SCHEDULE: Susquehanna Group Discloses 5.1% Stake in CleanSpark

A group of affiliated broker-dealers, including Susquehanna Investment Group, has disclosed a 5.1% beneficial ownership stake in CleanSpark, Inc.

Summary

• A group of affiliated entities, including G1 Execution Services, LLC, SIG Brokerage, LP, Susquehanna Investment Group, and Susquehanna Securities, LLC (collectively "Reporting Persons"), has reported beneficial ownership of CleanSpark, Inc. common stock.
• The Reporting Persons collectively beneficially own 14,435,578 shares of CleanSpark, Inc. common stock.
• This aggregate ownership represents 5.1% of CleanSpark, Inc.'s outstanding common stock, based on 281,083,382 shares outstanding as of August 5, 2025.
• Susquehanna Investment Group's beneficial ownership includes options to buy 2,089,900 shares.
• Susquehanna Securities, LLC's beneficial ownership includes options to buy 10,838,700 shares.
• The securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of CleanSpark, Inc.

Sentiment

Score: 7

Explanation: The disclosure of a 5.1% stake by a reputable institutional group like Susquehanna is generally a positive signal, indicating confidence in the company. The fact that a significant portion of the stake is held via options suggests a potentially bullish outlook. However, it's a passive investment for ordinary course of business, not an activist stake, so the positive impact is moderate.

Positives

• A significant institutional investor group, Susquehanna, sees value in CleanSpark, Inc. to accumulate a 5.1% stake.
• The acquisition of shares, including a substantial portion through options, indicates a potentially bullish long-term view by the reporting group.

Negatives

• No specific negative information about CleanSpark, Inc. is disclosed in this ownership filing.

Risks

• The filing itself does not detail risks related to CleanSpark, Inc.'s operations or financial health. It only states the reporting persons' intent not to influence control, which mitigates a specific type of risk (hostile takeover attempt) from this group.

Future Outlook

The filing does not provide any forward-looking statements or guidance regarding CleanSpark, Inc.'s future performance or operations.

Industry Context

The disclosure of a significant stake by a prominent financial group like Susquehanna in CleanSpark, a company operating in the Bitcoin mining sector, could signal growing institutional interest or confidence in the digital asset industry. This type of investment by sophisticated market participants often attracts attention from other investors, potentially validating the company's position within its niche.

Stakeholder Impact

• Shareholders: The disclosure of a significant institutional stake may increase investor confidence and potentially attract more institutional interest, which could positively influence share price.
• Company Management: While the filing states no intent to influence control, a large institutional holder can still be a significant voice in corporate governance matters over time.

Key Dates

Recommendation

The filing indicates a significant institutional investment by the Susquehanna group, which can be interpreted as a vote of confidence in CleanSpark, Inc. However, this is a passive investment for ordinary business purposes, not an activist stake, and does not provide new operational or financial performance data. Therefore, while the institutional interest is positive, it doesn't fundamentally change the investment thesis for existing holders, warranting a 'hold' recommendation. New investors might consider this a positive signal for further due diligence.

Keywords

CleanSpark, CLSK, Susquehanna, G1 Execution Services, SIG Brokerage, Susquehanna Investment Group, Susquehanna Securities, Beneficial Ownership, Schedule 13G, Institutional Ownership, SEC Filing, Common Stock, Options