Bitcoin miner CleanSpark has revealed its intention to launch a trading desk later this year. The platform will be designed to facilitate the buying and selling of significant volumes of cryptocurrencies.
Bradford highlighted the importance of establishing an in-house trading desk, particularly considering the company’s Bitcoin balance. He expressed confidence that this is a financially sound decision.
According to CleanSpark, their Bitcoin holdings amounted to 2,575 coins as of November last year. Going by today’s market rate, this translates to approximately $116 million in the current market.
The company is seeking to implement policies focused on regulated cryptocurrency offerings. Bradford indicated that they’ll transfer a minor portion to alternative accounts, particularly in cold storage custody.
Trusted entities like Coinbase will be used, employing segregated accounts for enhanced security and management.
According to Google Finance, CleanSpark’s (CLSK) stock appreciated by approximately 440%, reaching $11 and increasing their market cap to $2 billion, in 2023.
This share price appreciation not only recovered from the imminent 80% fall in 2022 but experienced an uptrend when the total market cap of the crypto industry plummeted to $832 billion.
This isn’t breaking news – various Bitcoin mining rivals, Marathon included, have begun tapping into cryptocurrency derivatives to make the most of their Bitcoin reserves.
According to Bitcoin Treasuries, CleanSpark had 143 BTC in September 2022. Fast forward to November 2023, Bloomberg reports a significant leap to 2,575 Bitcoins. Meanwhile, Marathon boasts 13,396 BTC during the same period.
Bradford anticipates a trend where mining companies will integrate in-house trading desks. He emphasized that this method offers better-customized risk management and oversight.