On February 3, 2026, the digital asset mining sector witnessed a masterclass in tactical execution as CleanSpark (CLSK) became the focal point of intense unusual options activity. While the broader markets have been navigating a period of shifting sentiment, high-conviction traders identified a localized liquidity pocket in the CleanSpark derivatives chain. |
By securing 4,446 contracts of the CLSK February 6, 2026 $13.5 American Calls at a premium of just $0.14, these investors positioned themselves for a rapid technical snapback. Within only 30 minutes of the market open, the demand for these contracts surged, handing proactive traders an immediate 50% return. |
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The Earnings Catalyst: Anticipating the February 5th Report |
The primary driver behind this sudden influx of speculative capital is the upcoming CleanSpark Q1 2026 earnings report, officially scheduled for Thursday, February 5, 2026. CleanSpark has established a reputation for delivering impactful financial results, including a staggering 303% EPS surprise in a recent quarter. |
Analysts are watching closely as the company scales its high-performance computing (HPC) and data center infrastructure across the United States. |
Upcoming Webcast: CleanSpark executives will discuss the financial results via a live webcast on February 5 at 4:30 p.m. ET. Consensus Estimates: Analysts are currently projecting a quarterly loss of approximately $0.09 to $0.10 per share on revenues of roughly $186 million to $194 million. Revision Trends: Over the last 30 days, consensus EPS estimates have been revised downward by roughly 17%, creating a "low bar" for a potential post-earnings rally.
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Why the $13.5 Strike American Options Minted Money in Minutes |
The $13.5 strike for the February 6th expiration was specifically targeted because it represented a high-leverage "volatility squeeze" play just two days before the earnings announcement. With CleanSpark trading in a volatile range, these out-of-the-money calls were priced attractively for traders looking for rapid percentage gains. As the stock pushed toward resistance levels in early Tuesday trading, the "delta" on these contracts expanded rapidly, driving the 50% price spike almost immediately. |
High Implied Volatility: As of late January, CLSK options carried an IV of approximately 99.92%, signaling massive expected price swings around earnings. Volume Surge: Traders targeted strikes where the trading volume significantly exceeded the existing open interest, a classic sign of "smart money" entering new positions. Short-Term Opportunity: These weekly options were designed to capture the immediate pre-earnings run-up, allowing traders to exit with profits before the actual news was released.
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The "Second Chance" Trade: February 20th $12.0 Calls |
For traders who missed the initial 30-minute sprint, a more strategic "second chance" entry is still available in the CLSK February 20, 2026 $12.0 American Calls, which have been trading near a premium of $0.95. These monthly contracts offer a significantly better risk-reward profile because they provide two full weeks of additional "time cushion" beyond the initial earnings reaction. By paying roughly $0.95 for a $12.0 strike, a trader is positioning for sustained strength throughout the month of February. |
Monthly Expiration Advantage: The February 20th chain is a standard monthly expiration, which typically features higher liquidity and more stable bid-ask spreads than weekly contracts. Strike Price Proximity: The $12.0 strike is closer to the current trading price than the $13.5 "lotto" plays, increasing the probability of the option expiring in-the-money. Strategic Flexibility: These calls can be held through the earnings report to capture a larger move or sold prior to the announcement to avoid "IV crush".
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Analyzing the Bullish Sentiment in American Options |
Despite recent pressure on mining margins, the options market for CleanSpark is currently flashing a decisively bullish signal. The volume put-call ratio for CLSK recently sat at 0.35, indicating that for every 35 put options traded, there were 100 call options purchased. |
This lopsided demand suggests that institutional and retail traders alike are bracing for an upward valuation revision. |
Analyst Support: CleanSpark currently holds a consensus "Strong Buy" rating from 12 analysts, with 58% recommending a Strong Buy and 42% recommending a Buy. Infrastructure Growth: Bulls point to the company's 1.4 GW of power and its expanding portfolio of data centers as a competitive advantage in the AI-compute market. Revenue Targets: Sales estimates for the current quarter indicate a potential year-over-year increase of approximately 15%.
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Technical Volatility and the "High Beta" Factor |
CleanSpark remains one of the most volatile stocks in the crypto-infrastructure sector, carrying a Beta of 3.47. This means the stock is expected to move nearly three and a half times as much as the broader market in either direction. |
For traders using American options, this extreme volatility is a double-edged sword that can generate 50% returns in minutes but also requires strict risk management and disciplined exit strategies. |
Oversold Conditions: Recent technical analysis suggested that the stock was trading below its average analyst estimate of $23.39, despite its Texas expansion momentum. Repricing Potential: The market is increasingly repricing miners based on their ability to host high-performance computing (HPC) for AI, rather than just Bitcoin production. Strategic Entries: Traders often wait for RSI (Relative Strength Index) dips to enter these high-beta options, aiming to capture the "snap-back" rallies that occur before major news.
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Final Takeaway |
The 50% gain in 30 minutes on the February 6th calls is a stark reminder that in the Bitcoin mining sector, volatility is the primary source of opportunity for options traders. While the $13.5 weekly calls provided a lightning-fast payday, the real story for 2026 is CleanSpark's aggressive transition into a global leader in data infrastructure and power optimization. |
Whether a trader chooses the high-velocity weekly "sprints" or the more stable $12.0 February 20th calls, the underlying message from the options pits is clear: the market expects CleanSpark to remain a high-conviction play throughout the February earnings season. |
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Disclaimer: This content is for educational purposes only and does not constitute financial advice. Options trading involves risk, and not all trades will be profitable. Always manage risk responsibly. |
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