Chinese sports lottery company 500.com has announced a share swap deal to acquire mining pools from Bitdeer Technologies, including BTC.com.
In accordance with
agreement New York Stock Exchange-listed 500.com will buy back all shares of the Cayman Islands-based Bitdeer Blockchain Alliance, along with 10% of its own shares.
Bitdeer Technologies, a cryptocurrency cloud mining company, is majority-owned by the firm’s chairman Jihan Wu, who recently stepped down as CEO and chairman of mining giant Bitmain after a lengthy dispute with the co-founder. The BTC.com pool mines a variety of cryptocurrencies including BTC, BCH, ETH, and LTC.
The share transaction announced by 500.com will include the transfer of the entire cryptocurrency mining business to Bitdeer Technologies, including the BTC.com domain name and the BTC.com cryptocurrency wallet. According to the terms of the deal, this will happen in April.
Cloud mining platform Bitdeer, along with mining farms in Norway and the United States, split from Bitmain after its co-founder Jihan Wu left the company.
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