CleanSpark, Inc. (CLSK), a Nasdaq-listed Bitcoin mining company, has announced a strategic expansion into the artificial intelligence (AI) data center infrastructure market, causing its shares to surge. On Monday, October 20, 2025, the company's stock price rose over 13% following the announcement. This move signifies a major shift for CleanSpark, diversifying its revenue streams and leveraging its existing infrastructure to tap into the growing demand for high-performance computing.
To spearhead this new initiative, CleanSpark has appointed Jeffrey Thomas as Senior Vice President of AI Data Centers. Thomas brings over 40 years of global experience in emerging technologies and digital infrastructure to the role. He previously served as President of AI Data Centres at Humain, where he led Saudi Arabia's multi-billion-dollar AI data center program. CleanSpark's CEO and Chairman, Matt Schultz, hailed Thomas as an "exceptional addition" who will help the company "deliver diversified growth for shareholders".
The expansion into AI data centers allows CleanSpark to capitalize on its existing assets, including land, power, and data center infrastructure. Bitcoin miners possess key advantages in the AI computing sector due to their access to large, pre-permitted energy capacities and grid interconnections. CleanSpark has identified Georgia as a strategic region for potential conversion and expansion of its facilities. The company recently secured additional power and real estate in College Park, near Atlanta, with plans to develop "giga-campus" opportunities to serve major compute off-takers. Scott Garrison, Chief Development Officer and Executive Vice President at CleanSpark, stated that the company has been reviewing its entire portfolio to evaluate AI suitability.
This strategic pivot comes as the post-Bitcoin halving pressure is driving mining companies to explore new sources of revenue. Several major Bitcoin mining firms have announced similar moves into AI, including Core Scientific, Hut 8, and Iris Energy. By redirecting excess power capacity to AI data center clients, companies like CleanSpark aim to mitigate the effects of volatile crypto cycles and enhance cash flow.
Analysts view CleanSpark's expansion into AI as a positive catalyst, boosting the company's market outlook. BTIG increased its price target for CleanSpark to $26, citing the company's substantial infrastructure growth. Cantor Fitzgerald also adjusted its price target to $24, noting the impact of higher Bitcoin prices on the company's operations. CleanSpark's strong momentum is reflected in its impressive 159.99% price return over the past six months. The company's stock has shown a year-to-date price performance of 106.61%.
CleanSpark's move into AI reflects a broader trend within the cryptocurrency mining industry. Companies are increasingly seeking to diversify their revenue streams and leverage their resources to capitalize on the growing demand for high-performance computing. This transition supports CleanSpark's mission to deliver strong returns and long-term value to its shareholders. CleanSpark's shares closed at $21.51, up 10.19%.