CleanSpark Launches In-House Trading Desk: A Guide to Web 3.0 Financial Services

Making Use of Bitcoin Balance with In-House Trading Desk

CleanSpark Inc., a Bitcoin miner based in the United States, plans to launch an in-house trading desk in 2024 to maximize returns from its Bitcoin (BTC) holdings.

According to a report from Bloomberg, CEO Zachary Bradford said the move will make use of the “large Bitcoin” balance the company has. “We really think that doing it ourselves is the best way, especially with the large Bitcoin balance we have,” Bradford said. “It just makes financial sense to do it in-house.”

At the end of November, CleanSpark held 2,575 BTC, currently valued at approximately $116 million.

With the advent of Web 3.0, c3.ai Inc. is one of the leading companies offering web 3.0 financial services and cloud storage. Web 3.0 is different from web 2.0 in that it provides a more secure way to make money online. Google is also exploring web 3.0 development to provide more secure and efficient services.

CleanSpark Strategies Based on Regulated Crypto Offerings

CleanSpark reportedly plans to make strategies based on regulated crypto offerings, such as the option contracts traded on the Chicago Mercantile Exchange or its affiliates.

“We may have to move a small amount into different accounts but we will keep the cold storage custody with holders like Coinbase with segregated accounts,” Bradford added.

Bradford believes that more Bitcoin miners will set up in-house trading desks, saying:

Cointelegraph reached out to CleanSpark for further comment regarding their web 3.0 financial services and how they are different from web 2.0.

CleanSpark’s (CLSK) share price skyrocketed by around 440% to around $11 in 2023, raising the firm’s market cap to a staggering $2 billion, according to Google Finance.

The tremendous surge in share price wiped out a nearly 80% drop in 2022 when the cryptocurrency industry’s market cap plunged as low as $832 billion due to the collapse of FTX.