Clear Street Cuts CleanSpark Price Target 18.5% to $22 on Bitcoin Slide
Clear Street lowered its CleanSpark price target by 18.5% from $27 to $22 but maintained its Buy rating, citing strong demand for high-performance compute offset by a 23.3% decline in Bitcoin to $87,509. This follows CleanSpark’s Q1-FY2026 results showing revenue up 11.6% to $162.3M and a $378.7M net loss led by mark-to-market Bitcoin writedowns.
1. Price Target Reduction
On February 9, Clear Street trimmed its price target on CleanSpark by 18.5% to $22 from $27 while retaining its Buy recommendation. The firm highlighted robust trends in high-performance computing demand but noted that a substantial drop in Bitcoin prices weighed on the updated valuation.
2. Q1-FY2026 Financial Results
CleanSpark reported Q1-FY2026 revenues of $162.3 million, up 11.6% year-over-year, and mined 1,821 Bitcoin units, selling 1,732 for $168.4 million in proceeds at an average of $97,205 per coin. Despite top-line growth, the company incurred a $378.7 million net loss, primarily driven by mark-to-market losses on its digital assets.
3. Bitcoin Market Pressure
Between September 30 and December 31, 2025, Bitcoin prices fell 23.3% from $114,056 to $87,509, resulting in mark-to-market writedowns on CleanSpark’s holdings of 13,099 Bitcoin, valued at $1.15 billion as of year-end. This crypto market volatility was a key factor in both the company’s quarterly loss and the analyst price target adjustment.