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On February 23, 2021, 500.com Limited (NYSE: WBAI) announced the closure of a private placement with Good Luck Information Technology, receiving 356.04342 Bitcoins and US$11.5 million in cash. The Bitcoin amount corresponds to the equivalent value of US$11.5 million at a fixed exchange rate of US$32,326.29 per Bitcoin on January 21, 2021. The company aims to establish itself as a leading player in the cryptocurrency mining sector, having engaged in multiple agreements for acquiring mining operations and technology since entering the market in December 2020.
500.com Limited (NYSE: WBAI) has entered into a share exchange agreement with Blockchain Alliance Technologies Holding Company, where 44,353,435 Class A ordinary shares will be issued in exchange for Blockchain Alliance's entire share capital. This represents approximately 10% of 500.com’s outstanding shares as of January 31, 2021. The transaction is tied to the acquisition of BTC.com’s mining pool business, expected to close by April 15, 2021. If the BTC.com Pool records a net operating profit of at least $20 million in 2021, additional shares will be issued, potentially increasing shareholder dilution.
500.com Limited (WBAI) reported its fourth quarter and full year results for 2020. Net revenues increased to RMB9.0 million, a 47.5% rise from Q3 2020, but down from RMB21.8 million for the full year compared to RMB39.7 million in 2019. Operating loss for Q4 narrowed to RMB51.4 million from RMB307.1 million year-over-year. The company has entered a share subscription agreement for approximately US$23 million with Good Luck Information, aiming to explore blockchain opportunities. New executives were appointed, including CEO Xianfeng Yang. Future growth relies on bitcoin mining investments.
500.com Limited (NYSE: WBAI) announced it will release its fourth quarter and full year financial results for 2020 after the close of U.S. markets on February 8, 2021. The company operates as an online sports lottery service provider in China, offering a range of online lottery services and is currently focusing on developing its blockchain-related business. The upcoming earnings report will provide crucial insights into the company's financial performance and future direction.
500.com Limited (NYSE: WBAI) announced a definitive purchase agreement to acquire 5,900 bitcoin mining machines for approximately RMB55.2 million (about US$8.5 million). Delivery is expected in Q2 2021. Concurrently, a framework agreement has been established to potentially purchase an additional 10,000 machines within the year, contingent on availability. A performance bond of RMB10 million (around US$1.5 million) will be paid for initial deliveries. The total acquisition aims to boost the company's hash rate by approximately 1,000 petahashes per second.
500.com Limited (NYSE: WBAI) has agreed to subscribe for 169,354,839 shares of Loto Interactive Limited (HKEX: 08198) for approximately HK$105 million (US$13.5 million) in cash, which would increase its ownership from 33.7% to about 54.2%. This will make Loto Interactive a subsidiary of 500.com. Concurrently, Loto Interactive plans to acquire the remaining 49% of Ganzi Changhe Hydropower Consumption Service Co., Ltd for around RMB88.2 million (US$13.6 million). Post-transaction, 500.com may be required to make a cash offer for all remaining shares of Loto Interactive at HK$0.75 per share.
On January 21, 2021, 500.com Limited (NYSE: WBAI) announced a share subscription agreement with Good Luck Information Technology Co., Limited. The total subscription price of approximately US$23 million will be settled 50% in U.S. dollars (about US$11.5 million) and 50% in Bitcoin, at an exchange rate of US$32,326.29 per Bitcoin. The completion of the share issuance is expected by February 20, 2021, subject to customary closing conditions. This strategic move highlights 500.com's commitment to leveraging blockchain technology in its operations.
500.com Limited (NYSE: WBAI) announced a definitive agreement to acquire bitcoin mining machines for approximately US$14.4 million. The company plans to issue about 11,882,860 Class A ordinary shares valued at US$1.21 per share. This transaction is expected to close in the first quarter of 2021, pending the fulfillment of closing conditions. The total hash power of the machines is estimated at 918.5 PH/S, with revenue generation anticipated in the first half of 2021.
On January 11, 2021, 500.com Limited (NYSE: WBAI) announced a definitive purchase agreement to acquire bitcoin mining machines valued at approximately US$14.4 million. The company plans to issue 11,882,860 Class A ordinary shares at US$1.21 per share, according to the January 8 closing price. The acquisition includes various models of mining machines, expected to close in the first quarter of 2021. Following completion, 500.com aims to generate revenue from mining in the first half of 2021, leveraging the machines' estimated 918.5 PH/S hash power capacity.
500.com Limited (NYSE: WBAI), a leading online sports lottery service provider in China, announced the resignation of Mr. Zhaofu Tian as Chief Technology Officer effective December 31, 2020. The resignation is due to personal reasons, and the Company currently has no plans to appoint a successor. 500.com is one of the first companies to provide online lottery services in China and is approved by the Ministry of Finance to offer online lottery sales services on behalf of the China Sports Lottery Administration Center.
