2024

Bitcoin

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.” 
<figure id="attachment_172013" aria-describedby="caption-attachment-172013" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-172013" src="https://coingape.com/wp-content/uploads/2024/01/Screenshot-2024-01-02-225212.png" alt="Source: Bitcoin Treasuries" width="1041" height="492" srcset="https://coingape.com/wp-content/uploads/2024/01/Screenshot-2024-01-02-225212.png 1041w, https://coingape.com/wp-content/uploads/2024/01/Screenshot-2024-01-02-225212-300x142.png 300w, https://coingape.com/wp-content/uploads/2024/01/Screenshot-2024-01-02-225212-768x363.png 768w, https://coingape.com/wp-content/uploads/2024/01/Screenshot-2024-01-02-225212-150x71.png 150w" sizes="(max-width: 1041px) 100vw, 1041px">
 <figcaption id="caption-attachment-172013" class="wp-caption-text">
 Source: Bitcoin Treasuries
 </figcaption>
</figure> 
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&nbsp;<a class="editor-rtfLink" href="https://bitcointreasuries.net/entities/28" target="_blank" rel="noopener">per</a> 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. 
<h2 id="span-data-preserver-spaces-true-bitcoin-miners-could-see-diversification-span">Bitcoin miners could see diversification</h2> 
Bradford predicts a trend where&nbsp;<a class="editor-rtfLink" href="https://coingape.com/bitcoin-mining-surge-boosts-kyrgyzstans-tax-revenue-amid-regulatory-challenges/" target="_blank" rel="noopener">mining&nbsp;</a>companies will incorporate in-house trading desks. He believes this approach allows for more tailored risk management and oversight. 
In addition, the Nevada-based CleanSpark reportedly plans to focus on regulated crypto offerings, such as option contracts traded on the Chicago Mercantile Exchange (CME) or its affiliates. Bradford mentioned that while some funds might be shifted between accounts, the bulk of their Bitcoin will remain in cold storage custody, with entities like Coinbase providing segregated accounts. 
Founded in 2014, CleanSpark (Nasdaq: CLSK) is said to independently operate around five data centers in Georgia, boasting a total developed capacity of 230 megawatts (MW), according to <a class="editor-rtfLink" href="https://www.marketscreener.com/quote/stock/CLEANSPARK-INC-46303597/ratings/" target="_blank" rel="noopener">MarketScreener</a>. 
On December 8, it was reported that JP Morgan downgraded CleanSpark to ‘Neutral’ from ‘Overweight’. However, at press time, the Nasdaq-listed company is leaning towards a ‘Buy’ rating on the analytics website. 
<figure id="attachment_172014" aria-describedby="caption-attachment-172014" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-172014" src="https://coingape.com/wp-content/uploads/2024/01/Screenshot-2024-01-02-223612.png" alt="Source:MarketScreener" width="367" height="276" srcset="https://coingape.com/wp-content/uploads/2024/01/Screenshot-2024-01-02-223612.png 367w, https://coingape.com/wp-content/uploads/2024/01/Screenshot-2024-01-02-223612-300x226.png 300w, https://coingape.com/wp-content/uploads/2024/01/Screenshot-2024-01-02-223612-326x245.png 326w, https://coingape.com/wp-content/uploads/2024/01/Screenshot-2024-01-02-223612-80x60.png 80w, https://coingape.com/wp-content/uploads/2024/01/Screenshot-2024-01-02-223612-150x113.png 150w" sizes="(max-width: 367px) 100vw, 367px">
 <figcaption id="caption-attachment-172014" class="wp-caption-text">
 Source:MarketScreener
 </figcaption>
</figure> 
Notably, CleanSpark’s stock closed at $10.88 on Nasdaq as of January 2, marking a 1.36% decrease from the previous day. The company’s stock has experienced a 7% decline in the past week. 
<h3 id="span-data-preserver-spaces-true-also-read-span-a-class-editor-rtflink-href-https-coingape-com-education-what-is-bitcoin-mining-target-_blank-rel-noopener-span-data-preserver-spaces-true-bitcoin-mining-what-it-is-and-what-you-need-to-know-span-a">Also Read:&nbsp;<a class="editor-rtfLink" href="https://coingape.com/education/what-is-bitcoin-mining/" target="_blank" rel="noopener">Bitcoin Mining: What it is and What You Need to Know</a></h3> 
The post <a href="https://coingape.com/just-in-bitcoin-miner-cleanspark-gears-up-for-2024-with-in-house-trading-desk/">Just In: Bitcoin Miner CleanSpark Gears Up for 2024 With In-House Trading Desk</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Just In: Bitcoin Miner CleanSpark Gears Up for 2024 With In-House Trading Desk

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