Why CleanSpark Stock Popped Today

Shares of CleanSpark (NASDAQ: CLSK) have popped today, up by 13% as of 12:15 p.m. EST, after the company announced that it is acquiring ATL Data Centers, a bitcoin miner. The news comes as bitcoin prices have rallied to all-time highs this year, topping previous records set in 2017.

CleanSpark is acquiring ATL for $19.4 million in an all-stock deal. CleanSpark specializes in microgrid software and says that it can deploy those services at ATL to create energy savings and expand total power capacity while also reducing greenhouse gas emissions. Mining bitcoin is notoriously a very energy-intensive process, and CleanSpark believes that its software can mitigate that issue by designing and installing multiple microgrids at ATL's facility.

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Source Fool.com