Nasdaq-listed coal miner adds 425 BTC to balance sheet

Alliance Resource Partners, a $2.8 billion coal mining company that trades on Nasdaq under the ticker symbol ARLP, reported in its first quarter earnings call yesterday that it mines Bitcoin and currently has 425 BTC on its balance sheet.

Nasdaq Listed Alliance Resources $ARLPa $2.8 billion coal mining company, is mining. #BitcoinI currently have 425. $BTC On the balance sheet.

The Company has additionally adopted new FASB accounting standards for its holdings. pic.twitter.com/uZomhnuBPz

— Dylan LeClair 🟠 (@DylanLeClair_) April 30, 2024

“In the second half of 2020, we began mining Bitcoin as a pilot project to generate revenue for the already paid but still underutilized power load at our River View mine,” said Cary Marshall, senior vice president and CFO of Alliance Resource Partners. .” he said.

“Since then we have mined and currently hold approximately $30 million worth of Bitcoin,” he added.

The $30 million figure is based on valuing each of the 425 BTC held by the company at approximately $70,500. This is the Bitcoin trading price at the end of the first quarter of 2024. After taking into account Alliance’s Bitcoin mining costs, the company recorded a net profit of $7.3 million. In Bitcoin mining in the first quarter.

Bitcoin Alliance’s holdings rank 23rd in the list of companies that hold Bitcoin on their balance sheets.

Joe Craft, Alliance’s president and CEO, pointed out that the company is not necessarily pivoting to a Bitcoin-centric strategy, but is instead approaching its Bitcoin mining operations with a high level of practicality.

“We’re selling what we need to cover our costs, so our exposure is limited,” Craft said.

“We have additional capacity to lease to other Bitcoin miners within data centers effectively built for Bitcoin mining to take advantage of lower energy costs,” he added.

For more information about Alliance Resource Partners, visit the company’s website.