The9 Limited American Depository Shares representing three - NCTY STOCK NEWS

The9 Limited (Nasdaq: NCTY), an established Internet company based in China, has entered into a cryptocurrency mining hosting agreement with BitRiver, a Russian company. This partnership aims to utilize 15MW of electric capacity for The9's Bitcoin mining machines at BitRiver's data center, which has a total power supply capacity of 100MW, capable of hosting over 33,000 mining machines. The initial agreement spans two years, with a potential one-year extension. The9 is committed to seeking low-cost, sustainable energy mining facilities to support its operations and those of its partners.

The9 Limited (Nasdaq: NCTY) announced Coinbase Custody, a subsidiary of Coinbase Global Inc. (Nasdaq: COIN), as the custodian for its digital assets, including Bitcoin. The initial deposit will consist of 200 Bitcoin into a segregated cold storage account, with plans for future deposits as The9 continues to mine cryptocurrencies. Coinbase Custody is recognized for its secure storage solutions and has never lost client funds. The9 will also utilize various cold wallets for additional asset storage.

The9 Limited (Nasdaq: NCTY) announced a definitive agreement to acquire Montcrypto Ltd., a Canadian company, for CAD 7.6 million. The acquisition aims to establish a 20MW carbon-neutral cryptocurrency mining facility in Calgary, which will utilize natural gas for electricity generation. This project is expected to support over 6,000 S19j Antminers while reducing annual greenhouse gas emissions by approximately 128,000 tons. Additionally, The9 is expanding its investment in Skychain Technologies in Manitoba to increase mining capacity from 20MW to 32MW.

The9 Limited (Nasdaq: NCTY) announced the signing of three agreements totaling over US$5.7 million for Chia (XCH) cryptocurrency mining machines and cloud services. With these contracts, The9 will acquire approximately 130 Pebibytes Netspace, contributing to the Chia cryptocurrency ecosystem. Chia uses a proof of space and time consensus algorithm, presenting itself as a more environmentally friendly alternative to Bitcoin. The9 has previously invested in Bitcoin and Filecoin mining and plans to continue exploring high-return cryptocurrency opportunities.

The9 Limited (Nasdaq: NCTY) has signed a legally binding term sheet to invest CAD4 million in Skychain Technologies Inc., a Canadian company. This investment will fund the construction of a 12 MW cryptocurrency mining facility in Birtle, Manitoba. The investment comprises a CAD2 million convertible note, maturing in four years, and a CAD2 million private placement, which includes common shares and warrants. Completion of the transaction is expected within a month, pending due diligence.

The9 Limited (Nasdaq: NCTY) has signed a binding Memorandum of Understanding (MOU) to acquire 2,000 Bitcoin mining machines, totaling approximately 100PH/S, through the issuance of Class A shares. About 8,127,390 shares will be issued based on a price of $24.81 prior to the MOU, with a 6-month lock-up period. Additionally, The9 has finalized agreements for 12,246 mining machines with a total hash rate of approximately 288PH/S, which will result in the issuance of 9,387,840 Class A shares, also with a 6-month lock-up. Valuation adjustments will apply based on market assessments.

The9 Limited (Nasdaq: NCTY) has announced an underwriting agreement with Maxim Group LLC for the purchase of 3,765,100 American depositary shares (ADSs) and warrants to buy an additional 2,823,825 ADSs at $33.20 each. The offering is expected to generate approximately $125 million in gross proceeds. The underwriters have a 45-day option to purchase up to an additional 564,765 ADSs. The transaction is set to close around April 5, 2021, subject to customary conditions. The offering is conducted under a shelf registration statement filed with the SEC.

The9 Limited (Nasdaq: NCTY) announced a US$2 million agreement for Filecoin mining machine purchase and hosting, complementing a previous US$10 million framework deal. This new contract aims to enhance The9's effective storage mining power in the Filecoin network, increasing its holdings to over 80 Pebibytes. Currently, The9 operates an independent node with 8 Pebibytes of effective storage. The company is strategically investing in Filecoin amid its growing adoption and recent price uptrend to strengthen its position in the cryptocurrency mining sector.

The9 Limited (NASDAQ: NCTY) filed its annual report for the fiscal year 2020 with the SEC on March 29, 2021. The report includes audited financial statements accessible on both the SEC’s and The9’s investor relations website. In January 2021, The9 entered an agreement to develop its cryptocurrency mining business, issuing shares and warrants. Significant purchases include 24,000 Antminer S19j machines for $82.8 million, contributing to a projected hash rate of 3,558PH/s by October 2022, with expected daily Bitcoin rewards of 15. The company is also investing in Filecoin mining.