CleanSpark founder assumes CEO role following Zachary Bradford's resignation

Bitcoin mining company CleanSpark said Monday that founder Matthew Schultz will assume the CEO position effective immediately following the resignation of Zachary Bradford.

Bradford had served as the company's chief executive since October 2019. Schultz, who also serves as executive chairman, co-founded CleanSpark in 2014 and previously served as CEO.

"As a founder who has always been actively involved, I care deeply about this company, our people, and our mission," Schultz stated in a release . "My focus stepping in as CEO is to ensure stability, continuity, and forward momentum during this time, and to support the team and our board as we continue to execute as a market leader. As we have continued to grow, the board believes that now is the right time for a change in leadership as we look to fully capture opportunities available to CleanSpark."

Last week, the Nasdaq-listed CleanSpark said revenue surged 91% year-over-year in its fiscal third quarter. Net income reached $257.4 million. Its bitcoin treasury also exceeded the $1 billion mark during the quarter. In all, it has about $3.1 billion in total assets, with $1.08 billion worth of bitcoin, The Block previously reported .

"Importantly, we have an excellent management team who will all remain in place, and our priorities remain unchanged from what we laid out last week in our earnings report: continued execution as a global leader in bitcoin mining, drive further data center development monetizing our energy under contract and stay opportunistic as we look to the future," Schultz said in Monday's statement.

CleanSpark shares fell 2% in Monday's trading session, according to The Block's CLSK price data . The stock price is up about 4.5% in the year-to-date period and down about 15% over the past five years during Bradford's tenure.