CLSKW Insider Schultz Sells 1.84M Shares; Options and RSUs Remain
Rhea-AI Filing Summary
S. Matthew Schultz, who serves as CleanSpark's CEO and Executive Chairman and is a company director, filed a Form 4 reporting transactions dated 09/04/2025. The filing shows a disposition of 1,842,268 shares of Common Stock and a disposition of 500,000 shares of Series A Preferred. It also reports indirect beneficial ownership of 480,000 Common Shares held by the S M Schultz Irrevocable Trust and 40,996 Common Shares held indirectly by his spouse. Reported derivative holdings include employee stock options to buy 400,000 shares at $23 (exp. 04/16/2031) and multiple restricted stock unit grants totaling several million underlying shares with varying vesting schedules through 2028.
The Form is signed by Mr. Schultz on 09/08/2025 and discloses detailed vesting timelines for RSUs and options but does not state the reason for the dispositions.
Positive
- Continued economic alignment through sizable employee stock options and multiple RSU grants vesting through 2028
- Indirect holdings retained via the S M Schultz Irrevocable Trust (480,000 shares) and spouse (40,996 shares)
- Comprehensive disclosure of vesting schedules and option terms, including exercise price and expiration for the $23 options
Negative
- Large disposition of common stock totaling 1,842,268 shares, which reduces reported direct ownership
- Disposition of 500,000 Series A Preferred, indicating a reduction in preferred holdings
- Form does not state the reason for the dispositions, limiting context for investors
Insights
TL;DR: Significant insider disposals reduce direct ownership while large equity awards and trust holdings maintain economic exposure.
The filing documents a material reduction in direct common stock holdings through a sale or other disposition of 1,842,268 shares and a simultaneous disposition of 500,000 Series A Preferred. At the same time, Schultz retains indirect holdings via an irrevocable trust and spouse and holds sizeable option and RSU positions that vest through 2028, indicating ongoing alignment via compensation awards. The absence of a stated reason for the dispositions limits interpretation; governance review should note timing, any trading plans, and potential insider trading windows.
TL;DR: Insider transaction materially changes reported direct holdings but substantial future economic interest remains from options and RSUs.
The reported disposition of 1.84 million common shares materially lowers direct share count but is offset by existing derivative instruments: 400,000 options at $23 and multiple RSU grants (including 627,753, 1,729,000, and others) that vest across 2025–2028. These instruments preserve potential upside tied to company performance. For investors, the net effect on control and dilution should be measured by comparing these figures to total outstanding shares; that comparison is not provided in the filing, so impact on EPS or ownership percentages cannot be determined from this Form 4 alone.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Grant/Award | Restricted Stock Units | 627,753 | $0.00 | -- |
| Grant/Award | Restricted Stock Units | 1,729,000 | $0.00 | -- |
| Grant/Award | Restricted Stock Units | 1,729,000 | $0.00 | -- |
| holding | Employee Stock Options (Right to Buy) | -- | -- | -- |
| holding | Restricted Stock Units | -- | -- | -- |
| holding | Restricted Stock Units | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Series A Preferred | -- | -- | -- |
Footnotes (1)
- These Options were granted on April 16, 2021 and vested in equal monthly installments over 36 months. These RSUs vest on September 12, 2025. These RSUs vest in equal quarterly installments on December 3, 2025, February 13, 2026, May 13, 2026, August 13, 2026, December 3, 2026, February 12, 2027, May 13, 2027, August 13, 2027 and December 3, 2027. These RSUs vest in equal annual installments over three years on September 4, 2026, September 4, 2027, and September 4, 2028. These RSUs vest 25% on September 9, 2025; the remaining 75% vests in equal semiannual installments over three years on February 13, 2026, September 4, 2026, February 13, 2027, September 4, 2027, February 13, 2028, and September 4, 2028.
