CleanSpark, Inc. received an updated Schedule 13G/A from a group of affiliated broker-dealers led by Susquehanna entities, reporting beneficial ownership of 12,384,543 shares of common stock, or 4.8% of the company’s outstanding shares.
The filing shows positions held across G1 Execution Services, SIG Brokerage, Susquehanna Investment Group, and Susquehanna Securities, including options and warrants. For example, Susquehanna Securities holds options to buy 7,771,500 shares, and G1 Execution Services includes 4,942 shares issuable upon warrant exercise. CleanSpark’s Form 10-Q indicated 255,749,498 shares outstanding as of December 31, 2025.
The reporting firms certify the stake is held in the ordinary course of business and state it was not acquired to change or influence control of CleanSpark.
Positive
None.
Negative
None.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 1)
CleanSpark, Inc.
(Name of Issuer)
Common Stock, $0.001 par value per share
(Title of Class of Securities)
18452B209
(CUSIP Number)
12/31/2025
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
SCHEDULE 13G
CUSIP No.
18452B209
1
Names of Reporting Persons
G1 Execution Services, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
ILLINOIS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
4,981.00
6
Shared Voting Power
12,384,543.00
7
Sole Dispositive Power
4,981.00
8
Shared Dispositive Power
12,384,543.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
12,384,543.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
4.8 %
12
Type of Reporting Person (See Instructions)
BD, OO
Comment for Type of Reporting Person: With respect to Row 5 through Row 9 above, G1 Execution Services, LLC, SIG Brokerage, LP, Susquehanna Investment Group and Susquehanna Securities, LLC are affiliated independent broker-dealers which may be deemed a group. For purposes of this report, we have indicated that each reporting person has sole voting and dispositive power with respect to the shares beneficially owned by it and that the reporting persons have shared voting and dispositive power with respect to all shares beneficially owned by all of the reporting persons. Each of the reporting persons disclaims beneficial ownership of shares owned directly by another reporting person.
SCHEDULE 13G
CUSIP No.
18452B209
1
Names of Reporting Persons
SIG Brokerage, LP
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
6,779.00
6
Shared Voting Power
12,384,543.00
7
Sole Dispositive Power
6,779.00
8
Shared Dispositive Power
12,384,543.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
12,384,543.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
4.8 %
12
Type of Reporting Person (See Instructions)
BD, PN
Comment for Type of Reporting Person: With respect to Row 5 through Row 9 above, G1 Execution Services, LLC, SIG Brokerage, LP, Susquehanna Investment Group and Susquehanna Securities, LLC are affiliated independent broker-dealers which may be deemed a group. For purposes of this report, we have indicated that each reporting person has sole voting and dispositive power with respect to the shares beneficially owned by it and that the reporting persons have shared voting and dispositive power with respect to all shares beneficially owned by all of the reporting persons. Each of the reporting persons disclaims beneficial ownership of shares owned directly by another reporting person.
SCHEDULE 13G
CUSIP No.
18452B209
1
Names of Reporting Persons
Susquehanna Investment Group
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
PENNSYLVANIA
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
2,530,000.00
6
Shared Voting Power
12,384,543.00
7
Sole Dispositive Power
2,530,000.00
8
Shared Dispositive Power
12,384,543.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
12,384,543.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
4.8 %
12
Type of Reporting Person (See Instructions)
BD, PN
Comment for Type of Reporting Person: With respect to Row 5 through Row 9 above, G1 Execution Services, LLC, SIG Brokerage, LP, Susquehanna Investment Group and Susquehanna Securities, LLC are affiliated independent broker-dealers which may be deemed a group. For purposes of this report, we have indicated that each reporting person has sole voting and dispositive power with respect to the shares beneficially owned by it and that the reporting persons have shared voting and dispositive power with respect to all shares beneficially owned by all of the reporting persons. Each of the reporting persons disclaims beneficial ownership of shares owned directly by another reporting person.
SCHEDULE 13G
CUSIP No.
18452B209
1
Names of Reporting Persons
Susquehanna Securities, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
9,842,783.00
6
Shared Voting Power
12,384,543.00
7
Sole Dispositive Power
9,842,783.00
8
Shared Dispositive Power
12,384,543.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
12,384,543.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
4.8 %
12
Type of Reporting Person (See Instructions)
BD, OO
Comment for Type of Reporting Person: With respect to Row 5 through Row 9 above, G1 Execution Services, LLC, SIG Brokerage, LP, Susquehanna Investment Group and Susquehanna Securities, LLC are affiliated independent broker-dealers which may be deemed a group. For purposes of this report, we have indicated that each reporting person has sole voting and dispositive power with respect to the shares beneficially owned by it and that the reporting persons have shared voting and dispositive power with respect to all shares beneficially owned by all of the reporting persons. Each of the reporting persons disclaims beneficial ownership of shares owned directly by another reporting person.
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
CleanSpark, Inc.
(b)
Address of issuer's principal executive offices:
10624 S. Eastern Ave, Suite A - 638, Henderson, NV 89052
Item 2.
(a)
Name of person filing:
This statement is filed by the entities listed below, who are collectively referred to herein as "Reporting Persons" with respect to the shares of Common Stock, $0.001 par value per share (the "Shares"), of CleanSpark, Inc. (the "Company").
(i) G1 Execution Services, LLC
(ii) SIG Brokerage, LP
(iii) Susquehanna Investment Group
(iv) Susquehanna Securities, LLC
(b)
Address or principal business office or, if none, residence:
The address of the principal business office of G1 Execution Services, LLC is:
175 W. Jackson Blvd.
Suite 1700
Chicago, IL 60604
The address of the principal business office of each of SIG Brokerage, LP, Susquehanna Investment Group and Susquehanna Securities, LLC is:
401 E. City Avenue
Suite 220
Bala Cynwyd, PA 19004
(c)
Citizenship:
Citizenship is set forth in Row 4 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
(d)
Title of class of securities:
Common Stock, $0.001 par value per share
(e)
CUSIP No.:
18452B209
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
The information required by this Item 4(a) is set forth in Row 9 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
The number of Shares reported as beneficially owned by G1 Execution Services, LLC includes 4,942 Shares issuable upon the exercise of warrants to purchase Shares. The number of Shares reported as beneficially owned by Susquehanna Investment Group consists of options to buy Shares. The number of Shares reported as beneficially owned by Susquehanna Securities, LLC includes options to buy 7,771,500 Shares.
The Company's Quarterly Report on Form 10-Q, filed on February 5, 2026, indicates that there were 255,749,498 Shares outstanding as of December 31, 2025.
(b)
Percent of class:
4.8 %
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
The information required by this Item 4(c)(i) is set forth in Row 5 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
(ii) Shared power to vote or to direct the vote:
The information required by this Item 4(c)(ii) is set forth in Row 6 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
(iii) Sole power to dispose or to direct the disposition of:
The information required by this Item 4(c)(iii) is set forth in Row 7 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
(iv) Shared power to dispose or to direct the disposition of:
The information required by this Item 4(c)(iv) is set forth in Row 8 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
Item 5.
Ownership of 5 Percent or Less of a Class.
Ownership of 5 percent or less of a class
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
What ownership stake in CleanSpark (CLSK) do the Susquehanna-related entities report?
The reporting broker-dealer affiliates report beneficial ownership of 12,384,543 CleanSpark shares, representing 4.8% of the company’s common stock. This percentage is based on 255,749,498 shares outstanding as of December 31, 2025, as disclosed in CleanSpark’s Form 10-Q.
Which entities are included as reporting persons in the CleanSpark (CLSK) Schedule 13G/A?
The filing lists four affiliated reporting persons: G1 Execution Services, LLC, SIG Brokerage, LP, Susquehanna Investment Group, and Susquehanna Securities, LLC. They may be deemed a group and are all broker-dealers, each reporting beneficial ownership and voting/dispositive powers over CleanSpark shares.
How is the reported CleanSpark (CLSK) position composed across options and warrants?
The reported beneficial ownership includes derivative positions. G1 Execution Services’ total includes 4,942 shares issuable from warrants. Susquehanna Investment Group’s position consists of options to buy shares, while Susquehanna Securities’ holdings include options to buy 7,771,500 shares of CleanSpark common stock.
What percentage of CleanSpark (CLSK) does each reporting person claim to beneficially own?
Each reporting person—G1 Execution Services, SIG Brokerage, Susquehanna Investment Group, and Susquehanna Securities—reports an aggregate beneficial ownership amount of 12,384,543 shares, representing 4.8% of CleanSpark’s common stock. They also describe shared voting and dispositive power over all shares held by the group.
Do the Susquehanna-related entities seek to influence control of CleanSpark (CLSK)?
The reporting entities certify that the CleanSpark securities were acquired and are held in the ordinary course of business. They state the holdings were not acquired, and are not held, for the purpose or effect of changing or influencing control of CleanSpark, Inc.
What share count for CleanSpark (CLSK) is used to calculate the 4.8% ownership?
The 4.8% ownership figure is based on 255,749,498 CleanSpark common shares outstanding as of December 31, 2025. This outstanding share count comes from CleanSpark’s Quarterly Report on Form 10-Q, which was filed on February 5, 2026.
