Shares of CleanSpark, Inc. (NASDAQ:CLSK) tumbled 5.62% in pre-market trading on Tuesday, as investors positioned themselves ahead of the company's fiscal fourth-quarter earnings report, scheduled for release after the closing bell. The significant drop comes despite a recent bullish upgrade from JPMorgan, highlighting the market's cautious stance before the crucial financial update.

Wall Street analysts expect the Bitcoin miner to report earnings per share of 12 cents and quarterly revenue of $246.9 million. Investors will be closely monitoring the 4:30 PM ET conference call for updates on CleanSpark's transition into high-performance computing, particularly regarding the operationalization of its newly acquired Texas facility.

The pre-earnings selloff follows Monday's surge, which was driven by JPMorgan's upgrade of CleanSpark from Neutral to Overweight, maintaining a $14 price target. The upgrade reflected growing optimism about the company's pivot toward high-performance computing, with analysts highlighting the potential premium valuation of the 200-megawatt Texas facility as CleanSpark transitions into a data-center operator.

As the market awaits CleanSpark's financial results, the stock's volatility underscores the high stakes surrounding the earnings report. Investors will be looking for concrete evidence of the company's progress in its strategic shift and its ability to capitalize on the burgeoning high-performance computing market amidst the evolving landscape of cryptocurrency mining.