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CleanSpark Inc. (NASDAQ: $CLSK) remains the most heavily shorted crypto company with a market value above $2 billion, keeping the Bitcoin (CRYPTO: $BTC) miner at the center of a market increasingly divided over the sector's next leg.

Short interest in CleanSpark rose to 33.04% in June from 32.76% a month earlier, the highest level among crypto-linked companies in the group. The reading comes after Bitcoin fell as low as $58,000 during the month and U.S. spot Bitcoin ETFs recorded $4.5 billion in net outflows, their worst monthly total since launching in January 2024.

CleanSpark has continued to grow its Bitcoin treasury even as pressure builds across mining stocks. The company said Tuesday it produced 614 Bitcoin in June and ended the month with 13,924 BTC, up from 13,470 at the end of May.

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Its operational hashrate remained at 50 EH/s, while the company reported 1.8 gigawatts of power under contract and 808 megawatts in use. CEO and Chairman Matt Schultz said mining operations continued to perform well despite market volatility as CleanSpark advanced commercialization efforts for Sandersville and made progress toward energization in Texas.

The short-interest level adds another layer to a company already being watched for its shift beyond pure-play Bitcoin mining. CleanSpark has increasingly positioned its power portfolio and data center footprint around high-performance computing opportunities, placing it alongside miners looking to capture demand from AI infrastructure.

That transition is still being weighed against weaker Bitcoin prices and a mining sector carrying heavy capital requirements. CleanSpark shares fell 7.6% Tuesday, extending the volatility around one of the market's most closely watched crypto equities.

With nearly one-third of its float sold short, CleanSpark now sits between two competing views: a scaled Bitcoin miner with a growing treasury and power portfolio, or a capital-intensive business facing a tougher crypto cycle.

CleanSpark Inc. (NASDAQ: CLSK) is currently trading at $12.48 U.S. per share.