CleanSpark Posts $198.6 Million Revenue as Bitcoin Treasury Reaches $1 Billion Value

Bitcoin miner CleanSpark reported its strongest quarterly performance on record Thursday, posting revenue of $198.6 million for its third fiscal quarter ending June 30. According to Cointelegraph, the revenue represents a 91% increase compared to $104 million in the same period last year. The Las Vegas-based company beat analyst expectations of approximately $195 million.

CleanSpark's net income reached $257.4 million, a sharp turnaround from a $236.2 million loss in the previous year. CEO Zach Bradford called it "the most successful quarter in CleanSpark's history" in the earnings announcement. The company achieved diluted earnings per share of 78 cents, significantly exceeding analyst projections of 20 cents per share.

The miner also claimed a historic operational achievement by becoming the first public company to reach 50 exahashes per second exclusively through American infrastructure. CleanSpark now controls 5.8% of global Bitcoin hashrate and holds 12,703 BTC worth approximately $1.48 billion at current market prices.

Strong Performance Reflects Growing Market Dominance

CleanSpark's impressive results position the company as a major force in Bitcoin mining operations. The Block reports that adjusted EBITDA increased to $377.7 million, up significantly from a loss of $12.6 million in the same quarter last year. The company expanded its Bitcoin treasury to over $1 billion without raising capital through equity offerings since November 2024.

Chief Financial Officer Gary Vecchiarelli noted that fiscal Q3 was pivotal because the company fully funded operational expenses through monthly Bitcoin production while simultaneously expanding its Bitcoin treasury. The achievement of 50 EH/s represents a major competitive advantage in an industry where scale and efficiency determine profitability.

However, investor reaction remained muted despite the record results. CleanSpark shares dropped 2.5% to $10.72 following the earnings announcement, though the stock has gained 16.4% year-to-date. This outperforms sector competitors like MARA Holdings, which is down over 7% in 2025.

Industry Benefits From Bitcoin Price Recovery and Infrastructure Focus

The strong quarterly results reflect broader momentum across the Bitcoin mining sector. Bitcoin miners benefited from the asset's 32% price appreciation during the quarter, rising from around $86,500 in April to nearly $109,000 by June. FX Leaders reports that other major miners including MARA Holdings and Riot Platforms also posted strong financial results, with MARA reporting $238 million in revenue and Riot $219.5 million in net income.

CleanSpark's focus on American infrastructure resonates with industry trends toward geographic diversification and sustainable operations. We previously covered how Bitcoin mining reached 50% renewable energy use, a milestone that helped address environmental concerns and positioned miners for broader institutional adoption. CleanSpark's achievement of 50 EH/s through exclusively American infrastructure aligns with this sustainability push.

The competitive landscape continues evolving as miners race to expand capacity and efficiency. CleanSpark now ranks as the ninth-largest holder of Bitcoin among public companies, while its operational hashrate positions it among industry leaders. The company's ability to fund growth through mining revenue rather than equity dilution provides a sustainable path for continued expansion in an increasingly competitive market.