Bitcoin mining company CleanSpark to launch in-house cryptocurrency trading
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CleanSpark, the third largest public Bitcoin mining company in the United States, plans to establish its own trading platform in 2024, aiming to optimize the profitability of its large Bitcoin assets.
during an interview BloombergCleanSpark CEO Zachary Bradford expressed the strategic decision to manage Bitcoin transactions internally. He emphasized the financial prudence of such an approach given their large holdings of Bitcoin.
The move is in line with recent moves by other Bitcoin mining companies. Marathon Digital Holdings, for example, has sold Bitcoin call options to generate revenue, leveraging its large, unrestricted Bitcoin holdings (more than 14,000 as of November 30).
CleanSpark, based in Henderson, Nevada, reported owning 2,575 Bitcoins as of November, worth approximately $97 million. In the fiscal year ended in September, the company’s revenue reached $168 million.
The development is part of a broader trend of cryptocurrency miners retaining their Bitcoin holdings as the value of the digital currency rises. This upward trend is driven by optimism surrounding the potential approval of a Bitcoin ETF and the upcoming halving, which typically triggers a major bull run.
