It should. As far as I know, ARIN doesn't really care what you use your IP for, as long as it is actually used. What they don't want is for IPs to remain unused for a long period of time. So, say, you buy IPs in bulk. If you do so, you have to have a justifiable reason to use them within a set period of time (I'm not sure how long an IP address can sit idle).
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