CleanSpark has reported its strongest financial performance yet, delivering a record-breaking fiscal third quarter that saw revenue almost double year-over-year to $198.6 million.
Net income soared to $257.4 million, a dramatic turnaround from the same period last year, while adjusted EBITDA hit $377.7 million after the company changed how it accounts for bitcoin-related gains and losses, now treating them as part of its regular operations.
CEO Zach Bradford described the results as the outcome of disciplined execution and a focused strategy, noting that the company achieved 50 exahashes per second (EH/s) of hashing power — around 5.8% of the global Bitcoin network — entirely through U.S.-based infrastructure. This milestone marks the first time a publicly traded miner has reached that level without relying on overseas facilities.
The quarter was also boosted by Bitcoin’s strong performance, which climbed roughly 26% from April to June, rising from about $86,500 to $109,000. CleanSpark capitalized on these gains, selling hundreds of BTC each month while growing its bitcoin treasury to more than $1 billion. The company ended June with $3.1 billion in assets, including $985 million in mining equipment and $34.6 million in cash, against $1 billion in liabilities.
Beyond the numbers, Bradford suggested the company’s expansion is positioning it to play a more influential role in the U.S. bitcoin mining sector. He emphasized that maintaining American-based operations not only reduces geopolitical risk but also strengthens the case for bitcoin as a domestically supported asset. This, he said, could give CleanSpark a competitive edge if regulatory scrutiny on foreign mining operations increases.
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Source: https://coindoo.com/cleanspark-smashes-earnings-record-bitcoin-holdings-cross-1b/