CleanSpark, the third-largest public Bitcoin mining company in the US, will launch its own trading desk in 2024 to optimize the profitability of its extensive Bitcoin assets.
In an interview with Bloomberg, CleanSpark CEO Zachary Bradford expressed the strategic decision to manage its Bitcoin transactions internally. He emphasized the financial prudence of this approach given their significant Bitcoin holdings.
This initiative is in line with the recent practices of other Bitcoin mining companies. For example, Marathon Digital Holdings has sold Bitcoin call options to generate income, leveraging its significant unrestricted Bitcoin holdings, which totaled over 14,000 as of November 30th.
CleanSpark, headquartered in Henderson, Nevada, reported ownership of 2,575 bitcoins worth about $97 million in November. The company's revenue reached $168 million in the fiscal year that ended in September.
This development is part of a broader trend among crypto miners to hold on to their Bitcoin assets as the value of this digital currency rises. 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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