April 19, 2024
Bitcoin Miner CleanSpark Dives into Trading Arena with Upcoming In-House Desk
Bitcoin News

Bitcoin Miner CleanSpark Dives into Trading Arena with Upcoming In-House Desk

CleanSpark Inc., a United States-based Bitcoin miner, is reportedly gearing up to establish an in-house trading desk in 2024 to optimize returns from its substantial Bitcoin (BTC) holdings. CEO Zachary Bradford shared the company’s strategy, emphasizing that leveraging their “large Bitcoin” balance makes in-house trading the most financially sound option.

In a statement to Bloomberg on January 2, Bradford explained, “We think that doing it ourselves is the best way, especially with our large Bitcoin balance. It just makes financial sense to do it in-house.” CleanSpark disclosed in December that it possessed 2,575 BTC by the end of November, valued at approximately $116 million.

CleanSpark’s approach involves crafting strategies based on regulated crypto offerings, particularly exploring option contracts traded on the Chicago Mercantile Exchange (CME) or its affiliates. Bradford clarified that while they may need to move a small amount into different accounts, the cold storage custody will be maintained with reputable holders like Coinbase in segregated accounts.

“We may have to move a small amount into different accounts, but we will keep the cold storage custody with holders like Coinbase with segregated accounts,” Bradford added.

Anticipating a broader trend, Bradford believes more Bitcoin miners will follow suit in establishing in-house trading desks. He remarked, “That way, you can manage it with your own risk profiles and expertise and keep a close eye on it.”

CleanSpark’s financial performance has been noteworthy, with Google Finance reporting a staggering 440% increase in the company’s share price to approximately $11 in 2023. This surge propelled CleanSpark’s market capitalization to an impressive $2 billion. The remarkable share price appreciation came after a challenging 2022 when the cryptocurrency industry experienced a nearly 80% share price decline, reaching as low as $832 billion following the collapse of FTX.

As CleanSpark prepares to navigate the dynamic crypto landscape by establishing an in-house trading desk, industry observers will closely watch how this strategy impacts the company’s returns and positions it within the evolving crypto market in 2024.

Image: Wallpapers.com

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