CleanSpark to join S&P SmallCap 600 Index after strong growth

CleanSpark, a U.S.-based Bitcoin (CRYPTO:BTC) mining company, will join the S&P SmallCap 600 Index on March 24, reflecting its financial and operational growth.

The index tracks small-cap firms with market capitalisations between $1.1 billion and $7.4 billion that meet specific liquidity and stability criteria.

CleanSpark has maintained profitability despite challenges in the Bitcoin mining sector.

In the final quarter of 2024, the company reported $241.7 million in profits, up from $25.9 million a year earlier.

Revenue reached $162.3 million, marking a 120% year-over-year increase.

“Our inclusion in the index underscores the value of being a pure-play Bitcoin mining company,” stated CEO Zach Bradford credited the company’s vertically integrated model and operational efficiency.

CleanSpark has expanded its Bitcoin holdings, increasing its stockpile by 6% in February to 11,177 BTC, ranking among the top five publicly traded Bitcoin holders.

Its operational capacity has grown through acquisitions and expansions, enhancing its hashrate, a key efficiency metric in mining.

The broader Bitcoin mining industry has faced revenue pressures since the April 2024 halving event, which cut block rewards by half.

Many miners have diversified into artificial intelligence (AI) data centers or pursued mergers to offset declines.

CleanSpark has focused on acquisitions to maintain profitability and expand its operations.

The company’s inclusion in the S&P SmallCap 600 Index highlights its resilience and could attract greater investor interest.

As Bitcoin prices remain strong and institutional adoption grows, CleanSpark’s strategy positions it for further expansion in the sector.

At the time of reporting, the Bitcoin (BTC) price was $79,325.44.