CleanSpark Inc. (CLSK) shares surged 5.01% in pre-market trading on Friday, driven by the broader crypto market rally and growing anticipation of favorable policies towards the industry under the incoming Trump administration.
The surge in CleanSpark's stock price mirrors the gains seen in other crypto-related companies, as Bitcoin topped $101,000 for the first time since early January. Crypto mining firms like Riot Platforms, Marathon Digital, and MicroStrategy climbed over 2% in pre-market trading, benefiting from the rising Bitcoin prices.
Investors are betting that the new Trump administration will prioritize the development of crypto and blockchain technology in the United States. According to reports, Trump is planning to issue an executive order designating cryptocurrency as a national priority and creating a crypto advisory council within his administration. This move is expected to provide a more favorable regulatory environment for the industry.
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