BIT Raises $50 Million To Abet Bitcoin Mining Expansion Out Of China

BIT Mining, a bitcoin mining firm and owner of the BTC.com mining pool, has supplied that it has reached securities purchase agreements with earn customers to recall $50 million in a non-public placement.

Below the phrases of the placement, which is able to no longer maintain a public offering and is anticipated to finish around July 16, 2021, BIT Mining will challenge 100 million Class A typical shares at a purchase impart impress of $5 per ten shares.

Already incorporated within the worth is one warrant per portion, which customers can remark to recall extra shares later. The warrants will salvage a term of three years and would possibly maybe calm be exercisable six months following their issuance date, at $6.81 per ten shares. Moreover, upon the satisfaction of definite undisclosed stipulations, an investor would have the flexibility to convert ten shares into one “American Depositary Fragment” (ADS) of the firm.

BIT Mining plans to make remark of the proceeds of the non-public placement to expand its bitcoin mining operations worldwide. After the unique bitcoin crackdowns in China, the firm has devised an “international deployment technique,” which dictates the method in which it plans to hotfoot its operations to more welcoming worldwide locations. BIT started animated fragment of its mining rigs to Kazakhstan in June, having made some investments in bitcoin recordsdata centers in Texas at a equal time.

Moreover aiding with BIT’s international deployment technique, the offering, whose sole placement agent is H.C. Wainwright & Co., would possibly even allow the bitcoin mining company to originate extra mining machines, design unique recordsdata centers, expand its infrastructure and make stronger its working capital space. Because of this, BIT would possibly maybe extra elevate the hash rate means of its BTC.com mining pool, which at this time accounts for over 11% of the Bitcoin network’s total hash rate.