Bitcoin mining company CleanSpark Inc. will launch an in-house trading platform this year, media reported on Tuesday.
Bitcoin mining company CleanSpark Inc will build its own trading platform in 2024, Bloomberg reported on Tuesday. The move is reportedly aimed at increasing returns on the company's large Bitcoin holdings.
Zachary Bradford, CEO of the Nasdaq-listed company, stressed the financial prudence of the decision in an interview. Bradford told the newspaper, "It just makes financial sense to do this in-house."
This development is not new, as several Bitcoin mining competitors, including Marathon, have reportedly begun leveraging cryptocurrency derivatives to access their Bitcoin reserves.
According to Bitcoin Treasury data, CleanSpark holds 143 Bitcoin as of September 2022. According to Bloomberg, this number has increased to 2,575 Bitcoin as of November 2023. Meanwhile, Marathon holds 13,396 Bitcoin at the same time.
Bitcoin Miners May See Diversification
Bradford predicts that mining companies will set up in-house trading desks, an approach he believes will allow for more targeted risk management and oversight.
Additionally, Nevada-based CleanSpark reportedly plans to focus on regulated crypto products, such as options contracts traded on the Chicago Mercantile Exchange (CME) or its affiliates. Bradford mentioned that while some funds may be transferred between accounts, the majority of their Bitcoin will remain in cold storage, with entities such as Coinbase offering segregated accounts.
Founded in 2014, CleanSpark (NASDAQ: CLSK) reportedly independently operates five data centers in Georgia with a total developed capacity of 230 megawatts (MW), according to MarketScreener.
On December 8, it was reported that JPMorgan Chase downgraded CleanSpark’s rating from “overweight” to “neutral.” However, at press time, the Nasdaq-listed company is leaning toward a “buy” rating on the analyst site.
It is worth noting that as of January 2, CleanSpark's Nasdaq stock closed at $10.88, down 1.36% from the previous trading day. The company's stock price fell 7% in the past week. #比特币矿商 #CleanSpark
