Monnig Taylor, Chief Technology Officer at CleanSpark Inch. (NASDAQ: ), recently sold shares of the company. According to a filing with the Securities and Exchange Commission, on December 27, 2024, Taylor sold 1,350 shares at $10.40 per share, for a total of $14,040. The sale comes as CleanSpark shares have seen significant volatility, with shares down 12% in the past week and trading at $9.78, below Taylor’s asking price. According to InvestingPro analysis, the company’s market capitalization is $2.86 billion.
The transaction was executed under a Rule 10b5-1 trading plan, which allows insiders to set a predetermined schedule for selling shares. Following this sale, Taylor retains ownership of 201,520 shares, which includes restricted stock units (RSUs) that will vest over the next several years, subject to continued employment with the company. For a deeper look at insider trading patterns and 13 additional key metrics for CleanSpark, including fair value estimates and financial health scores, visit InvestingPro.
In other recent news, CleanSpark, a mining company, is making significant financial moves. The company announced the price of a private offering of $550 million in 0% interest rate convertible bonds due June 2030. The initial conversion price for the bonds was set at $14.80, a 20% premium to the stock’s last price at closing. At the same time, JPMorgan upgraded CleanSpark from Neutral to Overweight, with an increased price target from $10.50 to $17. This reflects CleanSpark’s significant role in the Bitcoin mining industry, where it currently operates at over 30 EH/s, placing it among the top three publicly listed miners by hashrate.
Meanwhile, Microstrategy (NASDAQ: ), along with other companies with significant exposure to cryptocurrencies, saw a decline in the recent trading session due to the Federal Reserve’s signal of interest rate caution and a significant decline in the value of Bitcoin. This change in investor sentiment was highlighted by a record outflow of $680 million from a group of US exchange-traded funds that invest directly in Bitcoin, ending a 15-day streak of continuous inflows. The wider implications for companies such as Microstrategy and CleanSpark have yet to be fully realized as market participants assess the potential for further interest rate hikes and their impact on speculative investment.
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