In 2024, CleanSpark plans to create its own Bitcoin trading desk.
According to reports, American Bitcoin miner CleanSpark Inc. is planning to open an in-house trading desk in 2024 in an effort to make the most of its large Bitcoin (BTC) holdings.
The corporation plans to use its large Bitcoin balance and the increasing interest in the cryptocurrency market to its advantage with this strategic move.
CEO Zachary Bradford’s recent announcement of the company’s intention to create an internal trading desk demonstrates that CleanSpark is taking a proactive approach to managing its cryptocurrency holdings. Given the company’s considerable Bitcoin holdings, Bradford stressed that this choice is in line with its financial objectives.
This follows CleanSpark’s December disclosure that it had 2,575 BTC as of November 30th, valued at almost $116 million at the time.
Through calculated trading and investment, CleanSpark hopes to tap into the full potential of its extensive cryptocurrency portfolio, which establishes the firm as a major participant in the Bitcoin ecosystem.
Options contracts traded on the Chicago Mercantile Exchange (CME) or its affiliates are one example of a regulated cryptocurrency product that CleanSpark’s trading desk plans to take advantage of. Using these well-established and legally-compliant financial tools, CleanSpark hopes to safely and systematically explore the cryptocurrency market.
The CEO further said that CleanSpark’s commitment to secure custody solutions demonstrates their priority to protecting their crypto holdings while they are actively involved in trading.
Following a strong year in 2023, CleanSpark is venturing into the cryptocurrency trading market. Google Finance stated that CleanSpark’s market capitalization reached $2 billion as the company’s share price increased by over 440%, hitting around $11.
This extraordinary increase in share price successfully turned around a difficult time in 2022, when the cryptocurrency sector saw large changes in market value.
After FTX’s demise in 2022, the cryptocurrency industry went through a difficult period, with a total market valuation as low as $832 billion. Shares of CleanSpark fell by around 80% as the company, along with many others in its sector, struggled to survive in this difficult market.
But in 2023, the firm made a spectacular comeback thanks to its resiliency and flexibility, which further cemented its place in the market.
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