Bitcoin (BTC) Miner CleanSpark (CLSK) Joins the S&P SmallCap 600 Index

Bitcoin (BTC) miner CleanSpark (CLSK) is set to join the S&P SmallCap 600 index before the market opens on March 24, the company announced.

CleanSpark (CLSK), a major Bitcoin (BTC) miner, is set to join the S&P SmallCap 600 index, the company announced. The addition to the index, which measures the performance of smaller publicly traded U.S. firms, will take effect before the market opens on March 24.

CleanSpark is the second crypto miner to be added to the index. Last year, Marathon Digital was included in the list of companies that meet specific financial criteria, including profitability, to be integrated into the index. The minimum size criteria for the index is a total market capitalization above $1 billion.

CleanSpark's market capitalization is currently $2.24 billion, despite a 13.3% drawdown so far this year, according to Google Finance data. The company's inclusion in the index could bring greater attention to CleanSpark from institutional investors who track or invest in index funds tied to the S&P SmallCap 600.

Moreover, companies in the index typically benefit from increased trading volume and improved liquidity, making their shares more accessible to a broader pool of investors.

"This inclusion enhances visibility within the investment community and gives us an opportunity to demonstrate the value of being a pure play, vertically integrated Bitcoin mining company and make exposure to our model more broadly available," said CleanSpark CEO, Zach Bradford.

CleanSpark operates bitcoin mining facilities across the U.S., focusing on energy efficiency and cost-effective power sources. The company has expanded its operations over the past year with the acquisition of peer GRIID Infrastructure.

CoinDesk has reached out to CleanSpark for comment.