CleanSpark (NASDAQ: CLSK) stock surged Wednesday, extending its gains to over 70% in the past week.
CleanSpark (CLSK) shares skyrocketed to new 52-week highs on Wednesday, driven by the unprecedented surge in Bitcoin’s price (CRYPTO: BTC).
Bitcoin broke through the $50,000 barrier earlier this week for the first time in two years, continuing its remarkable ascent. This historic Wednesday witnessed Bitcoin’s market capitalization surpassing $1 trillion, a milestone reminiscent of late 2021, as reported by CoinMarketCap.
Institutional adoption, fueled by the approval of spot ETFs and growing anticipation of the upcoming April halving event, is causing Bitcoin’s value to surge.
Standing out among its peers, CleanSpark, a Bitcoin miner, has outperformed expectations in recent trading sessions. The company’s fiscal first-quarter earnings, released last week, not only met but surpassed analyst expectations, contributing to its impressive market performance.
CleanSpark, originally an energy company, strategically shifted its focus to Bitcoin mining in 2020. Recently, the stock’s increased market attention suggests the company’s shift to Bitcoin mining is beneficial.
CleanSpark (NASDAQ: CLSK) Stock Price Action
CLSK stock soared 12.33% to close at $17.85 on Wednesday. The traders had exchanged hands with 50,938,751 (50.93 million) shares compared to the average daily trading volume of 27.77 million. The market capitalization of CLSK stock stands at $3.54 billion.
