Bit Mining Secures $9.3 Million Registered Direct Offering From Institutional Investors


Bit Mining Secures $9.3 Million Registered Direct Offering From Institutional Investors

Bit Restricted has introduced that it has entered a $9.Three million registered direct providing with particular institutional buyers. Bit defined that it goals to make use of the funds from the providing to develop infrastructure and spend money on new machines.

Bit Mining Secures $9.3 Million Registered Direct Offering From Institutional Investors

Bit Mining to Use Contemporary Capital for Enlargement, Mining Rigs, and Bettering the Agency’s Working Capital Place

The cryptocurrency mining operation Bit Mining Restricted (NYSE: BTCM) has introduced that it has entered a securities buy settlement with institutional buyers. Bit Mining operates crypto mining services, a mining pool, and mining rig manufacturing (Bee Computing).

Bit Mining Secures $9.3 Million Registered Direct Offering From Institutional Investors

The corporate owns and operates Btc.com and mining providers embody bitcoin, litecoin, and ethereum mining. In line with the prospectus, the newest providing for $9.Three million will shut on or round August 18.

Bit Mining Secures $9.3 Million Registered Direct Offering From Institutional Investors

“The acquisition and sale of 15,566,665 of the corporate’s American Depositary Shares (ADSs), Sequence A warrants to buy as much as an mixture of 15,566,665 ADSs, and Sequence B warrants to buy as much as an mixture of 15,566,665 ADSs, at a mixed buy worth of US$0.60 per ADS and related warrants, in a registered direct providing. Every ADS represents ten Class A peculiar shares, par worth US$0.00005 per share, of Bit Mining,” the corporate detailed on Wednesday.

Bit Mining Secures $9.3 Million Registered Direct Offering From Institutional Investors

The $9.Three million in funding will likely be used to develop operations and spend money on mining machines. The capital can even go in direction of bettering “working capital place and [investing] in new enterprise alternatives.”

Bit Mining Secures $9.3 Million Registered Direct Offering From Institutional Investors

Bit Mining Secures $9.3 Million Registered Direct Offering From Institutional Investors

Bit Mining’s shares are down 97.72% from the all-time excessive recorded on March 7, 2014. Yr-over-year knowledge reveals Bit Mining’s web revenue is down 123.18%. Final 12 months, Bit Mining defined that it was investing $9 million into the development of a 100 megawatt (MW) mining farm in Kazakhstan.

Following that announcement, Bit Mining moved 3,000 mining rigs from China to Kazakhstan following China’s crackdown on bitcoin mining. Per week after it moved 3,000 mining units it moved one other 2,500 machines to the transcontinental, landlocked nation situated in Central Asia and Jap Europe.

Bit Mining’s newest providing should be permitted by the U.S. Securities and Trade Fee (SEC). Bit Mining joins a slew of bitcoin mining operations making strategic enterprise strikes in 2022, increasing operations, and buying new mining machines.

Tags on this story

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What do you consider Bit Mining coming into a $9.Three million registered direct providing to develop and purchase new equipment? Tell us what you consider this topic within the feedback part under.

Jamie Redman

Jamie Redman is the Information Lead at Bitcoin.com Information and a monetary tech journalist dwelling in Florida. Redman has been an energetic member of the cryptocurrency neighborhood since 2011. He has a ardour for Bitcoin, open-source code, and decentralized purposes. Since 2015, Redman has written greater than 5,700 articles for Bitcoin.com Information in regards to the disruptive protocols rising right this moment.

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