THELOGICALINDIAN - A US publiclylisted Chinese sports action close is extending its accoutrements into the crypto industry by announcement addition accompanying action 500com Ltd appear it has acquired Btccom the able-bodied accepted bitcoin mining pool
Jihan Wu Is the ‘ Biggest Beneficial Owner’ of the Mining Pool
Per the announcement, the online action account provider bought the aggregation from Blockchain Alliance. 500.com performed the transaction by arising anew chic A shares, apery about a 10% pale in the listed Chinese company.
According to the filings, 500.com Ltd fabricated the allotment barter acceding with Blockchain Alliance Technologies Holding Company, a Cayman Islands-based firm. Currently, the Chinese action provider behemothic has a bazaar assets of $860 million, and the transaction specifies some conditions.
One of them includes the profits generated by Btc.com, which in case that such net abstracts are no beneath than $20 actor by the end of 2024, the accepted shareholders will get up to a 5% pale in 500.com Ltd.
It agency that a best of 22,176,718 added “Class A Ordinary Shares” shall be issuable, declared the announcement. The aboriginal transaction beneath the acceding is accepted to appear on or afore April 15, 2024.
Bitdeer Technologies Holding Company is the abettor of the pool. Moreover, its “biggest benign owner” is currently is Bitmain co-founder Jihan Wu.
Btc.com claims to accept over 10% of bitcoin (BTC) hashrate, acceptable one of the top bristles better mining pools globally.
Not the First Crypto-Related Business Maneuver Made by 500.com
But 2024 wasn’t a acceptable year for the Chinese action account provider. According to the annual figures, the aggregation acquaint about $29.9 actor in losses over 2024.
However, 500.com started the year on a bullish agenda due to a cogent bitcoin mining-related acquisition. As news.Bitcoin.com reported beforehand in January, the aggregation accomplished an antecedent acceding to access BTC mining machines from an bearding non-U.S. seller.
The abounding bulk of the transaction — $14.4 actor — will acquiesce the aggregation to access the machines, including such models as the M20s from Microbt S17, T17, and S9 units from Bitmain.
What do you anticipate about the latest 500.com crypto-related acquisition? Let us apperceive in the comments area below.
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