Analyst reaffirms CleanSpark as a ‘Top Pick’ following its Q1 report

After CleanSpark’s impressive first-quarter earnings report, Mike Colonnese, senior crypto analyst at H.C. Wainwright & Co., reaffirmed his strong buy recommendation for the company, dubbing it a “Top Pick.” CleanSpark, a leading Bitcoin mining firm, reported a remarkable 82% quarter-over-quarter revenue increase to $162.3 million, driven by a 33% surge in Bitcoin production and a 37% rise in the average price of Bitcoin.

During the quarter, CleanSpark produced 1,945 BTC, marking a notable rise from the previous quarter’s 1,465 BTC. Furthermore, its deployed hash rate saw a significant jump of 41.7% quarter-over-quarter, reaching 39.1 EH/s. Colonnese emphasized that CleanSpark’s goal of reaching 50 EH/s by June is still within reach. He also highlighted the company’s robust financial position, estimating its total liquidity at $1.3 billion, consisting of cash and Bitcoin, with less than $80 million in capital expenditures remaining to support its growth.

Colonnese described CleanSpark as H.C. Wainwright’s “highest conviction name” in the Bitcoin mining sector, predicting the company will outperform its current guidance by year-end. CleanSpark is also considered one of the largest remaining pure-play Bitcoin miners, supported by a top-tier management team.

Maintaining a “Buy” rating on CleanSpark’s stock, Colonnese set an unchanged price target of $27, based on an 8.5x enterprise value-to-revenue multiple, using 2025 revenue estimates of $961.2 million.