CleanSpark filed its March 31 quarterly report on May 11, and the document lands at a moment when the company's Bitcoin position has grown large enough to dominate the balance sheet read. The filing discloses aggregate fair market value of approximately $813.22 million as of March 31, 2026, at $68,222 per BTC. That figure is the anchor for any serious analysis of $CLSK's current financial position.
The Bitcoin Position Is the Balance Sheet Story
For a company Sawse tracks in the Bitcoin miner category, the $813.22 million fair market value figure as of March 31 is not incidental. It represents the primary asset on the balance sheet and the variable most sensitive to Bitcoin price movement. The BTC Exposure Score sits at 80, placing $CLSK firmly in the range where Bitcoin price action is central to the research case rather than a secondary consideration. Fleet growth, power costs, and production efficiency all matter, but they operate in the shadow of a position this size.
The per-BTC price used in the valuation was $68,222. Readers tracking the current Bitcoin tape will note that the snapshot date predates recent price movement, which means the disclosed figure reflects a specific moment rather than a current mark. Any updated position value would require a subsequent filing.
Risk Factors Got a Meaningful Refresh
The risk-factor comparison between the 10-K filed November 25, 2025, and the 10-K filed December 3, 2024, shows 8 added candidates, 8 removed candidates, and 4 materially changed candidates. That is a substantive rotation, not cosmetic housekeeping. Risk-factor language in mining company filings tends to track real operational and regulatory developments: power procurement, fleet financing, regulatory treatment of digital assets, and custody arrangements. Eight new additions alongside eight removals suggests the company's own view of its risk profile shifted materially over the annual cycle.
Readers should pull the specific added and removed language directly from the filing. The count alone signals that the prior year's risk map no longer describes the current business.
Disclosure Cadence at the Ceiling
$CLSK's Filing Risk Score sits at 100. That ceiling reading reflects the density and recency of disclosure activity, not a judgment about financial health. Miners at this stage of fleet expansion generate a high volume of capital markets filings, operational updates, and risk-factor revisions. The score captures that cadence. Event Momentum also sits at 100, anchored on the same cluster of recent filings.
The elevated disclosure cadence is the pattern worth tracking. When a miner is actively financing fleet growth, adding Bitcoin to its balance sheet, and refreshing risk language at this rate, the filing calendar becomes a primary monitoring tool.
Price Recovery Against a Long-Term Negative Trend
$CLSK's short-term price trend has moved into an uptrend even as the long-term trend remains negative. The 30-day gain of approximately 27.8% and the 90-day gain of approximately 56.8% reflect a sharp recovery from the 52-week low reached on March 30, 2026. That low came just one day before the balance sheet date in the 10-Q, which means the filing captures the company's financial position near the trough of its recent price range.
The recovery since then has been steep. $CLSK is now trading above its 20-day, 50-day, and 200-day moving averages, a configuration that did not exist at the balance sheet date. The long-term downtrend from the October 2025 high of $23.61 has not been resolved by the recent move, but the short-term picture has changed substantially.
The macro backdrop adds some texture. Bitcoin dominance at 58.1% and 30-day realized volatility at approximately 25.5% describe a Bitcoin-led tape that is calm by recent standards. The crypto Fear and Greed reading of 29 sits in fear territory, which means the equity recovery in $CLSK has happened against a backdrop of cautious sentiment rather than broad enthusiasm.
Insider Activity Sits at the Neutral Baseline
The Insider Activity Signal for $CLSK is 50, exactly at the neutral baseline. That reading reflects neither an unusual cluster of purchases nor a concentrated disposal pattern. For a miner with a filing cadence this active, the absence of notable insider activity is itself a data point worth registering. The next Form 4 filings will clarify whether that neutrality holds as the company moves through its next capital allocation cycle.
The filing to watch is the next quarterly report, which will capture the Bitcoin position at a price point well above the March 31 snapshot. The risk-factor language added in the most recent annual cycle will also carry forward into that document, and any further additions or removals will indicate whether the company's operational risk map is still in motion.
Research only. Not investment advice.