Nasdaq-listed Bitcoin mining company CleanSpark’s shares soared over 13% on Monday, after the company announced a strategic expansion into artificial intelligence.
CleanSpark, the fifth-largest Bitcoin (BTC) mining company by market capitalization, announced a new strategy to expand into AI data center infrastructure, aiming to diversify its revenue streams and strengthen long-term cash flow potential.
To lead the initiative, the company appointed Jeffrey Thomas as senior vice president of AI data centers, CleanSpark announced on Monday.
Thomas previously led Saudi Arabia’s multi-billion AI data center program as former president of AI Data centers at Saudi AI company Humain. Through his career, he created over $12 billion worth of shareholder value across 19 ventures, according to the announcement.
“We have been reviewing the entire portfolio from first principals to evaluate AI suitability and have identified Georgia as a strategic region for both potential conversion as well as expansion,” wrote Scott Garrison, chief development officer and executive vice president at ClearSpark, adding:
“We recently contracted for additional power and real estate in College Park to deliver high-value compute to the greater Atlanta metro area and are evaluating giga-campus opportunities across the portfolio and pipeline that are well positioned to satisfy significant off-taker demand.”
Shareholders welcomed the strategic expansion, as CleanSpark’s stock price rose over 13% on Monday, after rising 140% year-to-date in 2025, according to data from Google Finance.
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Bitcoin miners are seeking new revenue sources amid post-halving pressure
CleanSpark’s strategic pivot comes as the post-Bitcoin halving pressure is driving other mining companies to explore new sources of revenue.
Some of the largest Bitcoin mining firms have announced similar strategic pivots to AI since the beginning of 2024, including Core Scientific, Hut 8 and Iris Energy.
In June 2024, Core Scientific announced a $3.5 billion deal with AI cloud provider CoreWeave to provide an additional 200 megawatts of infrastructure to host CoreWeave’s high-performance computing (HPC) operations.
The deal is expected to generate a total cumulative revenue of over $3.5 billion for the world’s largest Bitcoin mining firm, during the initial 12-year terms of the contracts, Cointelegraph reported.
The strategic expansion into AI has saved the Bitcoin miner’s business model, as Core Scientific filed for Chapter 11 bankruptcy in 2022, two years before getting relisted on the Nasdaq ahead of its AI pivot.
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Bitcoin mining company Hut 8 ventured into AI services in September 2024, after launching a GPU-as-a-Service offering through a new subsidiary, Highrise AI.
June, Hut 8 received a $150 million investment from tech-focused investment manager Coatue Management, to help the company “capitalize” on the growing demand for AI computing power.
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