CleanSpark filed its March quarter 10-Q on May 11, 2026, and the document does two things at once. It puts an $813 million Bitcoin position at the top of the balance sheet. And it lands while $CLSK is still 44% below where it traded seven months ago.

$CLSK disclosed aggregate Bitcoin fair market value of approximately $813.22 million as of March 31, 2026, at $68,222 per BTC, per the May 11 10-Q. That is now the dominant line on the balance sheet. Mining margins still matter. The Bitcoin stack moves the equity first.

The Treasury Runs The Equity

Sawse tracks $CLSK in the Bitcoin miner wedge, and the BTC Exposure Score of 80 reflects what the 10-Q makes obvious. Bitcoin is the central variable. Fleet expansion, hashrate, and energy cost all feed back to one question: how much Bitcoin does $CLSK hold, and what is it worth.

The $813.22 million figure as of March 31 was struck at $68,222 per BTC. Bitcoin has moved since that snapshot date, so the disclosed fair market value is a point-in-time read. It is the only SEC-filed number for the quarter, and it is the right anchor for any balance-sheet work on $CLSK right now.

A Bitcoin stack at that scale gives the equity a different shape than a pure production story. Hashrate growth still matters for future accumulation. But the existing position already carries enough weight that Bitcoin price swings translate straight into the reported asset base.

Recovery Is Real, The Gap Is Bigger

The price tape tells a two-speed story. $CLSK gained roughly 33% over the three months ending May 15, 2026, and about 16% over the prior month. The short-term trend is up. The long-term trend is still classified as a downtrend, and the numbers make that concrete. $CLSK hit $23.61 on October 15, 2025, and closed the May 15 session well below that level.

The 52-week low of $8.00 on March 30, 2026, is the other anchor. The range between that floor and the October high captures what Bitcoin miners can do in a single year. $CLSK's 30-day realized volatility around 72% annualized says the equity moves fast in both directions.

The stock trades above its 20-day, 50-day, and 200-day moving averages as of May 15. The direct balance-sheet exposure documented in the 10-Q means whether that holds depends heavily on Bitcoin.

Filing Cadence Says Read Closely

Event Momentum sits at the ceiling, driven by filing density and recency rather than any one event. Filing Risk at 60 puts $CLSK in elevated disclosure territory. That measures pattern intensity, not distress. At 60, the cadence and content earn close reading rather than routine monitoring.

Insider Activity at 50 is the neutral baseline. The Form 4 tape is not generating concentrated directional signal in either direction right now.

Macro Backdrop For The Next Snapshot

The crypto regime in mid-May 2026 matters because it sets the price environment for the June 30 snapshot. Bitcoin dominance at 58.2% indicates a Bitcoin-led tape, which is exactly the tape a miner with treasury and revenue both denominated in Bitcoin lives or dies on. The Fear and Greed reading of 28 sits in fear. Bitcoin's 30-day realized volatility near 28% annualized is calm.

Calm Bitcoin volatility with fearful sentiment is an unusual mix. Cautious, but not the panic that pushed $CLSK to its March 30 low. The next quarterly fair market value figure will be struck under whatever Bitcoin price prevails at June 30.

The Production Read Is The Missing Piece

The 10-Q is the source for quarterly fundamentals. The treasury fair market value is the most concrete number out of the March quarter so far. $CLSK's latest loaded revenue metric in the Sawse dataset still dates to the period ending September 30, 2025, at $766.31 million, which is not the March quarter figure. The March quarter revenue and production economics live in the 10-Q itself.

For $CLSK, production and treasury are tied. A miner that accumulates Bitcoin efficiently at low cost per coin builds treasury value differently than one that buys the position outright. The next quarterly filing will show whether the stack grew, held, or contracted relative to March 31, and at what per-BTC cost. That is the number that connects production efficiency to balance-sheet scale.

Research only. Not investment advice.