Chinese language sports activities lottery service 500.com has acquired a significant Bitcoin (BTC) mining pool, BTC.com.
500.com has entered right into a share change settlement with Blockchain Alliance Applied sciences Holding Firm within the Cayman Islands, in keeping with a Feb. 16 announcement.
As a part of the deal, 500.com will purchase the whole mining pool enterprise of Bitdeer Applied sciences Holding Firm, together with the area title and a cryptocurrency pockets. Each the area title and the pockets are working beneath BTC.com, however belong to Bitdeer, which is the mum or dad firm of Blockchain Alliance.
In keeping with the announcement, the primary transaction beneath the share change settlement is predicted to happen on or earlier than April 15, 2021.
500.com and Blockchain Alliance have additionally made sure agreements associated to internet working earnings. If BTC.com information a internet working revenue within the fiscal 12 months ending December 2021, 500.com should situation extra shares to the Blockchain Alliance. Assuming that the minimal quantity of the web working revenue is $20 million, a most of twenty-two million extra Class A atypical shares might be issued.
In distinction, if the BTC.com mining pool enterprise information a internet working loss throughout the identical interval, 500.com will likely be entitled to repurchase sure Class A atypical shares held by the Blockchain Alliance.
500.com is a NYSE-listed firm (WBAI) providing a variety of on-line lottery companies. The corporate has been transferring into the crypto business just lately. In early February, 500.com bought 5,900 Bitcoin mining gadgets at $8.5 million. In January, 500.com introduced that its personal placement subscription value will likely be settled each within the U.S. greenback and Bitcoin.