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CLSK vs. MSTR: Which Bitcoin-Linked Stock Has Better Upside Potential?
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Key Takeaways
CLSK boosted Bitcoin output, revenues and earnings while expanding its power and data center footprint.
CleanSpark's diversification into AI and HPC aims to reduce reliance on cyclical Bitcoin mining.
Strategy's value leans on its large BTC holdings and rising software subscriptions that lifted Q3 results.
CleanSpark (CLSK - Free Report) and Strategy (MSTR - Free Report) are two key options for investors who want Bitcoin-linked exposure without holding the cryptocurrency directly. While both stocks are heavily influenced by Bitcoin’s price swings, their business models are very different. CleanSpark runs a Bitcoin mining operation, whereas Strategy mainly acts as a large Bitcoin holding company with a software backbone.
To gain equity exposure in a Bitcoin-linked company, investors might consider investing in one of the two stocks. Let’s break down their fundamentals, growth prospects and market challenges to determine which offers a more compelling investment case.
The Case for CleanSpark Stock
CleanSpark focuses on mining Bitcoin using energy-efficient data centers. Its recent results show higher Bitcoin production and improved scale. In fiscal 2025, the company produced 7,873 Bitcoin, a 10.9% increase year over year. Average revenue per Bitcoin was approximately $98,000, which increased 55% year over year. This led to a robust fiscal 2025 financial performance. CleanSpark’s fiscal 2025 revenues soared 102.2% year over year to $766.3 million. Its fiscal 2025 earnings of $1.12 reflect a solid improvement from a loss of 69 cents reported for fiscal 2024.
Cleanspark, Inc. Price, Consensus and EPS Surprise
The company has been expanding its hashrate by acquiring and building new sites, upgrading to more efficient machines and improving its energy mix. The company owns and operates a portfolio of more than 1.3 gigawatts (GW) of power and land across various U.S. states, including Georgia, Mississippi, Tennessee, New York and Texas. As of Sept. 30, 2025, CleanSpark’s average hashrate reached 45.6 exahash per second (EH/s) from 27.6 EH/s as of Sept. 30, 2024.
However, the capital-intensive nature of the Bitcoin mining business remains a major concern. To keep growing hashrate, CleanSpark must keep spending on machines, infrastructure and power arrangements. This often means issuing new shares or taking on debt, leading to dilution for existing investors. Earlier in November 2025, the company raised $1.15 billion through issuing convertible senior notes, raising a potential equity dilution concern.
Nonetheless, CleanSpark is actively transforming its business from a pure-play Bitcoin miner into a broader digital infrastructure and artificial intelligence (AI) or high-performance computing (HPC) data center provider. The company is leveraging its existing assets, including power infrastructure and land portfolio, to build out sophisticated data centers for the rapidly accelerating AI and HPC industries.
This diversification is a smart move that positions CleanSpark to tap into secular growth drivers that extend beyond the cyclical nature of Bitcoin prices. Having a dual exposure to both crypto mining and AI infrastructure gives CleanSpark more stable growth prospects over the long run. This strategic pivot helps de-risk the company's future revenue streams.
The Case for Strategy Stock
MicroStrategy has transformed itself from a software analytics company into one of the largest corporate holders of Bitcoin. The company’s long-term prospects remain firmly anchored in its massive Bitcoin treasury and disciplined accumulation strategy. As of Oct. 26, 2025, the company held approximately 640,808 BTC, valued at nearly $71 billion. This represents one of the largest corporate Bitcoin positions globally and provides a powerful balance sheet asset that continues to shape the company’s financial trajectory.
Year to date, Strategy has generated a 26% BTC yield and nearly $12.9 billion in Bitcoin-related gains, underscoring the strength of its treasury approach. With a full-year BTC yield target of 30% for 2025, the company remains focused on long-term value creation.
Strategy’s growing Bitcoin holding is aiding its financial performance. In the last reported financial results for the third quarter of 2025, its revenues soared 11% year over year to $128.7 million. It reported third-quarter 2025 earnings of $8.42 per share, a sharp improvement from the year-ago quarter loss of $1.72.
Strategy’s software business continues to show steady momentum, providing a solid foundation beneath the company’s Bitcoin-heavy strategy. The double-digit revenue growth in the third quarter of 2025 was mainly driven by rising demand for its analytics solutions and higher customer adoption.
Subscription services were a key highlight, surging 65% year over year and marking a strong shift toward recurring, high-margin revenues. This growth in subscriptions enhances revenue stability and reduces reliance on one-time license sales.
By consistently expanding its software segment alongside its Bitcoin treasury strategy, Strategy is strengthening its long-term value proposition. The growing analytics platform not only diversifies revenues but also helps balance the higher volatility associated with digital-asset holdings.
CLSK vs. MSTR: Which One Has a Better Sales Growth Outlook?
The Zacks Consensus Estimate indicates that CleanSpark has a better sales outlook than Strategy in the near term. The consensus mark for CLSK’s fiscal 2026 revenues is pegged at $1 billion, implying a year-over-year increase of 30.8%.
Image Source: Zacks Investment Research
On the contrary, the Zacks Consensus Estimate for Strategy’s 2025 and 2026 revenues is pinned at $473.1 million and $496.1 million, respectively. The revenue projections for 2025 and 2026 indicate year-over-year growth of mere 2.1% and 4.9%, respectively.
Image Source: Zacks Investment Research
CLSK vs. MSTR: Stock Price Performance and Valuation
With a year-to-date gain of 47.9%, CleanSpark shares have outperformed Strategy stock, which has plunged 39.2%.
Image Source: Zacks Investment Research
On the valuation front, CleanSpark trades at a forward 12-month price-to-sales (P/S) multiple of 3.47, far below Strategy’s 100.19.
Conclusion: CleanSpark Has the Edge
Both stocks give strong Bitcoin-linked exposure, but CleanSpark offers faster expected revenue growth, a more attractive valuation and a clearer path to diversification through AI and HPC data centers. Strategy’s slower sales growth outlook and richer valuations make it less appealing now. Overall, CleanSpark looks better positioned for long-term upside relative to its risks and current valuation.
Image: Bigstock
CLSK vs. MSTR: Which Bitcoin-Linked Stock Has Better Upside Potential?
Key Takeaways
CleanSpark (CLSK - Free Report) and Strategy (MSTR - Free Report) are two key options for investors who want Bitcoin-linked exposure without holding the cryptocurrency directly. While both stocks are heavily influenced by Bitcoin’s price swings, their business models are very different. CleanSpark runs a Bitcoin mining operation, whereas Strategy mainly acts as a large Bitcoin holding company with a software backbone.
To gain equity exposure in a Bitcoin-linked company, investors might consider investing in one of the two stocks. Let’s break down their fundamentals, growth prospects and market challenges to determine which offers a more compelling investment case.
The Case for CleanSpark Stock
CleanSpark focuses on mining Bitcoin using energy-efficient data centers. Its recent results show higher Bitcoin production and improved scale. In fiscal 2025, the company produced 7,873 Bitcoin, a 10.9% increase year over year. Average revenue per Bitcoin was approximately $98,000, which increased 55% year over year. This led to a robust fiscal 2025 financial performance. CleanSpark’s fiscal 2025 revenues soared 102.2% year over year to $766.3 million. Its fiscal 2025 earnings of $1.12 reflect a solid improvement from a loss of 69 cents reported for fiscal 2024.
Cleanspark, Inc. Price, Consensus and EPS Surprise
Cleanspark, Inc. price-consensus-eps-surprise-chart | Cleanspark, Inc. Quote
The company has been expanding its hashrate by acquiring and building new sites, upgrading to more efficient machines and improving its energy mix. The company owns and operates a portfolio of more than 1.3 gigawatts (GW) of power and land across various U.S. states, including Georgia, Mississippi, Tennessee, New York and Texas. As of Sept. 30, 2025, CleanSpark’s average hashrate reached 45.6 exahash per second (EH/s) from 27.6 EH/s as of Sept. 30, 2024.
However, the capital-intensive nature of the Bitcoin mining business remains a major concern. To keep growing hashrate, CleanSpark must keep spending on machines, infrastructure and power arrangements. This often means issuing new shares or taking on debt, leading to dilution for existing investors. Earlier in November 2025, the company raised $1.15 billion through issuing convertible senior notes, raising a potential equity dilution concern.
Nonetheless, CleanSpark is actively transforming its business from a pure-play Bitcoin miner into a broader digital infrastructure and artificial intelligence (AI) or high-performance computing (HPC) data center provider. The company is leveraging its existing assets, including power infrastructure and land portfolio, to build out sophisticated data centers for the rapidly accelerating AI and HPC industries.
This diversification is a smart move that positions CleanSpark to tap into secular growth drivers that extend beyond the cyclical nature of Bitcoin prices. Having a dual exposure to both crypto mining and AI infrastructure gives CleanSpark more stable growth prospects over the long run. This strategic pivot helps de-risk the company's future revenue streams.
The Case for Strategy Stock
MicroStrategy has transformed itself from a software analytics company into one of the largest corporate holders of Bitcoin. The company’s long-term prospects remain firmly anchored in its massive Bitcoin treasury and disciplined accumulation strategy. As of Oct. 26, 2025, the company held approximately 640,808 BTC, valued at nearly $71 billion. This represents one of the largest corporate Bitcoin positions globally and provides a powerful balance sheet asset that continues to shape the company’s financial trajectory.
Year to date, Strategy has generated a 26% BTC yield and nearly $12.9 billion in Bitcoin-related gains, underscoring the strength of its treasury approach. With a full-year BTC yield target of 30% for 2025, the company remains focused on long-term value creation.
Strategy’s growing Bitcoin holding is aiding its financial performance. In the last reported financial results for the third quarter of 2025, its revenues soared 11% year over year to $128.7 million. It reported third-quarter 2025 earnings of $8.42 per share, a sharp improvement from the year-ago quarter loss of $1.72.
Strategy Inc Price, Consensus and EPS Surprise
Strategy Inc price-consensus-eps-surprise-chart | Strategy Inc Quote
Strategy’s software business continues to show steady momentum, providing a solid foundation beneath the company’s Bitcoin-heavy strategy. The double-digit revenue growth in the third quarter of 2025 was mainly driven by rising demand for its analytics solutions and higher customer adoption.
Subscription services were a key highlight, surging 65% year over year and marking a strong shift toward recurring, high-margin revenues. This growth in subscriptions enhances revenue stability and reduces reliance on one-time license sales.
By consistently expanding its software segment alongside its Bitcoin treasury strategy, Strategy is strengthening its long-term value proposition. The growing analytics platform not only diversifies revenues but also helps balance the higher volatility associated with digital-asset holdings.
CLSK vs. MSTR: Which One Has a Better Sales Growth Outlook?
The Zacks Consensus Estimate indicates that CleanSpark has a better sales outlook than Strategy in the near term. The consensus mark for CLSK’s fiscal 2026 revenues is pegged at $1 billion, implying a year-over-year increase of 30.8%.
Image Source: Zacks Investment Research
On the contrary, the Zacks Consensus Estimate for Strategy’s 2025 and 2026 revenues is pinned at $473.1 million and $496.1 million, respectively. The revenue projections for 2025 and 2026 indicate year-over-year growth of mere 2.1% and 4.9%, respectively.
Image Source: Zacks Investment Research
CLSK vs. MSTR: Stock Price Performance and Valuation
With a year-to-date gain of 47.9%, CleanSpark shares have outperformed Strategy stock, which has plunged 39.2%.
Image Source: Zacks Investment Research
On the valuation front, CleanSpark trades at a forward 12-month price-to-sales (P/S) multiple of 3.47, far below Strategy’s 100.19.
Conclusion: CleanSpark Has the Edge
Both stocks give strong Bitcoin-linked exposure, but CleanSpark offers faster expected revenue growth, a more attractive valuation and a clearer path to diversification through AI and HPC data centers. Strategy’s slower sales growth outlook and richer valuations make it less appealing now. Overall, CleanSpark looks better positioned for long-term upside relative to its risks and current valuation.
Currently, CleanSpark and Strategy each carry a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.