CleanSpark Falls as Investors Weigh Large Notes Deal and a Softer Bitcoin Tape

CleanSpark (CLSK) is down 4.3% today. Here is some analysis on what might have caused this price movement. ([sec.gov](https://www.sec.gov/Archives/edgar/data/827876/000119312526395727/clsk-ex99_1.htm))

Analysis: The most likely catalyst is investor caution around CleanSpark’s newly priced $2.276 billion senior secured notes, which add sizable project-level debt and carry a 7.875% coupon. The drop may also be getting amplified by weaker sentiment across bitcoin-linked equities, with Bitcoin trading lower today; this could be because miners often move with changes in crypto prices and risk appetite. ([sec.gov](https://www.sec.gov/Archives/edgar/data/827876/000119312526395727/clsk-ex99_1.htm))

Details:

CleanSpark disclosed on September 18 that its subsidiary priced $2.276 billion of senior secured notes due 2031 at 98.5% of principal, and the deal was expected to close on September 25. ([sec.gov](https://www.sec.gov/Archives/edgar/data/827876/000119312526395727/clsk-ex99_1.htm))

The company said the proceeds are intended to finish building the Sandersville facility, reimburse certain prior equity contributions, and fund debt service reserves, which can be read as a positive growth step but also raises financing and execution scrutiny. ([sec.gov](https://www.sec.gov/Archives/edgar/data/827876/000119312526395727/clsk-ex99_1.htm))

Bitcoin was down about 0.6% today, a modest decline that still matters for miner valuations because revenue, treasury values, and sentiment often track the crypto market closely. ([marketscreener.com](https://www.marketscreener.com/news/bitcoin-edges-lower-as-rate-hike-fears-sap-risk-appetite-ce785adfdd8bff24?utm_source=openai))

Earlier this month, CleanSpark’s August operating update showed 593 bitcoin produced, 50 EH/s operational hashrate, and 13,703 bitcoin holdings, suggesting the selloff looks more tied to funding structure and market tone than to a sudden operational setback. ([investors.cleanspark.com](https://investors.cleanspark.com/news/news-details/2026/CleanSpark-Releases-August-2026-Operational-Update/))

Sources:

SEC, CleanSpark, MarketScreener

Disclaimer: This price movement analysis was generated with the help of AI. Please double-check the information provided for mistakes.

$CLSK Insider Trading Activity

$CLSK insiders have traded $CLSK stock on the open market 4 times in the past 6 months. Of those trades, 0 have been purchases and 4 have been sales.

Here’s a breakdown of recent trading of $CLSK stock by insiders over the last 6 months:

TAYLOR MONNIG (CTO, COO) has made 0 purchases and 4 sales selling 29,816 shares for an estimated $394,273.

To track insider transactions, check out Quiver Quantitative's insider trading dashboard. You can access data on insider stock transactions through the Quiver Quantitative API insider transaction endpoint.

$CLSK Hedge Fund Activity

We have seen 220 institutional investors add shares of $CLSK stock to their portfolio, and 215 decrease their positions in their most recent quarter.

Here are some of the largest recent moves:

SITUATIONAL AWARENESS LP added 10,635,739 shares (+648.4%) to their portfolio in Q1 2026, for an estimated $90,510,138
D. E. SHAW & CO., INC. added 8,488,870 shares (+306.3%) to their portfolio in Q2 2026, for an estimated $123,513,058
DIMENSIONAL FUND ADVISORS LP removed 4,455,645 shares (-31.6%) from their portfolio in Q2 2026, for an estimated $64,829,634
POINT72 ASSET MANAGEMENT, L.P. added 4,370,143 shares (+272.5%) to their portfolio in Q2 2026, for an estimated $63,585,580
UBS GROUP AG added 4,239,315 shares (+127.9%) to their portfolio in Q2 2026, for an estimated $61,682,033
MORGAN STANLEY removed 3,697,802 shares (-54.7%) from their portfolio in Q2 2026, for an estimated $53,803,019
SIXTH STREET PARTNERS MANAGEMENT COMPANY, L.P. added 3,433,180 shares (+inf%) to their portfolio in Q2 2026, for an estimated $49,952,769

To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard. You can access data on hedge funds moves and 13F filings through the Quiver Quantitative API 13F endpoint.

$CLSK Analyst Ratings

Wall Street analysts have issued reports on $CLSK in the last several months. We have seen 2 firms issue buy ratings on the stock, and 0 firms issue sell ratings.

Here are some recent analyst ratings:

Macquarie issued a "Outperform" rating on 05/13/2026
BTIG issued a "Buy" rating on 05/12/2026

To track analyst ratings and price targets for $CLSK, check out Quiver Quantitative's $CLSK forecast page.

$CLSK Price Targets

Multiple analysts have issued price targets for $CLSK recently. We have seen 8 analysts offer price targets for $CLSK in the last 6 months, with a median target of $20.5.

Here are some recent targets:

James McIlree from Chardan Capital set a target price of $19.0 on 07/08/2026
Greg P. Miller from Citizens set a target price of $27.0 on 06/24/2026
Stephen Glagola from Keefe, Bruyette & Woods set a target price of $16.0 on 05/13/2026
Paul Golding from Macquarie set a target price of $22.0 on 05/13/2026
Matthew Galinko from Maxim Group set a target price of $22.0 on 05/12/2026
Gregory Lewis from BTIG set a target price of $26.0 on 05/12/2026
John Todaro from Needham set a target price of $18.0 on 05/04/2026

This article is not financial advice. See Quiver Quantitative's disclaimers for more information. Note that there may be inaccuracies due to mistakes in ticker-mapping, and other anomalies.