CleanSpark’s Bitcoin Trading Desk: A Strategic Move for 2024

CleanSpark's Bitcoin Trading Desk: A Strategic Move for 2024

CleanSpark’s Bitcoin Trading Desk: A Strategic Move for 2024

CleanSpark Inc., a Bitcoin miner situated in the United States, plans to establish an internal trading desk in 2024 to maximize returns from its Bitcoin (BTC) holdings.

Bloomberg published a story on January 2, in which the CEO of CleanSpark Inc., Zachary Bradford, mentioned that the move would utilize the company’s “large Bitcoin” balance.

“We think that doing it ourselves is the best way, especially with the large Bitcoin balance that we have,” Bradford said in an interview with Bloomberg. Simply put, doing everything in-house is the more financially prudent option.

“That way, you can manage it with your own risk profiles and expertise and keep a really close eye on it.”

At the end of November, CleanSpark reported that it had 2,575 bitcoins in its possession, which, at the current price, is equivalent to almost $116 million.

According to reports, CleanSpark intends to develop strategies that are based on regulated cryptocurrency offerings. CleanSpark trades option contracts on the Chicago Mercantile Exchange or its affiliates as part of these offerings.

Bradford continued, “We may need to transfer a small amount into different accounts; however, we will maintain custody of the cold storage with holders such as Coinbase, who keep their accounts separate.”

According to Google Finance, the share price of CleanSpark (CLSK) climbed by over 440% to approximately $11 in 2023, bringing the company’s market valuation to $2 billion.

Bradford believes that additional Bitcoin miners will establish trading desks within their facilities. The increase in share price was able to reverse a roughly 80 percent decline in share price that occurred in 2022, when the market capitalization of the cryptocurrency industry dropped to a level as low as $832 billion as a result of the failure of FTX.

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