CleanSpark to Join S&P SmallCap 600 Index
CleanSpark (CLSK), a prominent Bitcoin (BTC) mining company, has announced that it will be added to the S&P SmallCap 600 index, effective before the market opens on March 24. This significant milestone marks CleanSpark as the second cryptocurrency mining company to be included in this esteemed index, following the inclusion of Marathon Digital last year.
The S&P SmallCap 600 index is designed to measure the performance of smaller publicly traded firms in the United States that meet rigorous financial standards, including a requirement for profitability. To qualify for this index, a company’s total market capitalization must exceed $1 billion. Currently, CleanSpark boasts a market capitalization of approximately $2.24 billion, despite experiencing a 13.3% decline so far this year, as per data from Google Finance.
This inclusion is expected to attract increased attention from institutional investors who track or invest in index funds related to the S&P SmallCap 600. Typically, companies listed in this index enjoy enhanced trading volumes and improved liquidity, which can make their shares more accessible to a wider range of investors.
In a statement regarding this development, CEO Zach Bradford expressed enthusiasm, stating, “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, thereby making exposure to our model more broadly available.”
CleanSpark is dedicated to operating Bitcoin mining facilities across the United States, with a strong emphasis on energy efficiency and cost-effective power solutions. Over the past year, the company has expanded its footprint significantly, notably through the acquisition of GRIID Infrastructure.
As of now, CoinDesk has reached out to CleanSpark for further comments on their latest achievement, but no response has been received by the time of this publication.
