Form 4: CleanSpark CEO Discloses Significant Equity Holdings
Statement of Changes in Beneficial Ownership
CleanSpark's CEO and Executive Chairman, S. Matthew Schultz, filed a Form 4 detailing his substantial direct and indirect beneficial ownership of common stock, preferred stock, stock options, and restricted stock units.
Summary
- S. Matthew Schultz, CEO and Executive Chairman of CleanSpark, Inc. (CLSK), reported his beneficial ownership of company securities.
- Directly owns 1,842,268 shares of Common Stock and 500,000 shares of Series A Preferred Stock.
- Indirectly owns 480,000 shares of Common Stock through the S M Schultz Irrevocable Trust and 40,996 shares through his spouse.
- Holds 400,000 Employee Stock Options with an exercise price of $23, expiring April 16, 2031, which are fully vested.
- Holds various Restricted Stock Units (RSUs) totaling 4,675,475 shares, with diverse vesting schedules extending through December 2027 and September 2028.
- New RSU grants totaling 4,085,753 shares were reported with a transaction date of September 4, 2025.
Sentiment
Score: 7
Explanation: The filing indicates significant and growing insider ownership by the CEO, which is generally a positive signal for investor confidence and management's long-term commitment. The substantial RSU grants further align executive incentives with shareholder value creation. No negative information was disclosed.
Positives
- Significant insider ownership by the CEO and Executive Chairman, S. Matthew Schultz, totaling over 1.8 million direct common shares and 500,000 preferred shares, indicates strong alignment with shareholder interests.
- Substantial holdings of derivative securities, including 400,000 fully vested employee stock options and 4,675,475 restricted stock units, further align management's long-term incentives with company performance.
- The grants of new Restricted Stock Units on September 4, 2025, demonstrate ongoing commitment and future incentive for the CEO.
Future Outlook
The vesting schedules for the significant grants of Restricted Stock Units indicate a long-term incentive structure for the CEO, with shares vesting periodically through September 2028, aligning his future compensation with the company's sustained performance.
Industry Context
This filing reflects a standard practice for public company executives to disclose their equity holdings and changes, providing transparency to the market regarding insider ownership and incentive structures. For a company like CleanSpark, which operates in the energy and cryptocurrency mining sector, strong insider alignment can be viewed positively by investors.
Related Party Transactions
- Indirect ownership of 480,000 Common Stock shares through the S M Schultz Irrevocable Trust.
- Indirect ownership of 40,996 Common Stock shares through spouse.
Stakeholder Impact
- Shareholders: Increased transparency regarding executive equity holdings and long-term incentives. Significant insider ownership can signal confidence in the company's future.
- Employees: The RSU grants represent a form of long-term incentive compensation for the CEO, which is a common practice in public companies.
Next Steps
- Vesting of 405,000 Restricted Stock Units on September 12, 2025.
- Initial vesting of 25% of 1,729,000 Restricted Stock Units on September 9, 2025.
- Ongoing quarterly, semiannual, and annual vesting of various Restricted Stock Units through December 2027 and September 2028.
Key Dates
| Date | Description |
|---|---|
| 04/16/2021 | Grant date for Employee Stock Options, which vested over 36 months. |
| 09/04/2025 | Transaction date for new RSU grants totaling 4,085,753 shares. |
| 09/08/2025 | Signature date of the reporting person for this Form 4 filing. |
| 09/09/2025 | Vesting date for 25% of 1,729,000 Restricted Stock Units. |
| 09/12/2025 | Vesting date for 405,000 Restricted Stock Units. |
| 12/03/2025 | First quarterly vesting date for 184,722 Restricted Stock Units. |
| 02/13/2026 | First semiannual vesting date for remaining 75% of 1,729,000 Restricted Stock Units. |
| 05/13/2026 | Quarterly vesting date for 184,722 Restricted Stock Units. |
| 08/13/2026 | Quarterly vesting date for 184,722 Restricted Stock Units. |
| 09/04/2026 | First annual vesting date for 627,753 and 1,729,000 Restricted Stock Units, and semiannual vesting date for 1,729,000 Restricted Stock Units. |
| 12/03/2026 | Quarterly vesting date for 184,722 Restricted Stock Units. |
| 02/12/2027 | Quarterly vesting date for 184,722 Restricted Stock Units. |
| 02/13/2027 | Semiannual vesting date for 1,729,000 Restricted Stock Units. |
| 05/13/2027 | Quarterly vesting date for 184,722 Restricted Stock Units. |
| 08/13/2027 | Quarterly vesting date for 184,722 Restricted Stock Units. |
| 09/04/2027 | Second annual vesting date for 627,753 and 1,729,000 Restricted Stock Units, and semiannual vesting date for 1,729,000 Restricted Stock Units. |
| 12/03/2027 | Final quarterly vesting date for 184,722 Restricted Stock Units. |
| 02/13/2028 | Semiannual vesting date for 1,729,000 Restricted Stock Units. |
| 09/04/2028 | Final annual vesting date for 627,753 and 1,729,000 Restricted Stock Units, and final semiannual vesting date for 1,729,000 Restricted Stock Units. |
| 04/16/2031 | Expiration date for Employee Stock Options. |
Recommendation
holdThe filing details significant insider ownership and new equity grants to the CEO, which generally signals strong management alignment and confidence in the company's future. However, a Form 4 alone does not provide sufficient operational or financial data to warrant a 'buy' or 'sell' recommendation. It primarily offers transparency on executive holdings. Investors should 'hold' and combine this information with broader financial performance, market conditions, and strategic updates before making further investment decisions.
Keywords
CleanSpark, CLSK, S. Matthew Schultz, Form 4, Insider Ownership, Beneficial Ownership, Common Stock, Preferred Stock, Stock Options, Restricted Stock Units, CEO, Executive Chairman, Equity Holdings
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