Analyst reiterates CleanSpark as ‘Top Pick’ after Q1 report

Mike Colonnaise, Senior Crypto analyst at HC Wainwright & Co., reiterated Cleanspark as the first choice of the company after the report on the results of the first quarter of the company.

Bitcoin mining Cleanspark announced its results on Thursday in the first quarter on Thursday, displaying an increase of 82% on turnover income to $ 162.3 million. The company benefited from a 33% increase in Bitcoin (BTC) Production and a 37% increase in average Bitcoin prices.

During the quarter, Cleanspark produced 1,945 BTC, against 1,465 BTC during the previous quarter. Its hatching rate deployed also jumped 41.7% quarter to 39.1 eh / s.

In a research note, the colonnais said that Cleanspark’s previous objective reaching 50 eh / s by June remained feasible. He also estimated that the company holds $ 1.3 billion in total liquidity between cash and bitcoin, while having less than $ 80 million in capital expenditure remaining necessary to finance its expansion.

“The highest conviction”

Cleanspark is also the “highest name of conviction” of HC Wainwright in the mining sector of Bitcoin. The analyst expects the company’s management to soon provide a perspective at the end of calendar year, the performances exceeding current directives.

The report described Cleanspark as “one of the most important and most recent bitcoin bitcoin minors in the industry, supported by a” best “management team.

HC Wainwright has maintained a purchase note on Cleanspark’s shares, with an unchanged $ 27 course target. This assessment is based on a value multiple value of the company of 8.5x, using 2025 income estimates of $ 961.2 million.