To maximize returns on its Bitcoin (BTC) holdings, CleanSpark Inc., a Bitcoin miner based in the United States, intends to establish an internal trading division by 2024.
Bloomberg reported on January 2 that the firm’s CEO, Zachary Bradford, stated that the action would utilize the organization’s “substantial Bitcoin” balance.
Bradford told Bloomberg, “We truly believe that doing it ourselves is the best course of action, especially considering the substantial Bitcoin balance we possess.” “Doing it in-house is the more economical option.”
CleanSpark reported holding 2,575 BTC at the end of November, valued at approximately $116 million at current prices, in December.
Reportedly, CleanSpark intends to develop strategies utilizing regulated cryptocurrency offerings, such as Chicago Mercantile Exchange option contracts or those of its affiliates.
Bradford stated, “While it may be necessary to transfer a minor quantity to separate accounts, the cold storage custody will remain with holders such as Coinbase, which maintains segregated accounts.”
Bradford further asserts that increasing the number of Bitcoin miners will establish internal trading platforms.
“That way, you can manage it with your own risk profiles and expertise and keep a really close eye on it.”
Google Finance reports that in 2023, CleanSpark’s (CLSK) share price increased by approximately 444 percent to roughly $11, bringing the company’s market capitalization to $2 billion.
The share price appreciation reversed a nearly 80% decline in 2022 when the market capitalization of the cryptocurrency industry plummeted to $832 billion due to FTX’s demise.
