According to CoinDesk, Bitcoin miner CleanSpark is set to join the S&P SmallCap 600 index before the market opens on March 24. This marks CleanSpark as the second crypto miner to be included in the index, following Marathon Digital's addition last year. The S&P SmallCap 600 index evaluates the performance of smaller publicly traded U.S. companies that meet specific financial criteria, including profitability. To qualify for inclusion, a company's market capitalization must exceed $1 billion.
CleanSpark's current market capitalization is $2.24 billion, despite experiencing a 13.3% decline this year, as reported by Google Finance. Being added to the index could attract more attention from institutional investors who follow or invest in funds linked to the S&P SmallCap 600. Companies listed in the index often benefit from increased trading volume and improved liquidity, making their shares more accessible to a wider range of investors.
Zach Bradford, CEO of CleanSpark, stated that the inclusion enhances the company's visibility within the investment community. He emphasized the opportunity to showcase the value of CleanSpark as a pure play, vertically integrated Bitcoin mining company, and to make exposure to their model more widely available. CleanSpark operates Bitcoin mining facilities across the United States, with a focus on energy efficiency and cost-effective power sources. Over the past year, the company has expanded its operations through the acquisition of GRIID Infrastructure.
CoinDesk attempted to contact CleanSpark for further comments but had not received a response by the time of publication.