CLSK vs HUT: How CleanSpark and Hut 8 Corp Compare (2026)
Last updated July 2026
Short answer
HUT is the larger of the two ($10.21B market cap): the incumbent the market prices for continued execution (-36.12x forward earnings, beta 6.07). CLSK is the smaller challenger ($3.13B), priced similarly on forward earnings (-10.73x): more room to run, but more to prove. The real question is which set of drivers you believe, and whether owning one (or both) leaves you over-concentrated.
CLSK vs HUT: the tie-breaker metrics
Same yardstick, side by side (as of July 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.
| Metric | CLSK | HUT | What it tells you |
|---|---|---|---|
| Market cap | $3.13B | $10.21B | Size. The larger name is the incumbent; the smaller has more room to grow and more to prove. |
| Forward P/E | -10.73 | -36.12 | Valuation on next year's expected earnings, the same yardstick for both. Lower is cheaper for that growth; higher means the market is paying up. |
| Beta | 3.84 | 6.07 | Volatility vs the market. Above 1 swings harder than the index; below 1 is steadier. Higher beta means bigger drawdowns to hold through. |
| Price vs 52-week range | 27% of range | 59% of range | Where today's price sits between the 52-week low and high. Near the high is momentum with less margin of safety; near the low is out of favor or a discount, depending on why. |
| Price / book | 3.17 | 7.39 | How much you pay over book value. Very high can signal an asset-light, high-return business or a rich price. |
Before you buy: how CLSK and HUT affect your concentration
The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. CLSK and HUT share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.
This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined CLSK and HUT exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.
What does CleanSpark (CLSK) do?
CleanSpark is a Las Vegas-based bitcoin mining company that operates data centers, mostly in the southeastern United States, packed with specialized ASIC machines that compete to validate bitcoin transactions and earn newly minted coins plus fees. It makes money primarily by selling some of the bitcoin it mines and by keeping the rest on its balance sheet as a treasury; reported metrics that matter most are operational hash rate (about 50 EH/s as of early 2026), cost to mine each coin (roughly $44,800 in the most recent quarter), and the size of the bitcoin stack it holds (around 13,600 BTC). Because revenue is paid in bitcoin and a chunk of the balance sheet is bitcoin, both the income statement and reported book value swing with the crypto price.
What does Hut 8 Corp (HUT) do?
Hut 8 Corp (Nasdaq: HUT) is a digital asset and energy infrastructure company operating at the intersection of bitcoin mining and high-performance computing. It owns and develops power generation assets and data centers, mines bitcoin (increasingly through American Bitcoin, or ABTC, a majority-owned subsidiary that now trades separately and holds the group's bitcoin treasury), and is building out AI and HPC capacity such as Project Vega, a roughly 205MW Texas site. Management reports an energy development platform of around 9,520MW across stages, with roughly 1,020MW under management and plans for four new US sites totaling about 1.53GW.
CLSK vs HUT: how do they differ?
Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.
- CLSK drivers: Scaled, low-cost hash rate; Cheap-power energy footprint.
- HUT drivers: AI and HPC data center pivot; Bitcoin mining and treasury through American Bitcoin.
Which fits which kind of investor
A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: CLSK carries direct bitcoin price exposure: when bitcoin falls, mining revenue and the treasury both decline, and the stock has historically moved more than bitcoin itself. For HUT, hUT carries multiple stacked risks.
CLSK or HUT: which should you pick?
Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick CLSK if you believe its drivers more; HUT if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the CLSK and HUT guides.
CLSK vs HUT: the full fundamentals
CLSK. CleanSpark's reported results are tightly correlated with the price of bitcoin: the quarter ended March 2026 showed a large net loss driven mostly by non-cash mark-to-market adjustments on its bitcoin holdings as the coin's average price fell toward the mid-$70,000s. Revenue, margins, and book value can all swing sharply quarter to quarter, so single-period figures say more about bitcoin's level than about a durable trend. These figures are approximate and tied to the asOf date; check the latest filings before relying on them.
HUT. Hut 8's headline losses are dominated by non-cash mark-to-market swings on its bitcoin and by depreciation, so GAAP net income can diverge sharply from operating trends. Revenue is growing quickly as the Compute segment scales, but the stock has often traded at a rich multiple that prices in the AI and HPC pivot well ahead of realized data center cash flows. Figures are approximate and change with bitcoin's price and reporting period.
Headline figures (approximate, June 2026): CLSK shows quarterly revenue (fq2 2026) ~$136 million (down ~25% YoY), operational hash rate ~50 EH/s, bitcoin held (treasury) ~13,600 BTC, adjusted ebitda (fq2 2026) ~-$241 million; HUT shows revenue (fy2025) ~$235M, revenue (q1 2026) ~$71M (up from ~$22M YoY), net income (fy2025) ~-$248M (net loss), net loss (q1 2026) ~-$220M (large bitcoin mark-down).
The bottom line: CLSK vs HUT
CLSK and HUT are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined CLSK and HUT exposure against your real portfolio. It is not an investment adviser.
Investing in CleanSpark with AI
Connect the broker you already use and ask Walnut's AI how CLSK fits what you actually hold: whether you own it already through a fund, what it would do to your concentration, and how it has tracked the S&P 500. Read-only by default, and you approve anything before it reaches your broker.
FAQ
What is the difference between CLSK and HUT?
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CleanSpark is a Las Vegas-based bitcoin mining company that operates data centers, mostly in the southeastern United States, packed with specialized ASIC machines that compete to validate bitcoin transactions and earn newly minted coins plus fees. Hut 8 Corp (Nasdaq: HUT) is a digital asset and energy infrastructure company operating at the intersection of bitcoin mining and high-performance computing. They show up together because they share investment themes, but they are different businesses, so the better fit depends on which thesis you are expressing.
Is CLSK or HUT the better stock?
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Neither is universally better. HUT is the larger incumbent; CLSK is the smaller challenger and looks pricier on forward earnings. Walnut is informational, not investment advice. Compare what each does, the tie-breaker metrics above, and the risks, then decide which fits your thesis and what you already own.
Which is cheaper, CLSK or HUT?
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On forward P/E (as of July 2026), CLSK trades at -10.73x and HUT at -36.12x, so HUT is the cheaper of the two on next year's expected earnings. A lower multiple is not automatically the better buy: a richer valuation can be justified by faster growth, and a lower one can reflect real risk. Weigh the multiple against how fast each business is compounding.
Should you own both CLSK and HUT?
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Because they share themes, owning both concentrates you in that theme. That can be intentional (a focused bet) or accidental (less diversification than it looks). Walnut can show your combined exposure across both, and whether adding either over-concentrates you, before you buy.
What are the risks of CLSK vs HUT?
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CLSK: CLSK carries direct bitcoin price exposure: when bitcoin falls, mining revenue and the treasury both decline, and the stock has historically moved more than bitcoin itself. Block-reward halvings (the last in 2024) cut the bitcoin paid per block, so miners must keep lowering costs or growing hash rate just to stand still, and rising network difficulty erodes each machine's output. Funding expansion has often meant issuing new shares or debt, diluting existing holders, and recent quarters showed large GAAP losses (a roughly $378 million net loss in the quarter ended March 2026, much of it non-cash bitcoin marks) and negative adjusted EBITDA. Energy-cost spikes, equipment cycles, and shifting US crypto and energy regulation add further uncertainty. HUT: HUT carries multiple stacked risks. Reported earnings swing violently with the bitcoin price because bitcoin held is marked to market, and a large digital-asset loss drove a heavy net loss in Q1 2026 despite rising revenue. The AI and HPC pivot is capital-intensive and unproven at scale, exposing the company to construction delays, power and interconnection timing, and customer concentration on a small number of large leases. Bitcoin mining faces the ongoing halving-driven reward compression, rising network difficulty, and energy-cost pressure. The stock is highly volatile and often richly valued relative to current mining cash flows, and financing needs could dilute shareholders.
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Walnut is informational, not investment advice. This page is descriptive and not a recommendation to buy or sell CLSK or HUT; figures are approximate and dated (as of July 2026). Verify current data before investing.