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

Bitcoin miner CleanSpark saw its net losses widen sharply during its fiscal second quarter after recording more than $200 million in losses tied to its bitcoin holdings.

CleanSpark reported Monday that it recorded a net loss of $378.3 million for the second quarter of 2026, up from $138.8 million during the same period a year ago, a 173% increase year-on-year. That included a loss of $224.1 million on its bitcoin (BTC) holdings. The company said it held $925.2 million worth of BTC at the end of the quarter.

Bitcoin's price is down about 6% on the year. CleanSpark's (CLSK) second fiscal quarter ended March 31, 2026.

In its earnings statement, the company emphasized its strategic "evolution" as, like many of its peers, CleanSpark seeks to generate more revenue from AI and high-performance computing infrastructure. Last week, TeraWulf reported that its high-performance computing business overtook its BTC mining segment for the first time during a fiscal quarter.

"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," CleanSpark CEO and Chairman Matt Schultz said in a statement. "Our objectives are clear: commercialize our AI/HPC-applicable assets, grow the portfolio, and continue mining efficiently to power CleanSpark's transformation."

CleanSpark said its Bitcoin mining revenue came in at $136.4 million in the quarter, a 25% decrease from a year ago when it posted $181.7 million in revenue.

The company's shares fell 5% in after-hours trading, according to Yahoo Finance.