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 is the second crypto miner to be added to the index after peer Marathon Digital was added to the list last year.
The index measures the performance of smaller publicly traded U.S. firms that meet specific financial criteria, including profitability. To be included in the index, stocks must have a total market capitalization above $1 billion.
CleanSpark’s market capitalization currently stands at $2.24 billion, despite a 13.3% drawdown so far this year, according to Google Finance data. The 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.
Companies in the index typically benefit from increased trading volume and improved liquidity, making their shares more accessible to a broader pool of investors.
“CleanSpark’s inclusion enhances visibility within the investment community,” CEO Zach Bradford said in the announcement. “Our 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 making exposure to our model more broadly available.”
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 reached out to CleanSpark for comment but hasn’t heard back by press time.