Bitcoin miner CleanSpark to join S&P SmallCap 600 index as shares decline alongside BTC
Quick Take U.S.-based bitcoin miner CleanSpark said it will join the S&P SmallCap 600 index later this month. The company’s shares fell about 5% as bitcoin’s price also declined on Monday.
U.S.-based bitcoin miner CleanSpark will join the SP SmallCap 600 index later this month, according to a statement released Monday.
Despite the news, however, the company's shares fell about 5%, mirroring bitcoin's price decline of about 4%.
CleanSpark's shares were changing hands at $8.40 as of 12:40 p.m. ET, according to Yahoo Finance. In February, the company said it generated $162.3 million in revenue during last year's fourth quarter, a 120% increase year-over-year.
"Our inclusion enhances visibility within the investment community and gives us an opportunity to demonstrate the value of being a pure play, vertically integrated Bitcoin mining company and making exposure to our model more broadly available," CleanSpark CEO Zach Bradford said in a statement.
Last year, Marathon Digital’s shares jumped by 18%, after SP Global announced the bitcoin miner would be added to the SmallCap 600 index.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
After announcing its performance, AppLovin (APP.US), the leading player in "AI + digital advertising," surged 50%! Citigroup bets the rally isn't over, targeting $500 and new opportunities in e-commerce
While tech stocks faced sell-offs, AppLovin stood out by delivering profit-driven gains. On November 5, the Nasdaq 100 Index dropped 6.36% and the Philadelphia Semiconductor Index plunged 12.25%, yet AppLovin surged 31.04% after its earnings report. The stock continued to rise over the next two trading days, closing at $410 on November 9, marking an approximate 50.9% increase since its earnings announcement.
Confidence at Zero! Goldman Sachs Interprets Hedge Fund Positions: "Capitulation Liquidation," Largest Loss Since the Pandemic
Goldman Sachs' prime brokerage data reveals that hedge funds’ net leverage rate plummeted last week to the lowest percentile in five years, with the scale of deleveraging reaching the highest level since the March 2020 pandemic. The long-short ratio hit a five-year low. Tech stocks saw net selling of over $30 billion, far exceeding the turbulence in July. CTA quantitative strategies are expected to continue selling regardless of market movements in the coming week, with maximum selling pressure potentially reaching $48.7 billion. Currently, only mutual funds and corporate buybacks are providing counterflow liquidity, and a true market bottom may require further clearing of quantitative selling pressure.
New Zealand Dollar steadies as Iran talks fails to lift NZD/USD
Crypto prices
More
