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Nasdaq-Listed Bitcoin Miner Cleanspark to Launch in-House Trading Desk, CEO States It ‘Makes Financial Sense’

Cleanspark to Launch in House Trading Desk, CEO States It 'Makes Financial Sense'

Cleanspark, a Nasdaq-listed Bitcoin mining company, has announced that it will launch an in-house trading desk to maximize the return on its cryptocurrency holdings. Cleanspark CEO Zachary Bradford explained that organizing their trading desk made “financial sense,” given the high volume of Bitcoin reserves the company handles.

Cleanspark Announces in-House Crypto Trading Desk

Cleanspark is moving to utilize its bitcoin to generate more revenue. The U.S.-based public mining company will launch an in-house cryptocurrency trading desk to take advantage of its bitcoin holdings later this year. According to Bloomberg, the company is seeking to put its more than 2,500 BTC to work amidst a surge in cryptocurrency prices due to the expectation of the upcoming approval of a Bitcoin ETF.

The company is not the first crypto miner to do this. Marathon, another public cryptocurrency miner, has sold call options to generate income from its holdings.

Cleanspark CEO Zachary Bradford explained the economic advantages of doing this in-house instead of contracting third-party companies. He stated:

We really think that doing it ourselves is the best way especially with the large Bitcoin balance we have. It just makes financial sense to do it in-house.

The move is consistent with Cleanspark’s reported strategy during its Q4 2023 earnings call, where it stated it would be “opportunistic” in using its bitcoin stash, considering it a “smart treasury tool.” Bradford expects that more and more cryptocurrency miners will include cryptocurrency trading desks as part of its operations in the future. He declared:

I think what will happen is miners like ourselves will start having trading desks in-house. That way, you can manage it with your own risk profiles and expertise and keep a really close eye on it.

Cleanspark, like other Bitcoin companies, has had a financial resurgence last year, with its stock prices going from over $2 in January to more than $13 in December. Also, the company has been preparing for the upcoming bitcoin halving, acquiring 22,000 S21 Antminers from Bitmain in October to increase its hashrate by 4.4 exahash per second (EH/s).

What do you think about Cleanspark launching an in-house cryptocurrency trading desk? Tell us in the comments section below.



from Bitcoin News https://ift.tt/70Df1W9
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