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CleanSpark shares take a dive ahead of earnings report

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CleanSpark shares take a dive ahead of earnings report

CleanSpark Inc. had a rough Thursday, with shares sinking as investors brace for the company’s first-quarter fiscal 2026 earnings report, set to drop after the market closes today.

It’s not exactly a “buy the rumor, sell the news” situation — more like “wait and see… but we’re nervous.”

Summary

  • CleanSpark shares drop more than 19% ahead of its fiscal Q1 2026 earnings report, with investors bracing for potential disappointment amid crypto market turmoil.
  • Bitcoin volatility impacts sentiment, with CleanSpark trading 25.9% below its 20-day moving average and showing weak momentum, as technical indicators suggest continued bearish pressure.
  • Analysts remain mostly bullish, maintaining a Buy Rating with a price target range between $18–$30, despite the company’s short-term struggles and crypto market instability.

Analysts are pegging CleanSpark’s expected earnings per share (EPS) at $0.09 for the quarter. While that’s nice, the company’s performance comes at a time when cryptocurrency markets are as volatile as a Tesla driver’s mood after a software update.

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And it’s no secret that these rollercoaster markets have been shaking up mining stocks across the sector.

Crypto market turmoil: Because why not?

At the time of publication, CleanSpark shares were down 19.13%, hovering at $8.26. Investors are on edge as they wait for that earnings report, and with the volatility in the crypto sector, it’s anyone’s guess where the stock might land next.

So far, analysts seem to be sticking with CleanSpark for the most part. The stock holds a Buy Rating with an average price target of $23.16. Recent analyst moves include:

  • Keefe, Bruyette & Woods: Outperform (lowered target to $18.00)
  • Maxim Group: Initiated with Buy (target $22.00)
  • Chardan Capital: Buy (maintained target of $30.00)

Technical talk: Don’t look. It’s ugly

CleanSpark’s technicals are looking a bit grim, too. The stock is 25.9% below its 20-day simple moving average (SMA) and a whopping 34.9% below its 100-day SMA, indicating a serious short-term slump. Over the past year, shares have dropped 10.81%, and right now, they’re hanging out closer to their 52-week lows than their highs — not exactly where you’d want to be for a quick turnaround.

With an RSI of 38.28 (aka neutral territory) and the MACD below its signal line, the stock seems to be caught in a bearish holding pattern. It’s not in full-on “panic sell” territory, but let’s just say the mood isn’t exactly “sunny and 75.”

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Crypto World

Strategy Buys 1,031 Bitcoin Using MSTR Stock Sales

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Strategy Buys 1,031 Bitcoin Using MSTR Stock Sales

Michael Saylor’s Strategy, the world’s largest public holder of Bitcoin (BTC), bought another 1,031 Bitcoin last week in a much smaller purchase than its previous two weekly buys, funding the acquisition with sales of Class A common stock.

Strategy acquired 1,031 Bitcoin for $76.6 million last week, according to an 8-K filing with the US Securities and Exchange Commission on Monday.

The purchases were made at an average price of $74,326 per coin, below the company’s overall average acquisition price of $75,694. Bitcoin averaged around $70,871 for the week of March 16-22, based on daily closing prices.

The new acquisitions bring Strategy’s holdings to 762,099 BTC, acquired for a total cost of roughly $57.69 billion, the company said.

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Source: SEC

Common stock funded the latest buy

Strategy’s relatively modest purchase follows larger Bitcoin acquisitions recently, including a 22,337 BTC buy reported last Monday and a 17,994 BTC buy a week earlier.

The 22,337 BTC ($1.6 billion) purchase ranks among Strategy’s largest on record and was largely funded through sales of its perpetual preferred equity, Stretch (STRC). The stock generated approximately $1.2 billion, accounting for about 75% of the total purchase.

Related: Strategy records biggest STRC issuance day with estimated 1,420 BTC buy

Unlike the prior week’s funding mix, the latest purchase appears to have been funded through sales of Strategy’s Class A common stock rather than preferred equity.

Source: SEC

Strategy has bought 41,362 Bitcoin for around $2.93 billion in March. With Bitcoin trading at $70,430 at the time of writing, the company is down around 7% on its BTC holdings, now worth around $54 billion, according to data from CoinGecko.

Related: Strategy halts Bitcoin buying via STRC: Will BTC price dip again?

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Strategy’s holdings are roughly 3% below the Bitcoin holdings of BlackRock’s iShares Bitcoin Trust ETF (IBIT), which held about 785,300 BTC on behalf of its clients after the close of trading on Friday.

US spot Bitcoin ETFs collectively held nearly 1.3 million BTC as of March 20, representing roughly 6.1% of the 21 million maximum Bitcoin supply, according to data from WalletPilot.

Magazine: Metaplanet’s Japan Bitcoin bet, Bithumb ordered suspension: Asia Express