CleanSpark adds 624 Bitcoins in February

CleanSpark, a dedicated Bitcoin (CRYPTO:BTC) mining company, has reported a significant increase in its Bitcoin treasury by nearly 6% in February, mining a total of 624 Bitcoins during the month.

This growth brings the company's total Bitcoin holdings to 11,177 BTC as of February 28, 2025.

Despite selling only 2.73 BTC at an average price of over $95,000, CleanSpark's focus on holding mined Bitcoin on its balance sheet aligns with strategies employed by other major players like MicroStrategy.

CleanSpark's CEO, Zach Bradford, highlighted the success of their pure-play Bitcoin mining strategy, emphasising operational excellence and continuous improvements in treasury growth.

The company's operational hashrate reached 40.7 EH/s by the end of February, with plans to expand to 50 EH/s by June 30, 2025.

Despite these achievements, CleanSpark's stock remains under pressure due to declining Bitcoin spot prices and broader industry challenges.

The company's revenue surged in the first quarter of 2025, with $162.3 million in revenue and profits of $241.7 million, but its shares have declined over 10% year-to-date.

CleanSpark's commitment to Bitcoin mining contrasts with some competitors who are diversifying into other revenue streams, such as AI computing services.

The company continues to expand its operations across the U.S., including new projects in Georgia, Wyoming, and Tennessee.

"February demonstrated the value of our pure play Bitcoin mining strategy," Bradford noted, underscoring CleanSpark's commitment to its core business model.

With a market capitalisation of $2.18 billion, CleanSpark is positioned as a significant player in the Bitcoin mining sector.

At the time of reporting, the Bitcoin (BTC) price was $92,327.77.