As institutional capital is expected to flow into the Bitcoin ecosystem through exchange-traded funds (ETFs), companies and executives are reshaping their business strategies for 2024. Bitcoin mining company CleanSpark has revealed plans for an in-house trading desk, which will manage and trade its large Bitcoin holdings internally, rather than relying on external brokers or financial firms. This strategy could lower trading costs and encourage more miners to establish trading desks to capitalize on their holdings. Marathon Digital Holdings has already implemented a similar strategy with crypto derivatives, primarily selling BTC call options.
MicroStrategy is another firm looking to capitalize on the Bitcoin hype, accumulating BTC reserves to such an extent that some analysts have labeled its stock as “essentially a leveraged Bitcoin ETF.” In addition to the growing anticipation for a Bitcoin ETF in the United States, there are also developments in the Etherscan-Solscan deal, a decline in Bitcoin ATMs, and the biggest winners and losers among crypto entrepreneurs of 2023.
US-based Bitcoin miner CleanSpark plans to establish an in-house trading desk in 2024 to maximize returns from its BTC holdings. According to CEO Zachary Bradford, CleanSpark will use its “large Bitcoin” balance of 2,575 BTC, worth around $116 million at current prices, to develop strategies based on regulated crypto offerings, such as the option contracts traded on the Chicago Mercantile Exchange or its affiliates. CleanSpark reported $168 million in revenue for the fiscal year ending in September 2023.
Michael Saylor, the executive chairman of MicroStrategy, has begun a four-month plan to sell $216 million of his shares in MicroStrategy, with some of the proceeds potentially going toward Bitcoin purchases. Saylor has started selling his 315,000 stock options awards, which are set to expire on April 30, 2024. He plans to sell 5,000 MicroStrategy shares daily for the next four months, which will be used to address “personal obligations” and increase his Bitcoin holdings. MicroStrategy has also been adding Bitcoin to its balance sheet, with its cryptocurrency holdings growing to 189,150 Bitcoin, worth nearly $8.5 billion at current prices.
Etherscan, known for its Ethereum blockchain explorer, has acquired Solscan, a block explorer focused on the Solana ecosystem. Solscan, founded in 2021, serves over three million monthly users and offers features such as detailed address, token and transaction data, APIs, dashboards, and nonfungible token metadata. The acquisition comes amid a significant surge in the price of Solana’s SOL, the native cryptocurrency of the Solana blockchain.
After a decade of annual increases, the global count of Bitcoin ATMs has declined by approximately 11.1% from the beginning of 2023. As of Jan. 1, 2024, the total number of cryptocurrency ATMs stood at 33,628, a drop from the 37,827 recorded a year earlier. Throughout 2023, the number of Bitcoin ATMs experienced fluctuations in growth and decline, ultimately resulting in a decrease by the end of the year.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | Zachary Bradford, Michael Saylor |
| Companies | Coin ATM Radar, Marathon Digital Holdings, United States Securities and Exchange Commission, CleanSpark, Chicago Mercantile Exchange, Bloomberg, Solscan, MicroStrategy, Etherscan |
| Currencies | Bitcoin, Solana |
| Securities | MicroStrategy Inc. |
