CleanSpark, a Bitcoin mining firm, is planning to introduce an in-house trading platform. On this account, CEO Zach Bradford noted that it makes more financial sense to open a new business within the local jurisdiction of the company.
CleanSpark Establishes New Trading Desk to Maximize Returns
The forum intends to establish a new trading desk in 2024 in order to maximize returns from its massive Bitcoin holdings. Bloomberg published a report on 2nd January on the matter with a quotation from the CEO.
Bradford told the media that the firm is in the process of setting up a trading desk within the region in order to increase revenue from BTC holdings. He noted that the team intends to set up shop on account of its sizeable Bitcoin reserves.
Furthermore, the executive also claimed that it is more financially viable to operate a business within the local jurisdiction. Last month, the mining firm disclosed that it held around 2,757 BTC in November which was valued at $116 million.
CleanSpark to Apply for Registration for Operating as a Trading Platform
CleanSpark has noted that it is making strategies to start regulated exchange offerings. These offerings can consist of option contracts that are regulated by CME or its affiliated firms.
The firm also informed investors that they have transferred small amounts in various accounts. Furthermore, the firm has continued the cold storage custody like Coinbase which uses segregated accounts for commercial holdings.
One social media commenter David Pan posted an update on the matter stating that Bitcoin miner is about to launch an in-house trading platform. The post projects that this option can have a significant impact on the market structure of the blockchain industry.
He further stated that it was an important step forward in transitioning the crypto sector from the cottage industry to new horizons. Bradford also stated that more Bitcoin miners are supporting the same plan.
CleanSpark’s Market Cap Surged to $2 Billion in 2023
CleanSpark shares have gained 440% traction during 2023 reaching a market cap of $2 billion as per data from Google Finance. The share price appreciation in 2023 also recovered from 80% decline during the 2022 bearish movement.
During the year, digital asset market cap was noted at $832 billion following FTX’s bankruptcy. Bradford noted that going for an in-house trading desk will allow the firm to save costs and use a native risk profile and expertise to gain traction.
Marathon Digital, another Bitcoin mining firm reportedly mined 1,853 Bitcoin during December making a new record. The Florida-based firm reported a 56% increase in revenue during November and a 290% increment since December 2022. The platform reported that the number was the highest monthly total recorded by a public Bitcoin mining firm. On 28th December, the firm became the most-traded listed firm in the United States.
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