🚨JUST IN: Clear Street reiterates a BUY rating on $CLSK @CleanSpark_Inc and increases their price target from $27 to $28.

Today $CLSK reported fiscal year first quarter 2025 results (ended 12/31/24). *Quarterly revenue: $162.3 million (up 120% from prior year) *Quarterly net income: $241.7 million *Basic EPS: $0.85 *Marginal cost per coin decrease of 6% to ~$34,000 at owned facilities Full press release here: “This quarter we saw the impact of continuous improvements across what we believe to be the most important industry metrics: operating hashrate, fleet efficiency, marginal cost to mine, bitcoin treasury, and portfolio uptime,” said CleanSpark CEO @ZachKBradford. “We exceeded 2024 guidance and surpassed 40 EH/s in January, while driving fleet efficiency down to 16.15 J/Th,” Bradford said. “CleanSpark delivered $162.3 million in revenue at a marginal cost to mine of approximately $34,000 per bitcoin for the quarter.” “We are well on our way towards achieving 50 EH/s in the first half of 2025. We expect this growth will happen in the communities in which we already operate through expansion and greenfield projects in Wyoming, Tennessee, and Georgia. Our regional expansion strategy was developed and refined in Georgia, and we are now replicating it nationally,” said Bradford. “Our capital strategy continues to evolve, as demonstrated by the closing of our $650 million convertible bond with industry leading terms, and the conclusion of our at-the-market offering program,” said CleanSpark CFO @GaryVec. “We overcame virtually all of the halving impact on the bitcoin block subsidy while growing our current bitcoin treasury to over 10,500 – 100% of which was entirely self-mined by CleanSpark and exclusively in the USA. We have one of the cleanest balance sheets in the industry and look forward to utilizing it through our institutional grade bitcoin treasury team and strategy.” “CleanSpark’s financial strength continued to grow in fiscal Q1, with 57% gross margin, nearly $2.8 billion in assets, and $1.2 billion in total liquidity. We continue to invest in ourselves because why buy bitcoin at current spot prices when we can mine it for $34,000?” Vecchiarelli concluded.

Our Solana Price Target by the End of 2025 is $520 We value Solana (SOL) based on its projected year-end market share within the smart contract platform (SCP) market. Our SCP market cap forecast is derived from U.S. M2 money supply growth, given its strong historical correlation with crypto market capitalization. We project M2 to reach $22.3T by the end of 2025, maintaining its 3.2% annualized growth rate since its last trough in October 2023. Using regression analysis, we estimate total SCP market capitalization will grow 43% to $1.1T by year-end 2025 (vs. $770B today), surpassing its 2021 peak of $989B. Historical data shows a strong correlation between M2 and SCP market cap, with a 12-month moving average R² of 0.36 and a t-statistic of 5.7 (p < 0.0001). Currently, Solana holds 15% of SCP market cap, but we forecast its share to rise to 22% by EOY 2025. This projection is supported by Solana’s developer dominance, increasing market share in DEX volumes, revenues, and active users. Using an autoregressive (AR) forecast model, we estimate Solana’s market cap will reach ~$250B, implying a SOL price of $520 based on ~486M floating tokens. @Matthew_Sigel @Patrick_Bush_VE