United States listed Chinese sports lottery firm 500.com [NYSE: WBAI] revealed today on Tuesday that it’s inked a share-swap deal to accumulate the crypto mining pool business of Bitdeer Technologies, along with BTC.com.
In line with an official announcement, the agreement will see 500.com buy all the shares of Bitdeer-owned Blockchain Alliance, which is predicated within the Cayman Islands, with 10% of its own shares.
A crypto-asset cloud mining firm, Bitdeer Technologies is majority-owned by its chairman, Jihan Wu, that is recently resigned as the CEO & chairman of mining giant Bitmain following a lengthy dispute with a co-founder. BTC [+1.49%].com’s pool mines various crypto assets embody Bitcoin [BTC], Bitcoin Cash [BCH, -5.80%], Ethereum [ETH, -2.54%] and Litecoin [LTC, -2.38%].
The stock swap revealed by 500.com will embody the transfer of the complete mining pool business of Bitdeer Technologies, along with the name BTC.com and therefore the crypto wallet of BTC.com and is predicted to occur around April.
This year, 500.com has been busy making moves to accumulate batches of bitcoin mining machines after it revealed a pivot to the crypto asset space earlier in January.