Is BTM or CLSK more undervalued in 2026?

CirclFi compares Bitcoin Depot Inc. (BTM) and CleanSpark, Inc. (CLSK) using 13 institutional-grade valuation models. BTM has a Quality of Company score of 7.7/10 while CLSK scores 7.3/10.

Which is a better buy — BTM or CLSK?

Compare intrinsic values from 13 independent models against current market prices. CirclFi also calculates Value Trap scores. This is not financial advice — conduct your own analysis.

How do BTM and CLSK valuations compare?

BTM at $0.49 and CLSK at $18.14 are compared across Bayesian DCF, EPV, EROIC Spread, First Chicago, Markov DDM, and 8 additional models.

BTM vs CLSK Valuation Comparison 2026 — Intrinsic Value Analysis

BTM

Capital Markets

Bitcoin Depot Inc.

Quality

7.7

out of 10

Value Trap

SAFE

Price

$0.49

Last close

Models

2/13

Active

CLSK

Capital Markets

CleanSpark, Inc.

Quality

7.3

out of 10

Value Trap

LOW

Price

$18.14

Last close

Models

13/13

Active

Model-by-Model Comparison

Model	Type	BTM Fair Value	BTM Upside	CLSK Fair Value	CLSK Upside
Bayesian DCF	Intrinsic	—	—	$2.42	-86.7%
Earnings Power Value	Intrinsic	—	—	$22.90	+26.3%
EROIC Spread	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
First Chicago	Scenario	$•••.••	••.•%	$•••.••	••.•%
Markov DDM	Intrinsic	$1.53	+210.1%	$5.41	-70.2%
ML-RIV	Intrinsic	$2.04	-69.6%	$11.71	-35.5%
Dynamic NAV	Asset-Based	$•••.••	••.•%	$•••.••	••.•%
PWERM	Option-Based	$•••.••	••.•%	$•••.••	••.•%
Regime Cross-Sectional	Relative	$•••.••	••.•%	$•••.••	••.•%
Sentiment SOTP	Hybrid	$•••.••	••.•%	$•••.••	••.•%
CUCE Ensemble	Ensemble	$•••.••	••.•%	$•••.••	••.•%
FTNN Topology	Relative	$•••.••	••.•%	$•••.••	••.•%
RCMH-DCF	Intrinsic	$•••.••	••.•%	$•••.••	••.•%

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BTM vs CLSK — Which Stock Is More Undervalued?

BTM scores higher with a 7.7/10 quality rating vs CLSK's 7.3/10. Both stocks are analyzed daily using SEC EDGAR filings across 13 independent models.

Comparing Bitcoin Depot Inc. (BTM) and CleanSpark, Inc. (CLSK) across 13 institutional-grade valuation models reveals how each company's intrinsic value stacks up against its market price. CirclFi's engine processes SEC EDGAR 10-K and 10-Q filings, FRED macroeconomic data, and GDELT news sentiment to generate independent fair value estimates daily.

BTM currently trades at $0.49 with a QOC of 7.7/10, while CLSK trades at $18.14 with a QOC of 7.3/10.

Both companies are analyzed with models spanning intrinsic (Bayesian DCF, EPV), scenario-based (First Chicago), regime-switching (Markov DDM, RCMH-DCF), machine learning (ML-RIV, FTNN Topology), and ensemble methods (CUCE).