The bitcoin mining segment of the cryptosphere BTC.com is undergoing major changes.
Against the backdrop of the rising bitcoin price, various changes in the cryptocurrency mining industry are being observed. M&A deals are taking place, as evidenced by a report from BlocksBridge Consulting, which reports that one of the largest mining pools, BTC.com, has a new owner, 500.com, which is buying out the entire business. BTC.com is supposedly backed by Bitdeer Technologies, which is run by Jihan Wu, which means it may have been negotiated with.
The arrangement assumes that 500.com also gets the rights to the domain name BTC.com, and the former owners of the pool will participate in the agreement, which will mean an exchange of shares between the two participants in this deal. 500.com is scheduled to issue an additional 44. 35 million shares, representing 10 % of that company’s current amount of securities available for purchase.
Based in Shenzhen, 500.com’s shares are listed on the NASDAQ Stock Exchange under the ticker symbol WBAI as American Depositary Receipts (ADRs). Over the past 24 hours, the share price went up 47 % or $ 9. 29, reaching $29. 13.
Recall that earlier in one of the key companies in the field of mining cryptocurrencies, Bitmain, there was a historic “investment castling”. One of the shareholders, Micri Jean, became the head of this giant by offering a well-known opinion leader in the cryptosphere and one of the founders of Bitmain, Jihan Wu, a deal in which Wu left the captain’s bridge of this organization.
The news that the sale of Bitdeer Technologies’ mining arm, owned by Wu, may be underway means that the cryptosphere will be watching Wu’s next moves closely. Recall that in October 2019, Wu stated that investing in mining is more profitable than just buying cryptocurrencies.