Bitcoin miners update strategies, Etherscan-Solscan agreement and more
Institutional capitalism is pouring into the Bitcoin ecosystem through exchange-traded funds (ETFs), and companies and executives are developing their business strategies for 2024.
For example, Bitcoin mining company CleanSpark plans to have an in-house trading desk, meaning it will have its own team to manage and trade large Bitcoin (BTC) holdings instead of relying on external brokers or financial firms.
The approach could encourage more miners to set up trading desks and run their holdings by reducing the costs associated with trading. Marathon Digital Holdings used a similar strategy to crypto derivatives, primarily selling BTC call options.
Another company looking to capitalize on the Bitcoin hype is MicroStrategy. The company is loading up its BTC holdings, leading some analysts to label the stock “essentially a leveraged Bitcoin ETF.”
In addition to growing Bitcoin ETF enthusiasm in the United States, this week's CryptoBiz explores the Etherscan-Solscan deal, the decline of Bitcoin ATMs, and the biggest winners and losers among crypto entrepreneurs in 2023.
Bitcoin miner CleanSpark to open home trading desk: Report
United States-based Bitcoin miner CleanSpark plans to set up an in-house trading desk in 2024 to maximize revenue from BTC holdings. The organization's CEO, Zachary Bradford, said CleanSpark uses a “huge bitcoin” balance of 2,575 BTC, which at current prices is worth about $116 million. The company plans to implement strategies based on regulatory spreads, such as options contracts traded on the Chicago Mercantile Exchange or its affiliates. CleanSpark posted revenue of $168 million in the fiscal year ending September 2023.
A major Bitcoin miner plans to set up a trading desk at home. That can have an impact on the market structure in crypto. It's also amazing to see the sector move from a cottage industry to something like this. Just below https://t.co/4aPhIIG9ql
— David Pan (@DavidPan_1) January 2, 2024
Michael Saylor Sells $216 Million in MicroStrategy Shares for More Bitcoin
MicroStrategy Chairman Michael Seiler has launched a four-month plan to sell his $216 million stake in MicroStrategy, with a portion of the proceeds likely to go toward Bitcoin purchases. According to a Jan. 2 filing with the U.S. Securities and Exchange Commission, Saylor said it began selling 315,000 stock option awards originally granted in April 2014. These stock options expire on April 30. 2024. In MicroStrategy's third quarter earnings call on November 2, 2023, Salor said he plans to sell 5,000 shares of MicroStrategy every day for the next four months, to settle “personal obligations” and increase the amount of bitcoins he owns. MicroStrategy has also been adding bitcoin to its balance sheet. The company's cryptocurrency holdings have grown to 189,150 Bitcoin, worth nearly $8.5 billion at current prices.
Iterscan bought Solscan, a Solana block explorer, in the midst of the SOL lineup
Etherscan, known for its Ethereum blockchain browser, has announced the acquisition of Solscan, a blockchain browser focused on the Solana ecosystem. Founded in 2021, Soulscan reports serving more than three million monthly users. Its block browser has many features familiar to Etherscan users, including detailed address, token and transaction data, APIs, dashboards, and immutable token metadata. The companies did not disclose the amount of money in the deal. Etherscan's latest acquisition comes amid a significant increase in the price of Solana (SOL), the native cryptocurrency of the Solana blockchain. The price rally has fueled speculation that the SOL token could one day overtake Ether (ETH).
The new year rings in with an 11% reduction in installed Bitcoin ATMs
After a decade of annual increases, the global count of Bitcoin ATMs has declined by an estimated 11.1% since early 2023. According to data from Coin ATM Radar, the total number of cryptocurrency ATMs as of January 1, 2024 was 33,628. It was down from 37,827 recorded a year ago. In the year Throughout 2023, the number of Bitcoin ATMs has fluctuated between growth and decline, finally declining towards the end of the year. Coin ATM Radar Since it began tracking cryptocurrency ATMs in October 2013, it reached an all-time high of 39,376 in August 2022.
Before you go: Discover some of the biggest winners and losers in crypto in Cointelegraph's crypto entrepreneurs roundup of 2023.
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