On June 11, CleanSpark rose 8.22% in regular trading, trading at $16.14/share, with turnover of $227 million. The sharp intraday rally comes as the bitcoin miner faces extreme short-selling pressure that may be triggering a squeeze.

Data shows CleanSpark carries one of the highest short interest ratios among all publicly traded companies, with approximately 84.06 million shares sold short as of mid-May, representing 33.45% of the float — a figure that climbed to 36.6% by end of April. This elevated short positioning creates conditions for sharp upward moves when buying momentum emerges. Peer IREN Ltd surged 10.54% in the same session, indicating broad strength in the crypto mining and data center sector.

Additionally, Chardan recently raised its price target on CleanSpark from $16 to $19 while maintaining a Buy rating, with the analyst consensus mean target at $20.50. The company operates approximately 1,027 MW of contracted power capacity across data centers in Georgia, Tennessee, Mississippi, and Wyoming, infrastructure increasingly viewed as scarce amid surging AI and HPC demand.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)