Shares of CleanSpark, Inc. (NASDAQ:CLSK) are trading higher Wednesday after the Bitcoin (CRYPTO: BTC) miner announced a significant expansion.
- CLSK is trading at elevated levels. Review the technical setup here.
What To Know: CleanSpark has acquired the rights to approximately 271 acres of land in Texas. The company said it executed long-term power supply agreements totaling 285 megawatts to support the development of a next-generation data center campus.
CleanSpark shares climbed as high as $20.85 on Wednesday before pulling back, according to Benzinga Pro.
The site, which CleanSpark paid for using both stock and cash, will help the company diversify beyond Bitcoin mining into high performance compute. A substation construction plan is already underway with the long lead time items secured, and it will begin site design and development immediately, with phased development expected to support AI workloads. Energization of more than 200 megawatts is expected in the first half of 2027.
“This acquisition provides CleanSpark with the footprint and power capacity needed to deliver large-scale, high-density compute solutions to global technology partners,” said Jeffrey Thomas, CleanSpark’s senior vice president of AI data centers.
CleanSpark said it aims to deliver scalable, resilient and energy-efficient capacity to meet accelerating demand from AI, cloud and enterprise workloads. The 271 acres in Texas is supported by strong grid infrastructure and has close proximity to numerous high-capacity natural gas pipelines, which are being evaluated for industrial-scale behind-the-meter generation opportunities.
“This site sits strategically between Houston and Austin at the intersection of abundant power, fiber connectivity and pro-development energy policy,” said Harry Sudock, chief business officer of CleanSpark. “As we move into the design and construction phases of this project, we will evaluate opportunities to secure additional energy onsite and pursue other regional projects in parallel.”
CLSK Analysis: CleanSpark is trading approximately 37.1% above its 50-day moving average of $14.14 and about 79.9% above its 200-day moving average of $10.78. This positioning suggests a bullish trend, as the stock remains well above both key moving averages, which typically serve as indicators of support. The calculated support level is at $18.33, providing a potential cushion should the stock experience any pullbacks.
With the relative strength index (RSI) at 56.06, the stock is currently in neutral territory, indicating that it is neither overbought nor oversold. This could suggest a healthy consolidation phase, allowing for further upward momentum if buying interest continues. The absence of a defined resistance level implies that the stock could face psychological resistance at the 52-week high of $23.61, which may attract profit-taking as it approaches that level.
CLSK Price Action: CleanSpark shares were up 1.51% at $19.43 at the time of publication on Wednesday, according to Benzinga Pro. The stock is trading within its 52-week range of $6.45 to $23.61.
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