Bitcoin BTC/USD mining stock CleanSpark CLSK’s stock price is rising on Monday after the company announced approval to increase its authorized shares.
What Happened: CleanSpark held a special general meeting on Friday, where shareholders approved an amendment to its articles of incorporation that would increase the number of shares of the company’s common stock authorized for issue from 300 million to 600 million.
CleanSpark said it will apply to the Nevada Secretary of State to implement the authorized stock increase after receiving the final vote results from the special meeting.
As Bitcoin prices rise, CleanSpark stock could also rise along with several other Bitcoin mining stocks. Bitcoin rose about 2.14% in 24 hours and was hovering around $68,850 at last check, according to Benzinga Pro. Bitcoin’s strength appears to be driving the price movement of Bitcoin mining stocks and other crypto-related stocks in a positive manner.
Bitcoin has been flat in recent months after rallying near the beginning of the year. It has started to claw its way back toward all-time highs in recent weeks, and has risen nearly 10% over the past month.
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Analyst Kevin Svenson predicted over the weekend that a rally to new highs could be on the horizon. He explained that after the first halving in 2012, it took Bitcoin 41 months to surpass its all-time high. After the second halving in 2016, it took another 36 months for Bitcoin to surpass its all-time high. The analyst noted that Bitcoin is currently 35 months old. One month since the previous high.
“We are on track and on schedule. The timing of the cycle is fine. The only thing that went wrong with this cycle is that once Bitcoin hits an all-time high, it will start to move beyond it. People’s expectations are that there isn’t,” Svensson said.
Bitcoin mining stocks are linked to Bitcoin price fluctuations. Along with CleanSpark, other miners such as MARA Holdings Inc. MARA and Riot Platforms Inc. RIOT are all up on Monday morning.
Miners report Bitcoin mining metrics monthly. It is likely that most mining companies will announce their October results next week.
CleanSpark announced last month that it had mined 493 Bitcoins, up from 478 Bitcoins in August. The company has mined a total of 5,079 Bitcoins since the beginning of the year. CleanSpark’s Bitcoin holdings totaled 8,049 bits as of September 30th.
CLSK Price Trend: According to Benzinga Pro, CleanSpark stock was up 9.66% at $12.49 at the time of publication.
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