Bitcoin miners are among the most bullish Bitcoin holders in the market. Most public Bitcoin miners are not selling their mined Bitcoin according to a report by Arcane Research.
Miners aiming to become Bitcoin investment vehicles by holding
The crypto and digital assets analysis and research service provider explained the rationale behind the miners’ for their accumulation strategy. This is mostly because the publicly listed miners want their stock to be closely correlated with the price of Bitcoin.
In the long run, a greater correlation with the benchmark crypto would attract investors looking for indirect Bitcoin exposure.
Bitcoin mining companies aim to serve as bitcoin investment vehicles, helping to give investors bitcoin exposure without holding the asset directly. Therefore, they intend to build up bitcoin treasuries to be more correlated with the bitcoin price, the report said.
