CleanSpark Bets Big on Next Bitcoin Bull Run, CEO Predicts BTC Price to Peak Under $200K in 18 Months

Bitcoin mining giant CleanSpark CLSK is betting big on the next crypto bull run, as CEO Zach Bradford told Bernstein analysts that the company plans

Bitcoin mining company CleanSpark (NASDAQ:CLSK) is betting heavily on the next crypto bull run, with CEO Zach Bradford telling Bernstein analysts that the company plans to aggressively expand mining capacity ahead of an expected BTC price surge.

“I believe we could see Bitcoin peak just under $200,000, sometime in the next 18 months,” Bradford told Bernstein analysts in an interview. He expects the upward move to begin after the U.S. presidential election.

To capitalize on this potential rally, CleanSpark is rapidly acquiring and developing mining sites.

“We started the year just under 10EH/s, we crossed 26EH/s this month. With those acquisitions we should be 30EH/s, just right around the corner,” Bradford noted.

The company is focusing on smaller, distributed mining operations rather than massive single-site facilities.

“It is much more valuable to the grid when you are located in small pockets around substations, so a distributed network offers the ability to manage their own loads, making us more friendly to the grid, thus seeing much better prices,” Bradford explained.

With site acquisitions, CleanSpark has scaled up to 1 gigawatt power contracts across five states in the U.S. The acquisitions are smaller, in the size of 25-75 megawatt (MW) sites at less than $0.5 million/MW, which is much cheaper than its peers' acquiring sites.

While some miners are pivoting towards AI and high-performance computing, CleanSpark remains committed to Bitcoin.

“I don't want to compete directly against hyper scalers if it means being the 18th best at what we do; I aim to be the best at what we do, and the market is rewarding us for that,” Bradford said.

He added that AI data centers are much longer gestation as most AI data centre revenues are expected to start in 2026/2027. On the other hand, Bitcoin opportunity is today with time to energization and cashflows' in weeks and not years.

Bernstein maintains an Outperform rating on CleanSpark with a $30 price target, which reflects a 219% upside from current levels. The firm sees CleanSpark as well-positioned to benefit from the next Bitcoin bull market.

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