BTC Digital Ltd. - METX STOCK NEWS

Meten Holding Group Ltd. (NASDAQ: METX) has reported updates concerning its blockchain and digital currency businesses. Despite a downturn in cryptocurrency prices, its joint venture, Met Chain Co., Limited, has achieved approximately US$4.86 million in revenue since its inception and projects revenues of over US$20 million by year-end 2022. The company is also enhancing its metaverse initiatives by establishing an NFT department aimed at strategic collaborations in the space. Chairman Jason Zhao expressed optimism regarding the company’s resilience amid challenging market conditions.

Meten Holding Group Ltd. (NASDAQ: METX) has updated its joint venture, Met Chain Co., Limited, focused on cryptocurrency mining. The R&D team has developed the Apaqi High-Performance Server Acceleration Card, enhancing mining machine performance. The global server market is estimated at over US$100 million. Met Chain anticipates mass production and has secured a strategic agreement for sales valued at no less than RMB10 million within a year. Chairman Jason Zhao emphasized that this achievement reflects strategic investments in R&D and supports future growth in the blockchain sector.

Meten Holding Group (NASDAQ: METX) announced plans to launch housekeeping training courses in September 2022 to address a significant worker shortage in China’s housekeeping sector, estimated at 17 million. Developed by teams from the Philippines and Japan, the courses aim to provide an interactive, AI-driven learning experience for prospective housekeepers. The program will partner with domestic service providers to facilitate employment opportunities. CEO Alan Peng emphasized the increasing demand for skilled housekeepers due to demographic shifts and evolving industry standards.

Meten Holding Group Ltd. (NASDAQ: METX) provided updates on its digital currency business, reporting the operation of 1,482 mining machines with total computing power of 150PH/s. The company purchased an additional 600 XP mining machines expected in late 2022. By May 31, 2022, Meten mined a total of 30.64 bitcoins. The firm's objective is to increase mining power to 600PH/s-800PH/s by year's end. Chairman Jason Zhao emphasized the importance of digital currency to the company's transformation into a technology firm, aiming for long-term asset growth in this sector.

On May 20, 2022, Meten Holding Group Ltd. (NASDAQ: METX) announced it regained compliance with Nasdaq's minimum bid price requirement. The Nasdaq notified the company that it maintained a closing bid price of at least $1.00 per share for ten consecutive business days from May 6 to May 19, 2022. Meten previously received notifications regarding non-compliance on July 7, 2021, leading to extensions and a 1-for-30 reverse stock split on May 4, 2022. The company focuses on language training and is expanding into blockchain and cryptocurrency sectors.

Meten Holding Group (NASDAQ: METX) plans to launch a global program for teaching Chinese as a foreign language in early June 2022. This initiative aims to promote Chinese language education, particularly in regions aligned with the Belt and Road Initiative. The program intends to leverage an online platform to provide personalized learning experiences. Despite the pandemic, global demand for Chinese language education is growing, with an expected market size exceeding RMB100 billion ($14.7 billion). The company's chairman believes in the significant growth of the international market for Chinese education.

Meten Holding Group (NASDAQ: METX) reported financial results for FY2021, with revenues decreasing 18.7% to RMB729.0 million ($114.4 million) due to COVID-19 impacts and a reduction in offline learning centers. Gross profit fell 15.4% to RMB245.3 million ($38.5 million), though gross profit margin improved by 1.3 percentage points to 33.6%. The adjusted net loss increased 12.9% to RMB360.6 million ($56.6 million). The company closed 84 offline centers, reducing their total to 34, and is expanding into blockchain and cryptocurrency ventures.

Meten Holding Group Ltd. (NASDAQ: METX) announced a memorandum of understanding (MOU) with Tokenomics Digital Tech Corporation on April 18, 2022. The collaboration aims to enhance digital currency-related services, including custodian services for mining machines and M&A opportunities within the digital currency sector. The partnership seeks to attract high-net-worth investors, with a minimum investment of $1 million. Although Meten has not identified any acquisition targets yet, it aims to leverage TDTC's expertise for potential growth in the digital currency industry.

Meten Holding Group Ltd. (NASDAQ: METX), based in Shenzhen, China, announced updates regarding its metaverse vocational education courses on April 13, 2022. The Company reported a gross billing of RMB10 million (approximately US$1.57 million) from these courses in Q1 2022 and anticipates reaching RMB50 million (approximately US$7.86 million) by year-end. The courses aim to cater to both beginners and experienced professionals, focusing on skills such as video post-production and UI/UX design. CEO Alan Peng expressed optimism about growth despite challenges posed by the COVID-19 pandemic.