CleanSpark Exceeded 10,000 BTC in Treasury: Is this a bullish indicator?
CleanSpark announced that it had 10,097 BTC in its Bitcoin holdings, with 668 BTC coming from December 2024.
CleanSpark reached a new milestone shortly after the previous one. By the end 2024, CleanSpark accumulated 9,952 BTC.
Zach Bradford, CEO of CleanSpark and President, said: “Surpassing 10,000 bitcoins reflects CleanSpark’s commitment to strategic growth, operational excellence, and disciplined captial management.”
Bradford also noted the company’s 236% growth year-over-year in Bitcoin holdings. He said that all BTC held in its treasury were mined in America using American energy and labor.
By 2024, hashrates will have risen to 39.1 exahashes a second, a 287.9% increase year-over-year.
The efficiency of the hashrate also increased by 33.3% in this same time period.
CleanSpark has further diversified its business with GRIID infrastructure as well as seven facilities in Knoxville (Tennessee).
CleanSpark and Competitors Boost BTC Holdings by 2024
A January 7 report from Digital Mining Solutions and BitcoinMiningStock.io highlighted a trend among Bitcoin miners to retain more mined BTC in 2024.
MARA Holdings and Hut 8 are among the companies that have adopted similar strategies in order to protect their balance sheets from currency devaluation and strengthen their balance sheets.
CleanSpark is now the fifth largest corporate Bitcoin holder. It retained most of its Bitcoin mined throughout 2024. By year’s end, it had accumulated 9,952 BTC, worth approximately $1.01 Billion.
Only MicroStrategy , three other mining companies and held more Bitcoin than the company.
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CleanSpark generated approximately $1.28million in December by selling 12.65 BTC. This represents 58% of the average daily production of CleanSpark.
CleanSpark also announced that the new facilities will increase its hashrate another 22%.
CleanSpark (CLSK), despite a rally on January 6, is still less than half its 52-week peak, indicating broader market conditions.
Bitcoin reached a record high of $108,000 in recent weeks before falling to approximately $94,287 at the time of writing.
