CleanSpark Chair Matt Schultz Returns as CEO; Bradford Departs With $2.53M, Bitcoin and Equity

CleanSpark has reinstated Executive Chairman and co-founder Matt Schultz as chief executive officer following the resignation of Zachary Bradford, who also stepped down as a director of the Bitcoin miner.

According to CleanSpark’s announcement on Monday, the leadership change took effect August 10, 2025, with the board reducing its size from six to five members.

Schultz, 56, founded the bitcoin mining and energy technology firm in 2014 and previously served as CEO before transitioning to executive chairman. The company credited him with leading CleanSpark’s early growth in the energy sector and securing billions in capital to scale its bitcoin mining operations.

In a statement, Schultz said his focus in resuming the CEO role will be to “ensure stability, continuity, and forward momentum” while maintaining execution on existing strategic priorities. Bradford, who became CEO in 2019, cited family reasons for his departure.

According to a regulatory filing, CleanSpark entered into a separation agreement with Bradford that includes $950,000 in base salary payable over 12 months, a $1.58 million prorated 2025 bonus, and 14.4 bitcoin. The bitcoin rewards, worth $1.728 million currently, will be payable in installments over 12 months.

Bradford’s existing stock options for 500,000 shares and 717,665 restricted stock units (RSUs) immediately vested, and he will receive an additional 1,728,688 RSUs—half of which vested on his departure date, with the remainder vesting in equal installments over the next two years.

The agreement also includes non-compete, non-solicitation, and confidentiality clauses. Bradford’s decision to resign did not involve any disagreement with the company’s operations, policies, or practices, the filing said.