CleanSpark becomes fourth Bitcoin miner to hold 10,000 BTC

January 10, 2025 Coin Telegraph

CleanSpark joins MARA Holdings, Riot Platforms and Hut 8 Mining Corp as a major listed Bitcoin mining firm with 10,000 Bitcoin or more on its balance sheet.

United States Bitcoin mining firm CleanSpark says it now holds 10,097 Bitcoin in its treasury — making it the fourth public-listed mining firm to currently hold more than 10,000 Bitcoin.

It follows a 236% year-over-year increase in CleanSpark’s Bitcoin (BTC)-denominated treasury, which CleanSpark’s CEO Zach Bradford attributed to the company scaling more efficiently and responsibly in a Jan. 9 statement.

All of CleanSpark’s 10,097 Bitcoin has been mined in the US, supporting American energy and jobs while contributing to the growth of Bitcoin’s global ecosystem, Bradford added.

BTC’s ‘reasonable’ 0K target, NFTs plunge in 2024, and more: Hodler’s Digest Jan 12 – 18

BTC’s ‘reasonable’ $180K target, NFTs plunge in 2024, and more: Hodler’s Digest Jan 12 – 18

BTC miners adopted ‘treasury strategy,’ diversified business in 2024: Report

January 7, 2025 Coin Telegraph

Bitcoin Miners

In 2024, the combined market capitalization of public Bitcoin mining companies reached $50 billion for the first time.

2024 was a record-breaking year for the Bitcoin mining industry, but increased competition and sector volatility compelled several companies to adopt new strategies.

According to a Jan. 7 report by NiceHash and Digital Mining Solutions, public miners followed in MicroStrategy’s footsteps by increasing their Bitcoin (BTC) treasury holdings.

“In 2024, a notable shift emerged among Bitcoin miners, with many opting to retain a larger portion of their mined Bitcoin or refraining from selling altogether,” wrote report authors Nico Smid and Cindy Geng.

BTC’s ‘reasonable’ $180K target, NFTs plunge in 2024, and more: Hodler’s Digest Jan 12 – 18

Bitcoin Network Processed $19,200,000,000,000 Worth of BTC Transactions Last Year, Says Riot Platforms Executive

January 6, 2025 The Daily Hodl

Bitcoin Network Processed ,200,000,000,000 Worth of BTC Transactions Last Year, Says Riot Platforms Executive

asset tokenization

New data reveals that Bitcoin’s (BTC) network processed $19.2 trillion worth of BTC transactions during the last year. In a new thread on the social media platform X, Pierre Rochard, a vice president of mining firm Riot Platforms, says the huge amount of funds processed indicates that the crypto king is both a store of […]

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BTC’s ‘reasonable’ $180K target, NFTs plunge in 2024, and more: Hodler’s Digest Jan 12 – 18

Bitcoin Mining Giant Riot Platforms Adds More Than $510,000,000 Worth of BTC to Corporate Treasury

December 14, 2024 The Daily Hodl

Bitcoin

Publicly traded Bitcoin (BTC) mining firm Riot Platforms just added a massive amount of the flagship crypto to its corporate treasury. In a new announcement, Riot says it used company-issued bonds to generate revenue to purchase 5,117 BTC at an average price of $99,669 per token. “With the net proceeds from Riot’s recent $525 million, […]

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BTC’s ‘reasonable’ $180K target, NFTs plunge in 2024, and more: Hodler’s Digest Jan 12 – 18

Riot Platforms buys more than $500M in Bitcoin

December 13, 2024 Coin Telegraph

Riot Platforms buys more than 0M in Bitcoin

The purchase came amid reports that the Bitcoin mining company was under pressure from activist investor Starboard Value.

Riot Platforms bought approximately $510 million worth of Bitcoin (BTC) between Dec. 10 and 12, bringing the Bitcoin miner’s total BTC holdings to nearly $1.7 billion, according to a Dec. 13 regulatory filing.

The purchases coincide with reports that activist investor Starboard Value has taken a “significant position” in the Bitcoin miner.

On Dec. 12, The Wall Street Journal reported that Starboard urged Riot to repurpose some of its Bitcoin mining capacity to service artificial intelligence models. Buying BTC has shown itself to be another way for Bitcoin miners to win over investors.

BTC’s ‘reasonable’ $180K target, NFTs plunge in 2024, and more: Hodler’s Digest Jan 12 – 18

Starboard Value takes stake in Riot Platforms, eyes AI shift

December 13, 2024 Coin Telegraph

AI transition

The activist investor is said to be pushing Riot to optimize the use of its facilities the same way many of its colleagues already have.

Activist investor Starboard Value has taken a “significant position” in Bitcoin miner Riot Platforms, The Wall Street Journal said. The financial details were not reported, but the news gave Riot a boost in stock price.

According to the newspaper’s unnamed sources, Starboard Value has been urging Riot to repurpose some of its Bitcoin (BTC) mining capacity for hyperscalers — large data center users — which have grown drastically in number due to the artificial intelligence boom.

The newspaper had seen a statement by Riot confirming that talks had taken place between the parties. It quoted Riot as saying:

BTC’s ‘reasonable’ $180K target, NFTs plunge in 2024, and more: Hodler’s Digest Jan 12 – 18

Bitcoin ASIC maker Bitmain expands production line into US

December 10, 2024 Coin Telegraph

Antminer S21 Pro

It comes as US Bitcoin miners have had to deal with delayed deliveries of Bitmain ASICs that have been stuck at US ports of entry for weeks.

Bitcoin mining hardware firm Bitmain says it has expanded its production line to the United States to improve supply chain efficiency, while trade tensions continue to escalate between China and the US.

“This strategic move aims to provide faster response times and more efficient services to the North American customers,” China-based Bitmain said in a Dec. 9 X post.

Bitmain is a crypto mining equipment manufacturer known for designing application-specific integrated circuit (ASIC) chips, with reports estimating it holds as much as a 90% marketshare of Bitcoin miners.

BTC’s ‘reasonable’ $180K target, NFTs plunge in 2024, and more: Hodler’s Digest Jan 12 – 18

Riot Platforms raising $500M to buy Bitcoin amid price surge

December 9, 2024 Coin Telegraph

Riot Platforms raising 0M to buy Bitcoin amid price surge

$500M fundraising

If it follows through with its proposal, Riot Platforms will join many of its colleagues in paying top prices for BTC.

Riot Platforms has proposed raising $500 million to buy more Bitcoin (BTC). The company may conduct a private bond issue for qualified institutional investors. Its decision comes as Bitcoin hovers around its all-time high and other industry heavyweights have made large acquisitions at top price.

Riot may offer senior convertible notes through private offering memorandums. Purchasers would have the option of buying $75 million more in notes within three days of their initial purchase. The offering will be subject to market conditions, it said, and no mention was made of interest payments.

The notes will be unsecured senior obligations with a Jan. 15, 2030, maturity date and will be redeemed or converted into Riot common stock at the company’s election. The conversion rate and other terms will be determined at the time of pricing the offering.

BTC’s ‘reasonable’ $180K target, NFTs plunge in 2024, and more: Hodler’s Digest Jan 12 – 18

Tesla likely still owns $780M in Bitcoin despite recent shuffle: Arkham

October 23, 2024 Coin Telegraph

Tesla likely still owns 0M in Bitcoin despite recent shuffle: Arkham

Arkham Intelligence

Tesla’s massive Bitcoin transfers initially sparked fears of a market dump, but Arkham's data suggests the assets are still under the firm's control.

Electric car manufacturer Tesla likely still owns its entire Bitcoin stash worth $780 million despite transferring all the funds to unidentified wallets on Oct. 15, according to a blockchain analytics firm.

“We believe that the Tesla wallet movements that we reported on last week were wallet rotations with the Bitcoin still owned by Tesla,” Arkham Intelligence said in an Oct. 22 X post.

Tesla split the 11,509 Bitcoin between seven wallets holding between 1,100 and 2,200 BTC on Oct. 15, Arkham noted. Wallet addresses “1Fnhp” and “1LERL” received the largest batches worth $142.2 million and $128.1 million, respectively.

BTC’s ‘reasonable’ $180K target, NFTs plunge in 2024, and more: Hodler’s Digest Jan 12 – 18

Bitcoin to have ‘crazy decade’ as global wealth managers dive in

October 11, 2024 Coin Telegraph

Bitcoin

Cointelegraph spoke with Riot Platforms’ Pierre Rochard and Metaplanet’s Dylan LeClaire at the Bitcoin Amsterdam 2024 conference.

While some investors may see Bitcoin’s current prices as a peak for the asset, industry professionals say that the crypto asset will continue to surprise investors as more global wealth managers allocate funds to BTC.

In an interview with Cointelegraph managing editor Gareth Jenkinson, Pierre Rochard, the vice president of research at Riot Platforms, and Dylan LeClaire, the director of Bitcoin Strategy at Metaplanet, shared their thoughts on what lies ahead for Bitcoin (BTC).

Speaking to Cointelegraph at the Bitcoin Amsterdam 2024 conference, Rochard said there’s a misleading narrative that Bitcoin gains are in the past. The executive said that from a global wealth balance sheet perspective, Bitcoin adoption is “still less than 1%.” He explained:

Riot Platforms

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