Crypto Mining News Daily

Saturday, July 13, 2024
HomeNewsCleanSpark's Chairman Nets $8.5 Million in Latest Insider Sale Amid Market Rally

CleanSpark’s Chairman Nets $8.5 Million in Latest Insider Sale Amid Market Rally

-

Insider transactions have become a common occurrence among executives of public mining companies, with CleanSpark’s chairman, Matthew Schultz, being the latest to cash in. Schultz sold 367,000 shares of CLSK at an average price of $23.07, netting him $8.5 million in gross proceeds, according to a Form-4 filing on Wednesday. This transaction comes just a month after he sold another 322,400 shares for $6.75 million in February.

CleanSpark’s CEO, Zachary Bradford, also made use of his prearranged 10b5-1 trading plan, selling 44,000 CLSK shares last week, following the liquidation of 363,900 shares in February, worth a total of $16 million. Both Schultz’s and Bradford’s transactions were made in accordance with their respective prearranged 10b5-1 trading plans, as indicated in their Form-4 filings.
The SEC’s Rule 10b5-1 allows insiders of publicly traded companies to make a trading plan as to when and how they want to execute transactions under the plan at a later time, in order to prevent insider trading with non-public material information.

CleanSpark’s share price has experienced a notable rally this year, outperforming bitcoin year-to-date, making it the only bitcoin mining stock to do so. Other mining firms have also seen increased insider transactions, with Core Scientific’s CEO and four other board directors purchasing $1.2 million worth of CORZ stocks earlier this month, demonstrating their confidence in the company’s future. Stronghold Digital’s CEO, CFO, and co-founder have been liquidating some of their stakes since December, receiving proceeds totaling about $3.1 million, while Iris Energy’s two co-founders sold 1 million shares each of their IREN stocks in December, worth nearly $10 million in total. Northern Data’s CEO, Aroosh Thillainathan, has executed prearranged plans since January to buy €30 million worth of Northern Dat shares and has increased his stake to 7.15%.

The recent surge in insider transactions among mining companies raises questions about the motivations behind these moves and what they might indicate about the future of the industry. As the market continues to fluctuate, it remains to be seen how these transactions will impact the companies and their investors.

Source: TheMinerMag

LATEST POSTS

Most Popular

Learn How to Mine Crypto

Join our mailing list and receive a free copy of Crypto Mining 101, our detailed guide on how crypto mining works, must have tools to get started, and how to be successful.

Note: We’ll never sell, trade, or abuse your information, and it’s simple to opt out! Read our Privacy Policy here.