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The latest data point for CLSK's EV/EBITDA ratio in Q2'26 stands at 0.85, indicating a significantly compressed valuation multiple compared to recent quarters and suggesting improved operational efficiency or market repricing. Over the period from Q3'23 to Q2'26, the EV/EBITDA ratio exhibits high volatility, starting with negative values of -31.74 in Q3'23 and plunging to -118.75 in Q4'23, before turning positive and peaking at 301.50 in Q3'24. Subsequent quarters show a general downward trend from the 2024 highs, with notable declines to 11.69 in Q1'25 and further compression to 4.97 in Q4'25, though a brief uptick to 62.02 in Q2'25 highlights intermittent recovery phases amid overall stabilization at lower multiples by Q2'26. This pattern reflects potential sector-specific pressures in the cryptocurrency mining space, where CLSK operates, influencing valuation swings.