CleanSpark, a Bitcoin mining company, set to commence in-house cryptocurrency trading
CleanSpark, a prominent Bitcoin mining company in the United States, has announced plans to establish its own trading desk in 2024. The goal of this move is to optimize the profitability of the company’s substantial Bitcoin holdings.
In a recent interview with Bloomberg, Zachary Bradford, the CEO of CleanSpark, discussed the strategic decision to internally manage their Bitcoin transactions. Given the significant amount of Bitcoin that the company possesses, Bradford emphasized the financial prudence of this approach.
This decision aligns with the practices of other Bitcoin mining companies. For example, Marathon Digital Holdings has generated revenue by selling Bitcoin call options, leveraging their large unrestricted Bitcoin holdings, which amounted to over 14,000 as of November 30th.
CleanSpark, headquartered in Henderson, Nevada, reported that they currently hold 2,575 Bitcoins, valued at approximately $97 million as of November. The company’s revenue for the fiscal year ending in September reached $168 million.
This development is part of a broader trend among crypto miners, who are choosing to hold onto their Bitcoin assets as the value of this digital currency continues to rise. This upward trend is fueled by optimism surrounding the potential approval of a Bitcoin ETF and the upcoming halving, which typically triggers a significant bull market.
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