According to reports, United States-based Bitcoin mining company CleanSpark Inc. is planning to establish an internal trading desk by 2024 in order to maximize profits from its Bitcoin holdings.
As stated in a report by Bloomberg on January 2, the company’s CEO Zachary Bradford said the decision was made because of the significant amount of Bitcoin they currently hold. Bradford added, “It just makes financial sense to do it in-house.”
According to CleanSpark’s December announcement, they hold 2,575 BTC, equivalent to approximately $116 million, as of November’s end.
The mining firm intends to base their trading strategies on regulated crypto offerings, specifically the options contracts available on the Chicago Mercantile Exchange and its affiliates.
Bradford also mentioned that they may have to transfer a small portion of their holdings to different accounts, but the majority will remain in cold storage with custodians like Coinbase, in segregated accounts.
