Who Owns CleanSpark Company?

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Who Owns CleanSpark?

Understanding CleanSpark's ownership is key to grasping its strategic direction in the Bitcoin mining and energy sectors. The company's shift from energy solutions to a dedicated Bitcoin miner, marked by the acquisition of ATL Data Centers in May 2021, significantly altered its operational focus.

CleanSpark, originally incorporated as SmartData Corporation in 1987, evolved through various names and mergers before adopting its current identity. Its journey reflects a strategic pivot towards sustainable technology powering the future of digital assets.

As of April 30, 2025, CleanSpark operated with a hashrate of 42.4 EH/s, utilizing 204,770 miners. This positions the company as a significant player, contributing approximately 4.9% to the global Bitcoin network hashrate. The company has set an ambitious target to reach 50 EH/s by the first half of calendar year 2025. Analyzing its ownership structure, from early investors to current institutional and public shareholders, provides insight into the forces shaping its growth and its CleanSpark BCG Matrix.

CleanSpark's origins trace back to October 15, 1987, when it was incorporated as SmartData Corporation by S. Matthew Schultz and Bryan Huber. The company ceased active operations in 1992. It later re-emerged in the alternative energy sector on March 25, 2014, rebranding as Stratean Inc. in December 2014. The current entity, CleanSpark, Inc., was established in November 2016 through a merger.

Initial Incorporation

CleanSpark was first incorporated as SmartData Corporation on October 15, 1987. S. Matthew Schultz and Bryan Huber were the initial incorporators.

Cessation of Early Operations

SmartData Corporation discontinued its active business operations in 1992. This cessation was attributed to unforeseen circumstances, including the passing of its founding CEO.

Re-entry into Alternative Energy

The company began operations in the alternative energy sector on March 25, 2014. It adopted the name Stratean Inc. in December 2014.

Formation of CleanSpark, Inc.

The current entity, CleanSpark, Inc., was formed in November 2016. This occurred following a merger involving CleanSpark Holdings LLC, CleanSpark LLC, and Specialized Energy Solutions, Inc.

Key Founding Figures

Zachary K. Bradford is recognized as a co-founder, CEO, and President of CleanSpark, Inc. S. Matthew Schultz also serves as a co-founder and the executive chairman.

Early Ownership Details

Specifics on initial equity splits or exact shareholding percentages for founders at the company's inception are not extensively detailed in public records. Information on early backers or angel investors is also not consistently highlighted.

The founding team's initial vision for the company was centered on innovative energy solutions and microgrids, guiding its early business development. While Zachary K. Bradford holds the positions of CEO and President, and S. Matthew Schultz is the Executive Chairman, detailed breakdowns of their individual ownership percentages or the ownership stakes of other early investors are not readily available in public filings. Understanding the Competitors Landscape of CleanSpark can provide context for the strategic decisions made during its formative years.

Founders and Key Roles

The company's evolution involved key figures like S. Matthew Schultz and Bryan Huber in its initial incorporation, and later Zachary K. Bradford as a co-founder, CEO, and President, alongside S. Matthew Schultz as co-founder and Executive Chairman.

• Initial incorporation as SmartData Corporation in 1987.
• Re-emergence in the alternative energy sector in 2014.
• Current entity CleanSpark, Inc. formed in 2016 via merger.
• Zachary K. Bradford serves as CEO and President.
• S. Matthew Schultz is Executive Chairman.

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CleanSpark's journey as a publicly traded entity began on January 29, 2016. A significant pivot occurred in May 2021 with the acquisition of ATL Data Centers, fundamentally shifting the company's focus to Bitcoin mining and impacting its ownership dynamics.

The company's strategic expansion into Bitcoin mining, coupled with a commitment to disciplined capital management by aiming to avoid equity issuance since November 2024, has shaped its current ownership landscape. As of August 1, 2025, CleanSpark, Inc. (NasdaqCM:CLSK) has 535 institutional owners and shareholders who have filed with the SEC, collectively holding approximately 39.70% of the company's shares. Insiders hold about 3.39%, with public companies and individual investors comprising the remaining 56.91%.

Key Stakeholders in CleanSpark's Ownership

Institutional investors are significant holders of CleanSpark stock, reflecting confidence in its Bitcoin mining strategy.

• BlackRock, Inc. is a major institutional shareholder.
• Vanguard Group Inc. also holds a substantial stake.
• State Street Corp. and Morgan Stanley are among other key institutional investors.
• The company's total shares outstanding (diluted average) for the quarter ending March 2025 was 280.9 million.
• CleanSpark reported holding 12,101 bitcoins as of April 30, 2025.

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The current leadership of CleanSpark includes Zachary K. Bradford as CEO and President, and S. Matthew Schultz as Executive Chairman. The board of directors is composed of individuals who may represent major shareholders, founders, or independent seats. Zachary K. Bradford, a co-founder, also serves as a director, contributing to the Target Market of CleanSpark understanding.

CleanSpark's voting structure generally grants one vote per common share. However, preferred stock classes significantly influence voting power. As of September 6, 2024, the company had 253,136,198 common shares, each with one vote. Additionally, 1,750,000 shares of Series A Preferred Stock, carrying 45 votes each, and 1,000,000 Series X Preferred Stock shares were outstanding. The Series X shares, issued in August 2024 to independent director Thomas Wood, have 1,000 votes per share, specifically for proposals to increase authorized shares. These Series X votes are proportionally aligned with common and Series A preferred votes on such proposals.

CleanSpark's Share Structure and Voting Power

Understanding CleanSpark's stock ownership involves recognizing the impact of different share classes on voting power. This structure provides flexibility for strategic decisions.

• Common shares: 253,136,198 outstanding as of September 6, 2024, each with 1 vote.
• Series A Preferred Stock: 1,750,000 shares outstanding, each with 45 votes.
• Series X Preferred Stock: 1,000,000 shares outstanding, each with 1,000 votes for specific proposals.
• In October 2024, authorized common stock doubled to 600 million, offering future flexibility.

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Over the past few years, the company has seen substantial expansion in its Bitcoin mining operations and a strategic approach to financing its growth. This period has been marked by significant increases in hashrate capacity and a focus on efficient capital management, influencing its ownership trends.

The company's operational strategy emphasizes increasing its Bitcoin mining capacity, with a target of 50 EH/s by June 2025 and plans to surpass 60 EH/s. This expansion has been financed without issuing new equity since November 2024, indicating a preference for non-dilutive growth strategies. This approach to capital management, alongside a significant Bitcoin treasury and a robust credit facility, positions the company for sustained development. The company's commitment to accumulating Bitcoin mined through its own operations has led to its status as the sixth-largest public holder of Bitcoin.

Financial Performance Highlights

The company achieved record revenue of $537.4 million and EBITDA of $235.5 million as of July 31, 2025. For the fiscal year ending September 30, 2024, total adjusted EBITDA was $245,848,000.

Operational Efficiency and Bitcoin Holdings

With a fleet efficiency of 16.15 J/TH and a cost to mine Bitcoin around $42,667 for Q1 2025, the company maintains competitive operational costs. Its Bitcoin treasury exceeds 12,500 BTC, valued at approximately $1.13 billion as of April 30, 2025.

Analyst Outlook and Market Projections

Recent analyst coverage from Cantor Fitzgerald in July 2025 provided price targets between $17 and $23. Market analysts project an average annualized price of $10.96 for 2025, suggesting a potential ROI of 29.13%.

Strategic Financial Management

The company's expansion efforts have been supported by a $200 million credit line with Coinbase. This financial flexibility, combined with a 'hodl' strategy for mined Bitcoin, underpins its long-term growth trajectory, as detailed in its Brief History of CleanSpark.

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