CleanSpark stock slides 9% as quarterly earnings miss estimates on bitcoin holdings loss
CleanSpark (CLSK) stock dropped over 9% after the company reported a significant net loss of $378.3 million for its second fiscal quarter, far exceeding analyst estimates. This loss was heavily influenced by a $224.1 million non-cash bitcoin fair value loss due to market volatility. Despite increased bitcoin holdings and a shift towards AI/HPC uses, the company's revenue also missed estimates, reflecting the industry-wide challenge of bitcoin mining costs surpassing the cryptocurrency's current price.