Needham initiated coverage of CleanSpark (CLSK) with a Buy rating and $20 price target CleanSpark is the second largest miner by hash rate and third largest by bitcoin stack, the analyst tells investors in a research note. It has the lowest G&A/per exahash in the firm’s universe, and Needham expects this operational leverage to increase in 2025 as hash ramps to 50 EH by 2Q25 and 63 EH by mid-2026, the analyst tells investors in a research note. The company also has a “robust” balance sheet, which provides flexibility to grow hash, and Needham also expects CleanSpark to unlock yield levers in 2025 which could generate over 5% on its 10,000 BTC.
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