Shares of CleanSpark (NASDAQ: CLSK) fell by over 10% Monday, underperforming bitcoin-mining peers as investors weighed regional power-outage headlines and newly disclosed details around the company’s CEO transition.
In a Monday post on X, Matthew Sigel, head of digital assets research at VanEck, said investors appeared to be reacting to Tennessee power-outage headlines and the “sticker price” of CleanSpark’s CEO transition, which was quantified for the first time in last week’s proxy filing.
The stock was last trading around $12.30 according to The Block price data, extending losses after a volatile January that has tracked both bitcoin’s pullback and rising scrutiny of miners’ cost structures and governance.
Snowy weather weighs on Tennessee exposure
One factor highlighted by Sigel was heightened sensitivity to weather-related power risks in Tennessee, where CleanSpark gained a larger footprint following its acquisition of GRIID Infrastructure in mid-2024.
While the company’s east Tennessee sites sit within grid “green zones” that are typically insulated from forced curtailments, the market appeared to be pricing in broader state-level outage risk.
Roughly 250,000 customers in Tennessee were without power at the peak of the weekend winter storm, according to power-outage tracking data from PowerOutage.
Grid analysts have said the U.S. electricity system has so far avoided the kind of systemic stress seen during Winter Storm Uri in 2021, with most outages tied to downed distribution lines rather than generation shortfalls.
Of note, the snowstorm’s impact also postponed this week’s Senate Agriculture Committee’s crypto bill markup by two days, while the SEC and CFTC moved their joint event to discuss crypto regulation.
Proxy filing and CEO transition costs
Sigel also pointed to CleanSpark’s definitive proxy statement, which disclosed the full cost of its CEO transition for the first time.
According to the filing, CEO and chairman Matthew Schultz received total compensation of about $44.9 million for fiscal 2025, driven primarily by equity awards and incentive bonuses.
The figure amounts to roughly 6% of the company’s reported revenue for the period, a ratio that some investors view as too high for a company still navigating margin pressure and a pivot toward high-performance compute and AI-adjacent infrastructure.
© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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