Last Updated on January 6, 2024 by Bitfinsider
Cleanspark is making the switch to using bitcoin to increase revenue. Later this year, the publicly traded mining business based in the United States will introduce an internal cryptocurrency trading desk to leverage its bitcoin holdings. The corporation is reportedly looking to use its more than 2,500 BTC amid a spike in cryptocurrency values because of the anticipated approval of a Bitcoin ETF.
This is not the first time a cryptocurrency miner has done this. Another cryptocurrency miner that is openly traded, Marathon, has made money from its holdings by selling call options.
Zachary Bradford, CEO of Cleanspark, outlined the financial benefits of completing this task internally as opposed to hiring outside firms. He said: “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 action is in line with Cleanspark’s stated goal from its Q4 2023 earnings call, in which company said it would use its bitcoin stash as a “smart treasury tool” and would be “opportunistic.” Bradford anticipates that in the future, an increasing number of bitcoin miners will integrate cryptocurrency trading desks into their business. He stated: “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.”
Similar to other Bitcoin-related businesses, Cleanspark saw a financial boom last year, with its shares rising from more than $2 in January to more than $13 in December. In addition, the business bought 22,000 S21 Antminers from Bitmain in October to boost its hashrate by 4.4 exahash per second (EH/s) in anticipation of the impending bitcoin halving.
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