What happened
Monday was a good day to be an investor in cryptocurrency stocks. CleanSpark (CLSK 7.44%), a Bitcoin miner, benefited not only from some encouraging news from a peer in its industry, but also from a business update it published. These twin factors sent CleanSpark's share price racing to close the day nearly 14% higher.
So what
Optimism is in the air with cryptocurrency stocks, on news that Coinbase Global is partnering with securities exchange operator Cboe Global Markets on a spot Bitcoin exchange-traded fund (ETF) that would be managed by Fidelity.
This is the latest effort to get a Bitcoin ETF up and running; such attempts have pushed up the price of Bitcoin, and made associated assets more attractive. A miner like CleanSpark certainly falls into the "associated Bitcoin assets" category.
Meanwhile, CleanSpark added fuel to this fire on Monday morning by publishing its latest monthly business update. The company said that it mined 491 bitcoins in June, and sold 413 for proceeds of roughly $11.2 million to fund its operations. On average, those sales brought in almost $27,200 per bitcoin, down only slightly from the May figure of $27,400. As for mining, in May the company's tally was 609 bitcoins.
NASDAQ: CLSK
Key Data Points
Now what
CleanSpark sounded a very bullish note in its update, and investors were happy to catch that buzz. The company quoted CEO Zach Bradford as saying that in June, "We made substantial progress growing our Bitcoin holdings this quarter, while continuing to advance our growth plans." He added that two new mining facilities will come onstream this month.
