CleanSpark appoints co-founder Matt Schultz as CEO after Bradford resigns

LAS VEGAS - CleanSpark, Inc. (NASDAQ:CLSK), a bitcoin mining company with a market capitalization of $2.83 billion and strong financial health according to InvestingPro analysis, announced Monday that co-founder and Executive Chairman Matt Schultz has been appointed as CEO, effective immediately following Zachary Bradford’s resignation as chief executive officer and director.

Schultz, who previously served as CEO and is currently Executive Chairman, founded the company and led its initial growth in the energy sector before helping transition it to bitcoin mining. He was instrumental in raising capital to expand the company’s bitcoin mining operations.

"As a founder who has always been actively involved, I care deeply about this company, our people, and our mission," Schultz said in a statement. "My focus stepping in as CEO is to ensure stability, continuity, and forward momentum." The leadership transition comes as CleanSpark demonstrates strong operational performance, with revenue growth of nearly 85% over the last twelve months and a favorable P/E ratio of 10.26.

Bradford, who co-founded CleanSpark in March 2014 and served as CEO since October 2019, stated: "Since co-founding this company in 2014, it has been the privilege of a lifetime to help lead it through every stage of growth. The time has come for me to transition the role to the next leader and focus on my family."

The company confirmed that the rest of its management team will remain in place, and its strategic priorities remain unchanged from what was outlined in its recent earnings report. These priorities include continued execution in bitcoin mining and further data center development.

CleanSpark reaffirmed its previously announced strategic plans and indicated it will report fiscal year 2025 full-year results in November.

The information in this article is based on a press release statement from CleanSpark.

In other recent news, CleanSpark Inc. has reported significant financial results for its fiscal third quarter of 2025. The company achieved earnings per share of $0.78, which notably exceeded the forecasted $0.16. CleanSpark’s revenue for the quarter reached $199 million, slightly surpassing the anticipated $195.75 million. Following these results, Macquarie raised its price target for CleanSpark to $20, maintaining an Outperform rating. Cantor Fitzgerald also increased its price target to $26, keeping an Overweight rating, highlighting CleanSpark’s strong growth. Additionally, the company has appointed Matt Schultz as its new Chief Executive Officer. CleanSpark has reaffirmed its commitment to its strategic plans, though specific details were not disclosed. These developments reflect a period of significant activity and growth for CleanSpark.

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