that a cryptocurrency mining operation is producing at a given time, measured by how many cryptographic problems it can solve per second. Think of it as the number of machines in a factory that are actually running versus the total that could be installed; higher operational hashrate means greater potential for mining rewards and revenue, while drops can signal equipment failures, maintenance, or rising costs that matter to investors.

bitcoin-backed credit balances financial

"repayment of outstanding bitcoin-backed credit balances, and general corporate purposes"

Customer or creditor account balances that are funded or secured by bitcoin held as collateral, meaning the value of the credit depends on the price and availability of bitcoin. Investors should care because the collateral can swing widely in value like a pawned item whose worth changes, affecting the lender’s safety, the borrower’s ability to repay, and the risk that balances could be liquidated or written down during sharp bitcoin price moves.

AI-generated analysis. Not financial advice.

Mined 587 bitcoin and increased contracted power by nearly 11% during the month

Reported transformative fiscal year 2025 results with more than $766 million in revenue

Announced closing of upsized $1.15 billion zero-coupon convertible notes offering

LAS VEGAS, Dec. 3, 2025 /PRNewswire/ -- CleanSpark, Inc. (Nasdaq: CLSK), America's Bitcoin Miner® (the "Company"), today released its unaudited Bitcoin mining and operations update for the month ended November 30, 2025.

"CleanSpark's progress this year reflects what's possible when a team believes in a shared mission. Last month, we expanded our contracted power to over 1.4 GW with an additional 125 MW in TVA's service territory and had a successful closing of our $1.15 billion zero-coupon convertible notes offering," said Matt Schultz, Chief Executive Officer and Chairman. "Our team is focused on expanding CleanSpark's contracted power, continuing to mine efficiently, and positioning the business to rapidly lease existing capacity while maintaining optionality to shift hashrate to optimal segments of the portfolio. We are proud of fiscal 2025 and even more excited for the road ahead."

$1.15 Billion Financing and FY 2025 Financial Results
On November 13, 2025, CleanSpark announced the closing of a $1.15 billion offering of 0.00% convertible senior notes due 2032. In connection with the offering, the Company repurchased approximately 30.6 million shares (representing about 10.9% of its outstanding common stock) for $460 million. No shares were repurchased from directors or officers. Use of remaining net proceeds include expanding CleanSpark's power and land portfolio, developing data center infrastructure, the repayment of outstanding bitcoin-backed credit balances, and general corporate purposes.

On November 25, 2025, CleanSpark executives held a webcast to discuss full fiscal year 2025 results. During the call, members of management shared an update on the Company's AI strategic evolution and answered questions from the analyst community. The recording and transcript of the call are available on the Company website.

November 2025 Bitcoin Mining Highlights (Unaudited)

Production Metrics
Bitcoin produced	587
Peak single day bitcoin production	20.44
Average daily bitcoin production	19.54
CY2025 bitcoin produced	7,124
Fleet Metrics
Operational Hashrate1	50 EH/s
Average operating hashrate	47.4 EH/s
Peak efficiency of deployed fleet	16.07 J/Th
Deployed fleet as of November 30	246,104
Bitcoin Treasury Metrics
Total bitcoin holdings as of November 302	13,054
Total bitcoin sold3	565.41
Total USD proceeds from sale of BTC3	$52,005,409
Average price per BTC sold	$91,979
Power Portfolio Metrics
GW under contract4	1.45
Utilized MW5	808

¹Operational Hashrate refers to the highest hashrate historically achieved concurrently by all installed and functional miners that were: properly racked and configured, supported by energized infrastructure, and capable of actively contributing to our mining pool or directly to the Bitcoin network.

²As of November 30, 2025, CleanSpark's Bitcoin holdings were 13,054 in total (2,374 bitcoin of this amount was posted as collateral or as a receivable).

³Bitcoin sold is net of any bitcoin purchases.

⁴GW under contract includes all contracted power capacity for wholly owned or leased sites and excludes any other non-binding arrangements.  

⁵Utilized MW represents the maximum megawatts used concurrently in support of the fleet's Operational Hashrate.

About CleanSpark
CleanSpark (Nasdaq: CLSK), America's Bitcoin Miner®, is a market-leading data center developer with a proven track record of success. We own a portfolio of more than 1.4 GW of power, land, and data centers across the United States powered by globally competitive energy prices. Sitting at the intersection of Bitcoin, energy, operational excellence and capital stewardship, we optimize our infrastructure to deliver superior returns to our shareholders. Monetizing low-cost, high reliability energy by producing a global emerging critical resource – compute – positions us to prosper in an ever-changing world.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In this press release, forward-looking statements include, but may not be limited to, statements regarding the Company's expectations, beliefs, plans, intentions, and strategies. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expects," "plans," "anticipates," "could," "intends," "targets," "projects," "contemplates," "believes," "estimates," "forecasts," "predicts," "potential" or "continue" or the negative of these terms or other similar expressions. The forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to: the success and performance of the Company's non-bitcoin data center activities and expansion into non-bitcoin infrastructure;  completion of construction, regulatory approvals, and electrical power availability to achieve anticipated growth; the success and performance of the digital asset management and derivatives trading activities, which were only recently commenced; the success of our digital currency mining activities; bitcoin volatility; the dependency on utility rate structures and government incentive programs;  and other risks described in the Company's prior press releases and in its filings with the Securities and Exchange Commission (SEC), including under the heading "Risk Factors" in those filings. Forward-looking statements contained herein are made only as to the date of this press release, and we assume no obligation to update or revise any forward-looking statements as a result of any new information, changed circumstances or future events or otherwise, except as required by applicable law.  

Investor Relations Contact  
Harry Sudock
702-989-7693 
ir@cleanspark.com 

Media Contact 
Eleni Stylianou
702-989-7694
pr@cleanspark.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/cleanspark-releases-november-2025-bitcoin-mining-update-302631445.html

SOURCE CleanSpark, Inc.

FAQ

How many Bitcoin did CleanSpark (CLSK) mine in November 2025?

CleanSpark mined 587 BTC in November 2025.

What were CleanSpark's reported fiscal 2025 revenues and when were they reported?

CleanSpark reported fiscal 2025 revenue of more than $766 million; results were discussed during a Nov 25, 2025 webcast.

What financing did CleanSpark (CLSK) close in November 2025 and what are the key terms?

On Nov 13, 2025 CleanSpark closed an upsized $1.15 billion 0.00% convertible senior notes offering due 2032.

How many shares did CleanSpark repurchase in connection with the Nov 2025 financing?

The company repurchased approximately 30.6 million shares, about 10.9% of outstanding common stock, for $460 million.

What is CleanSpark's operational hashrate and deployed fleet size as of Nov 30, 2025?

Operational hashrate was 50 EH/s with 246,104 deployed miners as of Nov 30, 2025.

How much contracted power does CleanSpark (CLSK) have and how much is utilized?

CleanSpark has 1.45 GW under contract and is utilizing 808 MW concurrently.