Two of the biggest names in Bitcoin mining are taking dramatically different approaches to their crypto reserves.
CleanSpark (CLSK) has built one of the industry’s largest self-mined Bitcoin treasuries, holding 13,011 BTC worth about $1.6 billion at the end of September 2025. The company mined 629 BTC in the month but sold just 445 coins, while continuing to expand its operations with 241,934 deployed machines and a peak hashrate of 50 EH/s. CleanSpark’s CEO Matt Schultz is doubling down on a long-term accumulation strategy, backed by major financing moves and new mining sites in Tennessee.
On the other hand, Riot Platforms, led by Jason Les, is monetizing production to keep cash flowing. The miner sold 465 BTC in September for $52.6 million, slightly more than it produced that month. Riot’s approach reflects a focus on liquidity and short-term balance sheet stability, rather than stacking reserves.
The split highlights the divergent strategies among public Bitcoin miners: one betting on BTC’s long-term value, the other prioritizing operational cash flow. With Bitcoin recently surging past $120,000, analysts say the results of these different plays will become clearer in the next market cycle.
Summary
- CleanSpark (CLSK): Holds 13,011 BTC (~$1.6B); added 629 BTC in Sept.; peak hashrate 50 EH/s; major expansion in Tennessee; $650M in financing.
- Riot Platforms: Produced 445 BTC in Sept.; sold 465 BTC for $52.6M; strategy focused on liquidity.
- Market Context: Bitcoin is trading above $120,000 (Oct. 2025), making these divergent treasury strategies critical to watch.
