$CLSK filed its December 31, 2025 10-Q on February 5, 2026. The read is simple: the Bitcoin balance sheet now matters as much as the mining business.

A later 10-Q filed May 10, 2026 disclosed aggregate fair market value of approximately $813.22 million as of March 31, 2026 at $68,222 per BTC. That figure sits next to trailing revenue of $766.31 million for the period ending September 30, 2025. The stack and the revenue base are now comparable in size.

The Balance Sheet Caught Up

Miner research used to be production work. Hashrate, energy cost per coin, fleet efficiency, margin per BTC mined. CleanSpark still answers those questions, and the December quarter filing is the primary source for production-period economics.

The $813.22 million fair market value as of March 31, 2026 changes the weight of the analysis. When the Bitcoin position runs alongside annual revenue, mark-to-market on the balance sheet drives the equity as hard as mining margin does. That is a bigger company in Bitcoin terms than the model most miner analysts started with.

The BTC Exposure Score of 80 reflects that. Bitcoin is central to the research case here, both through mining cash flow and through the stack on the balance sheet. The Filing Risk Score of 60 is elevated without sitting at the ceiling, consistent with a miner generating regular material disclosures rather than the capital-markets cadence of a treasury-pure vehicle.

Filings Are Arriving Faster Than One Read Can Absorb

Event Momentum is at 100, the highest reading. The February 10-Q, the May 10-Q with the fair-value disclosure, and the production reporting cadence have all stacked up. For a miner of $CLSK's size, that pace means material disclosures are arriving faster than a single quarterly read can absorb.

Insider Activity sits at 50, the neutral baseline. Nothing in the Form 4 tape is clustering in either direction. That is the one dimension of $CLSK's current profile that looks median.

Short-Term Strength, Long-Term Trend Still Down

$CLSK is up roughly 16% over 30 days and roughly 33% over 90 days as of May 15, 2026, trading above its 20-day, 50-day, and 200-day moving averages. The short-term trend classification is uptrend.

The long-term trend classification is still downtrend. That gap is the tension worth holding. The 52-week high of $23.61 from October 15, 2025 sits more than 40% above recent levels, and the 52-week low of $8.00 was set as recently as March 30, 2026.

Realized 30-day volatility for $CLSK is running near 72% annualized, well above Bitcoin's own 30-day realized volatility of roughly 28%. $CLSK amplifies Bitcoin moves in both directions. The macro tape adds context. Crypto Fear and Greed sits at 28 (fear). Bitcoin dominance is 58.2%, a Bitcoin-led crypto tape. VIX at 18.4 is a normal equity-volatility regime. A fear-dominant crypto tape paired with calm equity volatility is not a clean backdrop for miner equities.

What the Next 10-Q Has to Answer

The December quarter set the production and balance-sheet baseline. The March quarter added the fair-value anchor. The next cycle needs to show whether the Bitcoin position kept growing and what production economics looked like as it did.

The core question is the relationship between mining margin and BTC accumulation. If $CLSK is retaining mined Bitcoin rather than selling to fund operations, the stack grows and cash generation compresses. If it is selling a portion to fund costs, the stack grows more slowly and the operating model funds itself. Both paths are defensible. The next 10-Q will say which one $CLSK is on, and that decides how the $813.22 million fair-value figure as of March 31, 2026 should be read going forward.

Research only. Not investment advice.