Shares of CleanSpark Inc. dropped 5.7% in afternoon trading Wednesday, after the company said it sold more than 300 bitcoin during June at an average price that was 21.4% below sales made the month before. The bitcoin mining company said it fully funded its growth and operations through the sale 328 bitcoin (BTC) in June at an average price of $25,644 per BTC, proving proceeds of about $8.4 million. That followed the sale of 210 BTC in May at an average price of $32,639 for proceeds of $6.9 million. Since the company reported June production of 339 BTC, the company increased its BTC holdings by 11 to 561 as of June 30 from 550 as of May 31. CleanSpark's stock drop comes after it rallied 10.2% over the past two days, after closing last Thursday at the lowest price since July 16, 2020. The stock has tumbled 33.5% in June, while bitcoin plunged 38.9% and the S&P 500 lost 8.4%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
