SCHEDULE: Susquehanna Group Discloses 4.8% Stake in CleanSpark

A group of affiliated broker-dealers, including Susquehanna Investment Group, reported a 4.8% passive beneficial ownership in CleanSpark, Inc. as of December 31, 2025.

Summary

• G1 Execution Services, LLC, SIG Brokerage, LP, Susquehanna Investment Group, and Susquehanna Securities, LLC, collectively referred to as the Reporting Persons, have filed an Amendment No. 1 to Schedule 13G.
• The Reporting Persons beneficially own an aggregate of 12,384,543 shares of CleanSpark, Inc. Common Stock.
• This aggregate ownership represents 4.8% of CleanSpark, Inc.'s outstanding Common Stock, based on 255,749,498 shares outstanding as of December 31, 2025, as reported in the company's Form 10-Q.
• The beneficial ownership includes shares issuable upon the exercise of warrants (4,942 shares for G1 Execution Services, LLC) and options to buy shares (Susquehanna Investment Group and 7,771,500 shares for Susquehanna Securities, LLC).
• The Reporting Persons certify that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing the control of CleanSpark, Inc.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral disclosure, simply reporting a passive ownership stake without indicating any strategic shifts or performance implications for CleanSpark.

Future Outlook

NA

Industry Context

StockSavvy.ai notes that institutional filings like this provide transparency into significant ownership changes, which can be particularly relevant for companies in volatile sectors like digital assets and Bitcoin mining, where investor sentiment and institutional backing play a crucial role.

Stakeholder Impact

• Shareholders gain transparency into significant institutional holdings, providing insight into the investor base of CleanSpark, Inc.

Key Dates

Recommendation

This Schedule 13G filing indicates a significant, albeit passive, institutional ownership stake by the Susquehanna affiliated group in CleanSpark, Inc. While it doesn't signal activist intent or provide new operational insights, the presence of a major institutional holder can be viewed as a baseline vote of confidence. Investors should 'hold' to observe any future changes in this position or other fundamental developments from CleanSpark, as this filing alone does not warrant a change in investment thesis.

Keywords

CleanSpark Inc., CLSK, Susquehanna Investment Group, Schedule 13G, Beneficial Ownership, Institutional Ownership, Bitcoin Mining, Digital Asset Company