CleanSpark Sees Stock Surge After Major Share Increase Approval: What You Need to Know

Shares of Bitcoin mining stock CleanSpark Inc (CLSK) are experiencing a notable increase today following the company's announcement of an approved increase in its authorized shares.

What Happened?

CleanSpark held a special meeting of shareholders on Friday, where stockholders approved an amendment to increase the number of authorized shares from 300 million to 600 million. This move is intended to support the company’s growth and operational flexibility.

CleanSpark plans to file this increase with the Secretary of State of Nevada once it receives the final voting results from the special meeting.

Bitcoin's Impact on Mining Stocks

The rise in CleanSpark's shares is not occurring in isolation; it aligns with a broader uptick in Bitcoin prices, which rose approximately 2.14% over the last 24 hours, hovering around $68,850. This increase in Bitcoin's value is positively influencing other Bitcoin mining stocks, leading to a healthy market sentiment.

Bitcoin has been trending sideways for some time but has recently started to recover, gaining nearly 10% over the past month.

Analyst Insights

Kevin Svenson, an analyst, recently shared his thoughts, predicting that Bitcoin could be on the verge of reaching new highs. He noted that historically, Bitcoin takes a significant amount of time to surpass its all-time highs after halving events. Currently, we are in the 35th month since Bitcoin's last all-time high, suggesting we may be on track for another upward movement.

Mining Metrics and Performance

Bitcoin mining stocks, including CleanSpark, MARA Holdings Inc (MARA), and Riot Platforms Inc (RIOT), are all witnessing gains this morning. Mining companies typically report their metrics monthly, and next week is expected to bring results for October. Last month, CleanSpark reported mining 493 Bitcoin, an increase from 478 in August, bringing its total to 5,079 Bitcoin mined year-to-date, with 8,049 Bitcoin held as of September 30.

CleanSpark's Stock Performance

At the time of publication, CleanSpark shares were up 9.66% at $12.49, reflecting the positive sentiment in the market and the company's recent announcements.