Mike Kolonnis, a senior crypto analyst of HC Venrite & Company, repeated Clinspark as the firm’s top pick after the company’s first quarter -earnings report.
Bitcoin Mining Company CleinSpark reported its first quarter results on Thursday, leading to an 82% quarter-fourth increase in revenue $ 162.3 million. The company benefited from 33% increase in production of bitcoin (BTC) and 37% increase in average bitcoin prices.
During the quarter, Cleinspark produced 1,945 BTC from 1,465 BTC in the last quarter. Its deployed hash rate also increased 41.7% quarter-fourth-quarter to 39.1 Eh/s.
In a research note, Kolonnis said that CleinSpark has the previous target of reaching 50 EH/s by June. He also estimated that the company has $ 1.3 billion in total liquidity between cash and bitcoins, while the remaining capital expenditure required to fund its expansion is less than $ 80 million.
‘Name of supreme persistence’
The CleinSpark Bitcoin is also the “supreme guilty name” of HC Venrite in the mining sector. The analyst hopes that the company’s management will soon provide a calendar-age-and outlook, with performing exceeding the current guidance.
The report described Cleinspark as one of the “largest and final” pure-play bitcoin miners, supported by a “Best-in-Class” management team.
HC Venrite maintained a purchase rating on CleinSpark’s stock, with an unchanged $ 27 value target. The assessment is based on the 8.5X enterprise price-to-region, using 2025 revenue estimates of $ 961.2 million.
