Bitcoin mining company CleanSpark Inc will establish its own trading desk in 2024, Bloomberg reported on Tuesday. This move reportedly aims to enhance returns from the company’s substantial Bitcoin holdings.
Zachary Bradford, CEO of the Nasdaq-listed company, emphasized the financial prudence of this decision in an interview. Bradford told the paper, “It just makes financial sense to do it in-house.”
Source: Bitcoin Treasuries
This development is not new, as several Bitcoin mining competitors, including Marathon, have reportedly started to leverage cryptocurrency derivatives to use their Bitcoin reserves.
As per Bitcoin Treasuries, CleanSpark held 143 BTC as of September 2022. The number, as per Bloomberg, has increased to 2,575 Bitcoin, as of November 2023. Meanwhile, Marathon holds 13,396 BTC at the same time.
Bitcoin miners could see diversification
Bradford predicts a trend where mining companies will incorporate in-house trading desks. He believes this approach allows for
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