BIT raises $ 50 million to help expand bitcoin mining in China

Bit Mining announced an increase of about $ 50 million to expand and move its operations outside China.
BIT mining, a bitcoin mining company and owner the mining pool announced it had reached an agreement to buy securities with investors selected to raise $ 50 million as part of the private settlement.
It will not include the IPO and under the terms of the settlement, which is expected to expire on July 16, 2021, bit Mining will issue 100 million Class A shares at a buyout price of $ 5 for ten shares.
The price already includes a stock order, which investors can then use to buy October shares. The warrants are three years overdue and will be executed six months after the date of issue at a price of $ 6.81 per ten shares. Moreover, once some undisclosed terms are met, the investor can convert 10 shares into a single U.S. depository stock (ADS) of the company.
BIT mining plans to use the proceeds from the private settlement to expand its bitcoin mining operations around the world. After recent crackdowns with bitcoin in China, the company has developed an “overseas distribution strategy” that sets out how to move its operations to more welcoming countries. Bit began moving some of its mining facilities to Kazakhstan in June, and has invested in bitcoin data centers in Texas at a similar time.
In addition to helping implement the BIT strategy abroad, the only placement agent is H. C. Wainwright & Co.. the bitcoin mining company will also buy October mining machines, build new data centers, expand infrastructure and improve the situation with working capital. Therefore, the bit at the hash rate, the capacity the mining pool, which now accounts for more than 11% of the total hash rate of the bitcoin network.

Join the Discussion

  • BrokerEUR/USD
    City Index 0.5pips (fixed) margin: 3.33%
  • Back to top