CleanSpark announced its best-ever financial results for the fiscal third quarter, with revenue nearly doubling year-over-year to a record $198.6 million. The company saw a significant turnaround in its net income, which reached $257.4 million, and its adjusted EBITDA soared to $377.7 million. This impressive performance was partly due to a change in accounting practices, where gains and losses from Bitcoin are now considered part of normal business operations.
According to CEO Zach Bradford, these results are the product of strategic execution, highlighted by the company reaching 50 exahashes per second (EH/s) of hashing power. This milestone is particularly notable because CleanSpark is the first publicly traded miner to achieve this level of hashing power solely through U.S.-based infrastructure, which accounts for about 5.8% of the global Bitcoin network.
The company's strong quarter was also supported by Bitcoin's price, which rose approximately 26% between April and June, climbing from around $86,500 to $109,000. CleanSpark leveraged this growth by selling some of its Bitcoin while simultaneously increasing its treasury to over $1 billion. The company finished June with total assets of $3.1 billion and liabilities of $1 billion.
Bradford emphasized that CleanSpark's focus on American-based operations is not just a business strategy but also a way to reduce geopolitical risk. He believes this approach positions the company to become a more influential player in the U.S. Bitcoin mining sector and could give it a competitive advantage if foreign mining operations face increased regulatory pressure.
August 2025, Cryptoniteuae