CleanSpark filed its December 2025 quarterly report on February 5, 2026. The filing covers the period ending December 31, 2025, and for a Bitcoin miner in $CLSK's category, the numbers that matter are production efficiency, fleet capacity, power cost, and the size of the BTC position on the balance sheet.
The Risk-Factor Rewrite Deserves Attention
The most telling disclosure in the filing cadence is not the income statement. It is the risk-factor section. Comparing the November 2025 10-K against the December 2024 10-K shows 8 added risk factors, 8 removed, and 4 materially changed candidates. That volume of change in Item 1A is not routine maintenance. Miners rewrite risk factors at this scale when the operating environment, capital structure, or regulatory exposure has shifted enough that the prior language no longer covers the company's actual exposure. Investors reading the December quarter filing should pull the risk-factor diff and identify which of the 4 materially changed candidates touch power agreements, fleet financing, or Bitcoin treasury policy.
$CLSK's Filing Risk Score sits at 100, anchored on the density and recency of its disclosure activity. That ceiling reading reflects the pace of filings, not a judgment on financial health. The elevated disclosure cadence tells you the company is actively managing a complex and changing set of exposures.
BTC Holdings Give the Balance Sheet Its Weight
For a miner like $CLSK, the Bitcoin position is not a side item. It is the balance sheet. $CLSK disclosed aggregate fair market value of approximately $813.22 million as of March 31, 2026, at $68,222 per BTC, per the May 10, 2026 10-Q. That figure gives investors a filed reference point, though the snapshot date is March 31 and the current tape has moved since then.
The BTC Exposure Score for $CLSK sits at 80, placing it firmly in the range where Bitcoin price movement is central to the equity's research case. Production economics and fleet efficiency set the floor, but the BTC position amplifies or compresses the equity's sensitivity to Bitcoin price in either direction.
The Price Recovery Runs Against a Cautious Macro Backdrop
$CLSK hit a 52-week low of $8.00 on March 30, 2026. As of May 20, the stock had recovered roughly 93% from that low, with a 30-day gain of approximately 28% and a 90-day gain of approximately 57%. The short-term trend is an uptrend. The long-term trend remains a downtrend.
The macro backdrop adds context to that tension. The crypto Fear and Greed index sat at 28, classified as fear, as of May 22. Bitcoin dominance was 58.1%, indicating a Bitcoin-led tape rather than a broad altcoin rally. Bitcoin's 30-day realized volatility was approximately 23.9% annualized, a calm reading by historical standards. A miner recovering from a multi-month drawdown in a fear-dominated, Bitcoin-led environment is a different setup than one recovering into broad crypto enthusiasm. The recovery in $CLSK has happened despite sentiment, not because of it.
Insider Activity Sits at the Neutral Baseline
$CLSK's Insider Activity Signal is at 50, the neutral baseline. That reading reflects neither an unusual cluster of purchases nor a concentration of discretionary sales. For a miner with an active filing cadence and a large BTC position, the absence of notable insider activity in either direction means the Form 4 tape is not adding signal to the current read. The next Form 4 filings worth watching are any discretionary open-market transactions by named officers, particularly around capital raises or fleet expansion announcements.
The Next Filing Sets the Production Baseline
The December quarter 10-Q is the foundation. The March quarter 10-Q, filed May 10, 2026, is the next layer. Investors should track whether fleet capacity additions disclosed in the December filing translated into production gains in the March quarter, whether the materially changed risk factors from the annual filing carried forward or were revised again, and whether the BTC position grew, shrank, or held steady relative to the $813.22 million fair market value snapshot from March 31.
Miner economics at $CLSK turn on three variables in sequence: power cost per megawatt-hour, hashrate produced per dollar of fleet investment, and the Bitcoin price at the time production is sold or held. The filing cadence tells you the company is actively managing all three. The risk-factor rewrite tells you at least some of those variables changed enough to require new disclosure language.
Research only. Not investment advice.