CleanSpark surpassed the 10,000 BTC treasury milestone with 236% YoY growth

Nevada-based Bitcoin mining company – CleanSpark – reached a milestone by passing more than 10,000 BTC in its treasury. All Bitcoins are produced from US based operations.

The latest figure shows a 236% year-over-year (YoY) increase in Bitcoin holdings.

CleanSpark Hits Milestone

The company's CEO and president, Zach Bradford, said the company's strategic focus is on being efficient and responsible to support America's energy and workforce mining operations.

In a statement, CleanSpark Chief Financial Officer Gary Vecchiarelli said;

This achievement is not just about a number, it is a direct reflection of the success of our financial strategy and the extent to which our industry-leading practices have evolved since we issued our first Bitcoin in December 2021. And by using our Bitcoin to lower our cost of capital, we position CleanSpark as a leader in responsible financial innovation.

According to data compiled by BitcoinTreasuries, CleanSpark is behind other mining companies like MARA Holdings, which owns 44,893 BTC and Riot Platforms with 17,722 BTC. On the other hand, CleanSpark is followed by Florida-based miner Hut 8 Mining, which currently has 10,096 BTC.

Miners prioritize holding bitcoins

To cover operating costs, Bitcoin miners often sell a portion of their mined Bitcoin. However, companies like MARA Holdings prioritize maintaining their BTC holdings. CEO Fred Thiel recently said that retail investors should consider buying bitcoin and let the crypto asset appreciate in value. It recently lent 7,377 BTC to third parties, which at the time of the agreement amounted to $ 730 million, for small products.

CleanSpark, too, seems to have followed a similar strategy. In the year In 2024, the company released 7,024 BTC but sold 12.65 BTC in December, retaining most of its holdings.

This sentiment is also reflected in a recent report showing that Bitcoin miners have seen a sharp decline in their sales since April 2024. Despite a brief change in foreign exchange flows in November 2024, due to the post-election BTC price surge, miners saw reduced profitability. to take. With the current profitability, these miners have moved to hold Bitcoin rather than sell their stash.