CleanSpark to Establish Its Own Trading Desk in 2024
CleanSpark, the third-largest public Bitcoin mining firm in the U.S., has announced plans to launch its own trading desk in 2024. The goal is to optimize the profitability of its substantial Bitcoin assets. According to CEO Zachary Bradford, managing their Bitcoin transactions internally is a financially prudent decision given their significant holdings.
Following the Trend
This move by CleanSpark aligns with the practices of other Bitcoin mining companies. Marathon Digital Holdings, for example, has been selling Bitcoin call options to generate revenue using its unrestricted Bitcoin holdings.
Impressive Holdings and Revenue
Headquartered in Henderson, Nev., CleanSpark currently possesses 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.
A Growing Trend
The decision to establish a trading desk is part of a broader trend among crypto miners who are holding onto their Bitcoin assets as the value of the digital currency continues to rise. Optimism surrounding potential Bitcoin ETF approval and an upcoming halving event are contributing factors to this bullish market sentiment.
Hot Take: CleanSpark Takes Control of Bitcoin Transactions
CleanSpark, one of the largest Bitcoin mining firms in the U.S., has made a strategic move by announcing its plans to establish its own trading desk in 2024. This decision allows them to manage their Bitcoin transactions internally and optimize their substantial Bitcoin holdings. This follows the footsteps of other mining companies like Marathon Digital Holdings who have utilized their unrestricted Bitcoin holdings for revenue generation. With impressive Bitcoin holdings and strong revenue figures, CleanSpark is positioning itself for success amidst the growing trend of crypto miners retaining their assets. As the value of Bitcoin continues to rise, this move could prove to be financially advantageous for CleanSpark.
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