Key Points
- Crypto mining firm CleanSpark Inc. has surpassed the 10,000 Bitcoin milestone in its treasury.
- The company’s growth is influenced by the expansion of its operations in the United States, including Wyoming.
CleanSpark Inc., a prominent crypto mining firm and the fifth largest publicly traded company in terms of Bitcoin holdings, has achieved a significant milestone. The company announced that it has exceeded 10,000 Bitcoin in its treasury, a result of its US-based mining operations.
Zach Bradford, CEO and President of CleanSpark, highlighted the achievement, stating that surpassing the 10,000 Bitcoin mark is a testament to CleanSpark’s commitment to operational excellence, strategic growth, and disciplined capital management.
Company’s Performance and Strategy
In December 2024, the company reported an average hash rate of 35.52 EH/s, resulting in a total reward of 21.56 Bitcoins. Notably, CleanSpark sold 12.65 Bitcoins in December at an average price of slightly above $101k.
The company’s Bitcoin reserves continue to grow, largely due to the expansion of its operations in the United States, particularly in Wyoming. CleanSpark’s leadership believes that the company is gradually achieving its financial strategy of hedging against inflation.
Gary Vecchiarelli, Chief Financial Officer of CleanSpark, expressed the company’s commitment to using its Bitcoin holdings in a manner that aligns with sound risk management principles and disciplined capital strategy.
Impact on Market and Bitcoin Network
With a net valuation of approximately $2.95 billion, the company’s stock market has shown a strong correlation with Bitcoin price action recently. Over the past three months, the CLSK stock market has gained around 14 percent.
The company remains focused on the long-term potential of Bitcoin, especially considering the upcoming Donald Trump administration. Bradford believes that the Bitcoin price will easily reach $200k in the coming months, spurred by increasing interest from nation-states and institutional investors.
CleanSpark has been a significant supporter of the Bitcoin network, ensuring a stable blockchain amid ongoing mainstream adoption. As a result, the Bitcoin network can continue to grow seamlessly like other layer-one chains in the direction of web3 projects.
At the time of writing, the Bitcoin network had a total value locked (TVL) of about $6.5 billion from several decentralized financial (DeFi) platforms. Bitcoin’s DeFi protocols collected a total of $715k in fees during the past 24 hours.
