BIT Mining Completes Sale of Shares of Loto Interactive Limited

Rhea-AI Summary

BIT Mining Limited (NYSE: BTCM) announced the completion of the sale of 279,673,200 shares of Loto Interactive Limited for HK$0.28 per share, totaling HK$78,308,496. This sale reduced BIT Mining's stake in Loto Interactive to 8.79%. The transaction was initially disclosed on July 12, 2022. BIT Mining continues to operate as a significant player in the cryptocurrency mining sector, with services including mining pool operations and ownership of BTC.com. The company is also pursuing vertical integration through the acquisition of a 7-nanometer mining machine manufacturer.

Positive

• Sale of 279,673,200 shares of Loto Interactive generated HK$78,308,496 in cash.
• Ownership in Loto Interactive reduced to 8.79%, allowing for strategic focus.
• Continued expansion in the cryptocurrency sector with plans for vertical integration.

Negative

• None.

HONG KONG, July 26, 2022 /PRNewswire/ -- BIT Mining Limited (NYSE: BTCM) ("BIT Mining" or the "Company"), a leading technology-driven cryptocurrency mining company, today announced that it has completed its sale of 279,673,200 shares of Loto Interactive Limited ("Loto Interactive") at the price of HK$0.28 per share for a total consideration of HK$78,308,496 in cash (the "Transaction"). Upon completion of the Transaction, the Company's ownership of Loto Interactive decreased to 8.79%. The Transaction was previously announced on July 12, 2022.

About BIT Mining

BIT Mining (NYSE: BTCM) is a leading technology-driven cryptocurrency mining company, with a long-term strategy to create value across the cryptocurrency industry. Its business covers cryptocurrency mining, mining pool, and data center operation. The Company owns the world's top blockchain browser BTC.com and the comprehensive mining pool business operated under BTC.com, providing multi-currency mining services including BTC, ETH and LTC. The Company has also entered into a definitive agreement to acquire a 7-nanometer cryptocurrency mining machine manufacturer, Bee Computing, to complete the Company's vertical integration with its supply chain, increase its self-sufficiency and strengthen its competitive position.

Forward-Looking Statements

This news release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "target," "going forward," "outlook" and similar statements. Such statements are based upon management's current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company's control, which may cause the Company's actual results, performance or achievements to differ materially from those in the forward-looking statements. Important factors that could cause BIT Mining's actual results to differ materially from those indicated in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.

For further information:

BIT Mining Limited
ir@btcm.group
Ir.btcm.group 
www.btcm.group    

The Piacente Group, Inc.
Brandi Piacente
Tel: +1 (212) 481-2050
Email: BITMining@thepiacentegroup.com

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SOURCE BIT Mining Limited

FAQ

What was the total cash generated from BIT Mining's sale of Loto Interactive shares?

The sale generated a total cash consideration of HK$78,308,496.

What percentage of Loto Interactive does BIT Mining own after the sale?

After the sale, BIT Mining's ownership in Loto Interactive decreased to 8.79%.

When was the sale of Loto Interactive shares announced?

The sale was announced on July 12, 2022.

What is BIT Mining's stock symbol?

BIT Mining's stock symbol is BTCM.