CLSK vs. MSTR: Which Bitcoin-Linked Stock Has Better Upside Potential?
This diversification is a smart move that positions CleanSpark to tap into secular growth drivers that extend beyond the cyclical nature of Bitcoin prices. Having a dual exposure to both crypto mining and AI infrastructure gives CleanSpark more stable growth prospects over the long run. This strategic pivot helps de-risk the company's future revenue streams.
The Case for Strategy Stock
MicroStrategy has transformed itself from a software analytics company into one of the largest corporate holders of Bitcoin. The company’s long-term prospects remain firmly anchored in its massive Bitcoin treasury and disciplined accumulation strategy. As of Oct. 26, 2025, the company held approximately 640,808 BTC, valued at nearly $71 billion. This represents one of the largest corporate Bitcoin positions globally and provides a powerful balance sheet asset that continues to shape the company’s financial trajectory.
Year to date, Strategy has generated a 26% BTC yield and nearly $12.9 billion in Bitcoin-related gains, underscoring the strength of its treasury approach. With a full-year BTC yield target of 30% for 2025, the company remains focused on long-term value creation.
Strategy’s growing Bitcoin holding is aiding its financial performance. In the last reported financial results for the third quarter of 2025, its revenues soared 11% year over year to $128.7 million. It reported third-quarter 2025 earnings of $8.42 per share, a sharp improvement from the year-ago quarter loss of $1.72.
Strategy Inc Price, Consensus and EPS Surprise
Strategy Inc price-consensus-eps-surprise-chart | Strategy Inc Quote
Strategy’s software business continues to show steady momentum, providing a solid foundation beneath the company’s Bitcoin-heavy strategy. The double-digit revenue growth in the third quarter of 2025 was mainly driven by rising demand for its analytics solutions and higher customer adoption.
Subscription services were a key highlight, surging 65% year over year and marking a strong shift toward recurring, high-margin revenues. This growth in subscriptions enhances revenue stability and reduces reliance on one-time license sales.
By consistently expanding its software segment alongside its Bitcoin treasury strategy, Strategy is strengthening its long-term value proposition. The growing analytics platform not only diversifies revenues but also helps balance the higher volatility associated with digital-asset holdings.
CLSK vs. MSTR: Which One Has a Better Sales Growth Outlook?
The Zacks Consensus Estimate indicates that CleanSpark has a better sales outlook than Strategy in the near term. The consensus mark for CLSK’s fiscal 2026 revenues is pegged at $1 billion, implying a year-over-year increase of 30.8%.
Image Source: Zacks Investment Research
On the contrary, the Zacks Consensus Estimate for Strategy’s 2025 and 2026 revenues is pinned at $473.1 million and $496.1 million, respectively. The revenue projections for 2025 and 2026 indicate year-over-year growth of mere 2.1% and 4.9%, respectively.
Image Source: Zacks Investment Research
CLSK vs. MSTR: Stock Price Performance and Valuation
With a year-to-date gain of 47.9%, CleanSpark shares have outperformed Strategy stock, which has plunged 39.2%.
Image Source: Zacks Investment Research
On the valuation front, CleanSpark trades at a forward 12-month price-to-sales (P/S) multiple of 3.47, far below Strategy’s 100.19.
Conclusion: CleanSpark Has the Edge
Both stocks give strong Bitcoin-linked exposure, but CleanSpark offers faster expected revenue growth, a more attractive valuation and a clearer path to diversification through AI and HPC data centers. Strategy’s slower sales growth outlook and richer valuations make it less appealing now. Overall, CleanSpark looks better positioned for long-term upside relative to its risks and current valuation.
Currently, CleanSpark and Strategy each carry a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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This article originally published on Zacks Investment Research (zacks.com).
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