Bitcoin mining firm CleanSpark to launch in-house crypto trading

2024-01-02 13:39:35

CleanSpark, the third-largest public Bitcoin mining firm in the U.S., is set to establish its own trading desk in 2024, aiming to optimize the profitability of its substantial Bitcoin assets.

In an interview with Bloomberg, Zachary Bradford, the CEO of CleanSpark, expressed the strategic decision to manage their Bitcoin transactions internally. Given their considerable Bitcoin holdings, he emphasized the financial prudence of this approach.

This initiative aligns with the recent practices adopted by other Bitcoin mining companies. For instance, Marathon Digital Holdings has sold Bitcoin call options to generate revenue, leveraging its significant unrestricted Bitcoin holdings, which amounted to over 14,000 as of Nov. 30.

Headquartered in Henderson, Nev., CleanSpark reported possession of 2,575 Bitcoins, valued at approximately $97 million as of November. The company’s revenue reached $168 million in the fiscal year concluding in September.

This development is part of a broader trend among crypto miners to retain their Bitcoin assets as the value of this digital currency escalates. This uptrend is fueled by optimism surrounding the potential Bitcoin ETF approval and the upcoming halving, which generally triggers a major bull market

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