Matt Schultz, CEO of CleanSpark, shares the story of one of the most controversial decisions the company made — selling its Bitcoin holdings near the peak of the market in late 2021.
At the time, Bitcoin was trading around $67K–$69K, and most of the industry was doubling down. But CleanSpark took a different approach.
They sold their Bitcoin — and faced immediate backlash:
• criticism from investors
• attacks on social media
• doubts about leadership
Instead of following the crowd, CleanSpark used the capital to invest in:
• immersion cooling infrastructure
• data centers
• electrical equipment like transformers and switchgear
Months later, Bitcoin dropped to around $15K–$16K, and many competitors who had leveraged up to buy new mining equipment couldn’t afford to pay for it.
What looked like a mistake at the time became a strategic advantage.
This is a real-world example of:
• contrarian thinking
• capital allocation discipline
• long-term strategy over short-term sentiment
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