Bitcoin miner CleanSpark's Q2 losses swell after losing $224 million on BTC holdings

•

Bitcoin miner CleanSpark reported a sharp widening of net losses in its fiscal second quarter of 2026, driven in part by more than $200 million in losses tied to its bitcoin holdings.

CleanSpark posted a net loss of $378.3 million for the quarter ended March 31, 2026, compared with a net loss of $138.8 million in the same period a year earlier—an increase of 173% year over year. The results included a loss of $224.1 million on its bitcoin (BTC) holdings. At quarter-end, the company said it held $925.2 million worth of BTC. Over the same period, bitcoin’s price was down about 6% on the year.

Revenue and operating context

CleanSpark said its bitcoin mining revenue totaled $136.4 million in the quarter, down 25% from $181.7 million a year earlier.

In its earnings statement, the company highlighted its strategic shift toward generating more revenue from AI and high-performance computing (HPC) infrastructure, reflecting a broader industry trend among bitcoin miners.

Company strategy and development updates

CleanSpark CEO and Chairman Matt Schultz said the company accelerated its digital infrastructure evolution across four areas: land and power development, leasing, financing, and construction.

Schultz said: “This quarter, we accelerated our digital infrastructure evolution across four key areas: land and power development, with ERCOT approval of 300 MW in Brazoria; leasing, with further progress in Georgia and beyond; financing, as market conditions remain constructive; and construction, as we continue developing the new parcel in Sandersville.”

He added: “Our objectives are clear: commercialize our AI/HPC-applicable assets, grow the portfolio, and continue mining efficiently to power CleanSpark's transformation.”