Bit Origin (NASDAQ:BTOG) vs. Cleanspark (NASDAQ:CLSK) Critical Review

Bit Origin (NASDAQ:BTOG) and Cleanspark (NASDAQ:CLSK) are both finance companies, but which is the superior investment? We will compare the two businesses based on the strength of their analyst recommendations, earnings, profitability, risk, dividends, institutional ownership and valuation.

Risk & Volatility

Bit Origin has a beta of 1.45, suggesting that its share price is 45% more volatile than the S&P 500. Comparatively, Cleanspark has a beta of 4.23, suggesting that its share price is 323% more volatile than the S&P 500.

Earnings and Valuation

This table compares Bit Origin and Cleanspark”s revenue, earnings per share and valuation.

	Gross Revenue	Price/Sales Ratio	Net Income	Earnings Per Share	Price/Earnings Ratio
Bit Origin	$2.89 million	0.93	-$17.53 million	N/A	N/A
Cleanspark	$378.97 million	9.32	-$145.78 million	($0.96)	-13.09

Bit Origin has higher earnings, but lower revenue than Cleanspark.

Institutional and Insider Ownership

1.1% of Bit Origin shares are held by institutional investors. Comparatively, 43.1% of Cleanspark shares are held by institutional investors. 1.1% of Bit Origin shares are held by insiders. Comparatively, 2.7% of Cleanspark shares are held by insiders. Strong institutional ownership is an indication that hedge funds, large money managers and endowments believe a company is poised for long-term growth.

Analyst Recommendations

This is a breakdown of recent ratings for Bit Origin and Cleanspark, as reported by MarketBeat.

	Sell Ratings	Hold Ratings	Buy Ratings	Strong Buy Ratings	Rating Score
Bit Origin	0	0	0	0	0.00
Cleanspark	0	0	8	1	3.11

Cleanspark has a consensus target price of $20.38, indicating a potential upside of 62.09%. Given Cleanspark’s stronger consensus rating and higher possible upside, analysts plainly believe Cleanspark is more favorable than Bit Origin.

Profitability

This table compares Bit Origin and Cleanspark’s net margins, return on equity and return on assets.

	Net Margins	Return on Equity	Return on Assets
Bit Origin	N/A	N/A	N/A
Cleanspark	-35.43%	-4.65%	-3.71%

Summary

Cleanspark beats Bit Origin on 9 of the 13 factors compared between the two stocks.

About Bit Origin

Bit Origin Ltd, through its subsidiaries, engages in the cryptocurrency mining business in the United States. It is also involved in deploying blockchain technologies. The company was formerly known as China Xiangtai Food Co., Ltd. and changed its name to Bit Origin Ltd in April 2022. Bit Origin Ltd was incorporated in 2018 and is based in Singapore, Singapore.

About Cleanspark

CleanSpark, Inc. operates as a bitcoin miner in the Americas. It owns and operates data centers that primarily run on low-carbon power. Its infrastructure supports Bitcoin, a digital commodity and a tool for financial independence and inclusion. The company was formerly known as Stratean Inc. and changed its name to CleanSpark, Inc. in November 2016. CleanSpark, Inc. was incorporated in 1987 and is headquartered in Henderson, Nevada.