$CleanSpark, Inc.(CLSK)$ $MARA

$CleanSpark, Inc.(CLSK)$ $MARA Holdings(MARA)$ $Coinbase Global, Inc.(COIN)$ ⚡️🌏🔥 CleanSpark CLSK: From Energy Arbitrage to AI Infrastructure, Positioning for Multi Year Repricing 🔥🌏⚡️

I have tracked CLSK from the $9 base into a decisive expansion through the gold bands. Price at $15.29 is pressing directly beneath my $15.50 to $16.14 pivot band. If CLSK can secure a weekly close above that zone, I expect structural confirmation and a shift into the next leg of the multi year repricing cycle.

📊 FY25 Reset and Operational Leverage

FY25 revenue reached $766.3M which is 102 % higher YoY. Q4 revenue came in at $223.7M compared with $198.6M in Q3. Net income flipped to $364.5M from a $45.4M loss as BTC fair value adjustments added $425.6M. Adjusted EBITDA accelerated to $823M which is 235 % higher YoY on 81.3 % margins.

Liquidity now sits around $1.2B after the $1.15B zero coupon convertible notes closed on 13 November. This gives CLSK non dilutive capital to secure 1.3 GW of contracted power and continue scaling hashrate efficiency near 16.07 J per TH.

The Q3 foundation remains important. Revenue was $198.6M, cash lifted to $34.6M and cash mining margin held at 56.5 %. Adjusted EBITDA margin was 81.3 % which confirmed the profitability reset early.

⚙️ Energy Allocation and AI Compute Migration

I position CLSK as an energy optimiser with infrastructure leverage rather than a pure miner. They continue to secure low cost power, accumulate strategic land and deploy modular data centre designs suited to the next compute cycle.

The October HPC and AI expansion marks a genuine shift. CLSK brought in Jeffrey Thomas to lead data centre architecture and partnered with Submer to roll out immersion cooling that supports dense inference workloads. The 271 acre land acquisition and 285 MW power agreements near Houston form the backbone of a dedicated compute campus built for high density AI operations.

The DAM treasury program yields 5 to 7 % on idle BTC, and the buyback removing 10.9 % of float shows clear internal conviction that the equity remains mispriced relative to the balance sheet and infrastructure footprint.

🔥 Short Positioning and Catalyst Alignment

Short interest remains elevated. FINRA data shows 31.54 % short. Broader reporting sits around 20.53 % which equals 57.7M shares. Off exchange short volume is 12.3M with a dark pool ratio at 46.38 %.

A weekly close above $16.14 forces position repair and layers a potential squeeze dynamic on top of the FY25 profitability turn, AI infrastructure rollout and expanding treasury value.

🌐 BTC Behaviour, Macro and Seasonal Liquidity

BTC continues to trade cleanly inside the $88,000 to $92,000 corridor. My 4H chart shows repeated taps of the upper Keltner band with compression around the Bollinger midline. Price is around $91,700 and has produced higher lows since 26 November. The 13, 21 and 55 EMAs have now restacked bullishly for the first time since the mid month decline which confirms stabilisation after the -16.5 % November drawdown.

BTC ranged $90,000 to $91,879 over Thanksgiving with a 1.02 % daily lift. December historically averages 9.2 % gains and ranks as the fifth strongest month since 2014. Ethereum is up roughly 1 % and Solana remains flat which keeps alt beta neutral.

With the probability of a December Fed cut near 85 %, I expect liquidity to continue rotating into miners and compute infrastructure names. CLSK and Bitfarms rallied more than 12 % on Friday while CEA Industries, Canaan, GameSquare and DeFi Tech also caught strong flow.

📈 Weekly Trend Map and Extension Targets

My structural map remains clear:

• $15.50 to $16.14 is the activation band

• $22.17 is the 50 % extension

• $26.99 is the weekly 0.618

• $42.60 is the full cycle retrace

• $67.85 is the golden ratio projection

The entire sequence activates once CLSK confirms a breakout above the pivot band.

💰 Valuation, Institutional Tilt and Analyst Consensus

CLSK trades at around 9.7 x forward P E and 3.9 x P S which is materially discounted relative to peers. The treasury holds 13,033 BTC which is valued at roughly $1.2B at spot.

Analyst targets cluster around $23.16 with highs near $30. B. Riley reaffirmed Buy at $22 on power expansion. JPMorgan maintained Overweight on 24 November, highlighting the 200 MW IT capacity at the Texas development.

Institutional flows increasingly treat CLSK as a hybrid position combining Bitcoin yield generation, AI compute adjacency and stranded energy monetisation which aligns with 2025 liquidity preferences.

🧭 My Forward Watchlist

• Weekly close above $16.14

• BTC behaviour inside $88,000 to $92,000

• Houston AI site milestones

• Off exchange short ratio trends

• December rotation into miners

• PPA structures for hybrid mining and HPC loads

• Q1 FY26 EPS guide at $0.18 against consensus

🔎 Conclusion and Positioning

CLSK’s asymmetry is driven by FY25’s $766M revenue inflection, a strengthened treasury, 50 EH per second deployment, a $1.15B capital infusion and the AI and HPC expansion anchored by 285 MW of secured power.

Energy optimisation, treasury yield mechanics, short pressure and multi year technical alignment all support a continued rerating. If CLSK clears $15.50 to $16.14 with conviction, I expect $22.17 and $26.99 to come into play quickly. Long term potential toward $42.60 to $67.85 remains intact. I’m already positioned and I’m prepared to scale through validated strength.

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Trade like a boss! Happy trading ahead, Cheers, BC 📈🚀🍀🍀🍀

@Tiger_comments @TigerWire @TigerStars @TigerPicks @Daily_Discussion @TigerObserver @SPOT_ON

Comments

Cool Cat Winston
2025-12-01
Cool Cat Winston
I’m impressed by how you framed CLSK’s shift into AI compute. I’m seeing the same structural rotation in $Strategy(MSTR)$ with strong momentum through its liquidity pocket and steady flow support. The way you mapped the volatility regime and resistance bands lines up with my cross asset read. I’m watching the gamma profile into December because the positioning skew feels like it could amplify any clean move through that $16 zone.
- Barcode:
  CCW, I appreciate your read. Your point on the gamma skew is accurate and I’m tracking the same behaviour into December. That $16 band remains my confirmation level.
- Barcode:
  Your read adds weight CCW! Cycles pivot on shared conviction.
Tui Jude
2025-12-01
Tui Jude
I’m aligned with your take on CLSK’s power footprint and the way it alters the macro sensitivity profile. I’m seeing similar regime strength in $Riot Platforms(RIOT)$ as it holds its support shelf and trades cleaner through volatility. The structure in your post makes sense because the flow into miners keeps building on both spot and derivatives. The energy arbitrage angle is real and it shows up in the way liquidity clusters around the weekly pivots. A great write up BC, thanks 🤩
- Barcode:
  TJ, your cross asset link to $Riot Platforms(RIOT)$ is sharp. The liquidity clustering you noted matches my framework. I’m watching how flow behaves into the weekly close.
- Barcode:
  🙏 I value your attention TJ, depth grows with shared insight.
Hen Solo
2025-12-01
Hen Solo
我喜欢你将CLSK定位为能源分配器的方式，因为这种说法正在成为这个周期的主导因素。我在看$Coinbase Global, Inc.(COIN)$同样的动量转变，因为它驾驭了更高的流量并对宏观宽松做出了良好的反应。你对激活带的解读以及你框定阻力和支撑的方式为我提供了更清晰的定位背景。你设计的结构排列和我的图表一致。
- Barcode:
  HS，与$Coinbase Global, Inc.(COIN)$制作精良。矿商的结构性重置确实与宽松的宏观基调一致。我会继续绘制激活级别。
- Barcode:
  🙏🏼HS，我尊重你带来的精确性。你读波动性和结构就像一个见过很多周期的人。
Queengirlypops
2025-12-01
Queengirlypops
ok but your CLSK post had me spinning because the momentum is literally snapping back, the volatility pockets are filling, the whole structure is lifting, like why is the flow this strong, why is BTC holding that corridor, it’s giving positioning shift energy, it’s giving macro green light, the resistance band you mapped is looking soft now, the Vanna vibe is crazy 🧃
- Barcode:
  Q, your read on the volatility shift is spot on. $CME Bitcoin - main 2512(BTCmain)$ holding that corridor is key for the extension path. I’ll keep the range anchored to structure.
- Barcode:
  🙏🏼 Grateful Q, your vibe brings the thread alive while still keeping it focused.
Kiwi Tigress
2025-12-01
Kiwi Tigress
yeah I read your CLSK post and lowkey it got me thinking about how these miners are shifting into full compute mode, kinda wild how clean the structure looks now, fr. I’m watching how BTC holds that range you mentioned because it lines up with the flow I’m seeing on my screen. ngl the energy angle you highlighted feels like the real catalyst. I’m keeping an eye on how it reacts around that pivot because the momentum has been sneaking back in. your read on the liquidity pocket is solid and the whole setup feels way more coherent after your breakdown bc 💥
- Barcode:
  KT, I like your angle on the energy catalyst. The pivot level remains my focus and the improvement in velocity this week supports it.
- Barcode:
  🙏🏼 Thanks KT, your confidence in reading setups gives every discussion more energy.
SPOT_ON
2025-12-01
SPOT_ON
plunging ! what happened?
- Barcode:
  Thin liquidity. Leverage in markets is at record highs right now. The sudden rush of selling volume leads to a domino-effect selloff, which is only amplified by the historic amounts of levered positions being liquidated. I don’t see it as a fundamental decline. Volatile as usual [Sweats][Gosh]
- Barcode:
  It’s stuck in Gann arc jail! Means more consolidation..
- Barcode:
  Oops [Facepalm] $CME Bitcoin - main 2512(BTCmain)$ 📉