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BIT Mining Limited (NYSE: BTCM), a cryptocurrency mining enterprise, announced that its American Depositary Shares began trading under its new name and ticker symbol BTCM as of April 20, 2021. The company has made significant strides since entering the industry in December 2020, including deploying bitcoin mining machines with a capacity of approximately 1,031.5 PH/s, acquiring three hydroelectric mines with an electric power capacity of 435MW, and acquiring the mining pool business of Bitdeer Technologies. The company aims to foster growth within the cryptocurrency sector.
BIT Mining Limited (NYSE: BTCM) announced that its American Depositary Shares (ADSs) began trading under the new name and ticker symbol, effective April 20, 2021. The Company, a leader in cryptocurrency mining, previously operated as 500.com Limited (NYSE: WBAI). Since entering the cryptocurrency market in December 2020, BIT Mining has achieved significant milestones, including acquiring bitcoin mining machines with a hash rate of approximately 1,031.5 PH/s and hydroelectric mines with a capacity of 435 MW. Additionally, it acquired the mining pool business of Bitdeer Technologies.
BIT Mining Limited (NYSE: WBAI) has completed the first closing of its acquisition of BTC.com Pool Businesses from Blockchain Alliance Technologies. This involves issuing 44,353,435 Class A shares to Blockchain Alliance in exchange for its entire stake in Blockchain Alliance Technologies Limited. The acquisition is strategic as it enhances BIT Mining's mining pool operations and positions it for growth. Furthermore, shares held by Blockchain Alliance account for 7.9% of BIT Mining's outstanding capital. The amended agreement extends the profit-recording period to March 31, 2022.
BIT Mining Limited (NYSE: WBAI) announced the results of its extraordinary general meeting held on April 8, 2021. Shareholders approved a name change to 'BIT Mining Limited', effective immediately, and approved an increase in authorized share capital by $50,000, adding 900 million Class A and 100 million Class B ordinary shares. The ticker symbol will change to 'BTCM', effective April 20, 2021. The company also appointed Cogency Global Inc. as its new service process agent.
500.com Limited (NYSE: WBAI) announced a share exchange agreement to acquire Bee Computing (HK) Limited for $100 million, issuing 45,825,530 Class A ordinary shares valued at $21.82 per American Depositary Share (ADS). The first closing of $35 million worth of shares is expected in Q2 2021. Bee Computing specializes in cryptocurrency mining machines and has invested over $35 million in R&D. The company also appointed Man San Vincent Law as Executive Director to stabilize governance and issued preference shares to enhance his voting power from 17.66% to approximately 60.28%.
On March 31, 2021, 500.com Limited (NYSE: WBAI) announced it completed a subscription for 169,354,839 shares of Loto Interactive Limited (HKEX: 08198) for HK$105 million (US$13.5 million), raising its ownership stake to 54.3%, making Loto a subsidiary. Concurrently, Loto Interactive acquired Ganzi Changhe Hydropower Consumption Service Co. Ltd for RMB88.2 million (US$13.6 million), achieving 100% ownership. Following the subscription, 500.com will make a cash offer for all Loto Interactive shares at HK$0.75 each, per Hong Kong regulations.
500.com Limited (NYSE: WBAI), a cryptocurrency mining enterprise in China, will hold an extraordinary general meeting of shareholders on April 8, 2021, in Shenzhen. Shareholders of record by March 18, 2021, can vote on important resolutions during this meeting. Additionally, the Company announced its relocation of headquarters from Shenzhen to Singapore. 500.com has been active in cryptocurrency since December 2020, engaging in several acquisitions including cryptocurrency mining machines and a stake in Loto Interactive Limited, positioning itself as a key player in the blockchain sector.
500.com Limited (NYSE: WBAI) has finalized the acquisition of bitcoin mining machines from non-U.S. individuals, issuing 11,882,860 new Class A ordinary shares at US$1.21 each, totaling US$12.10 per American Depositary Share based on the January 8, 2021 closing price. The acquired machines, including models S17, T17, M20s, and S9, are expected to enhance the company’s total hash rate capacity to approximately 1000 PH/s upon full deployment. This move aligns with 500.com’s strategy to expand within the cryptocurrency mining sector.
On March 8, 2021, 500.com Limited (NYSE: WBAI) announced its Board of Directors' majority resolution to change the company's English name to BIT Mining Limited and its ticker symbol to BTCM, pending shareholder approval. An extraordinary general meeting (EGM) will be held to seek this approval. Since entering the cryptocurrency sector in December 2020, the company has made significant moves, including acquiring cryptocurrency mining machines and a controlling stake in Loto Interactive Limited, along with the acquisition of BTC.com Pool Businesses.
On February 26, 2021, 500.com Limited (NYSE: WBAI) announced the purchase of 1,923 S17 Bitcoin mining machines for RMB31.3 million (approx. US$4.9 million). These machines, operating in Xinjiang, have a computing power of 113 PH/s. The company also agreed to buy 2,000 ETH mining machines for RMB195 million (approx. US$30.2 million). These ETH machines are expected to have a total computing power of 4,800 GH/s, yielding around 330 ETH daily, representing 1.23% of the ETH network's total power.
