CleanSpark Inc (NASDAQ:CLSK) stock is trending to start the week as crypto markets continue to move higher. CleanSpark also announced a CEO transition on Monday.
What Happened: Crypto-related stocks are seeing some buying interest amid broader strength across crypto markets. The momentum comes after President Donald Trump signed an executive order last week allowing for the addition of cryptocurrencies in 401(k) retirement plans.
Bitcoin ETFs have seen strong inflows in recent days and Ethereum (CRYPTO: ETH) climbed to a four-year high over the weekend. A broadening of the rally in crypto markets could help push Bitcoin mining stocks and other crypto-related stocks higher.
Bitcoin (CRYPTO: BTC) was last up about 2.58%, trading around $120,075 at the time of publication, according to Benzinga Pro.
CleanSpark on Monday also announced the resignation of CEO Zach Bradford. The company named co-founder, executive chairman and former CEO Matt Schultz as CEO, effective immediately.
“As we have continued to grow, the board believes that now is the right time for a change in leadership as we look to fully capture opportunities available to CleanSpark,” Shultz said.
Shultz originally led CleanSpark’s growth in the energy sector before the company transitioned into Bitcoin mining. The company said on Monday that its strategic priorities remain unchanged.
CleanSpark reported financial results for the second quarter last week that beat analyst expectations on the top and bottom lines. The company said that it held $1.08 billion worth of Bitcoin in its treasury as of the end of the quarter.
Several analysts raised price targets on CleanSpark following the company’s quarterly results. Recent price target adjustments range from $17 to $26, representing significant upside from current levels.
CLSK Price Action: CleanSpark shares were up 1.04% at $10.13 at the time of publication Monday, according to Benzinga Pro.
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