CME’s Board Nominee Wants to Earn More Revenue With Crypto; “Bitcoin Mining Is A Win-Win”
- One of the Chicago Mercantile Exchange (CME) nominees for the board of directors position is planning to switch the business model of the exchange to accommodate mining and investment in companies to grow the value of shareholders in the company.
CME set to introduce Bitcoin mining?
Dante Federighi, one of the nominees in the upcoming CME Group board of directors Class B-2 shareholder election, plans to introduce Bitcoin mining activities in the firm. Federighi, the co-founder of Fortezza Forza RMC Fund, an investment management firm in the energy and oil industries, said the company should start focusing on revenue-generating streams for investors – Bitcoin mining being top of his agenda.
The largest cash-settled BTC futures marketplace is set to have its elections soon, with two positions open for the five candidates in the race.
“It’s a win-win”
In a letter sent to the SEC on Thursday, Dante suggested a value-proposition to the shareholders of the company. He aims to invest in building energy plants and other companies in a bid to diversify the companies investments. He said,
“The CME Group needs to get in front of this trend by building solar/wind/hydro energy plants to power our global operations. Then divert the excess energy to mine Bitcoin and other crypto currencies.”
Federighi believes the mining and cashing out of the BTC to fiat will create extra net revenue for the shareholders despite switching from their core business. He concluded,
“The net-net is another new revenue stream for shareholders; deep knowledge in new technologies changing the global exchange landscape for the CME; and increased allocation to ESG-focused businesses by investors. That’s a win-win-win.”