The Chinese internet lottery company has announced the purchase of shares from the company that operates the mining pool BTC.com.
The Chinese company 500.com stated on its website, inter alia, that it would issue 44,353,435 Class A ordinary shares of par value US $ 0.00005 per share as part of a share exchange agreement with the company Blockchain Alliance Technologies Holding Company.
Blockchain Alliance Technologies is the parent company of Jihan Wu’s BitDeer Technologies, which operates the mining pool BTC.com.
If the mining pool records a net operating profit in 2021, under the agreement, additional shares will be issued to Blockchain Alliance:
The Company and Blockchain Alliance also agreed that, if the BTC.com Pool Businesses record net operating profit in the fiscal year ending December 31, 2021, the Company will issue additional Class A Ordinary Shares to Blockchain Alliance at par value.
Assuming such net operating profits are not less than US$20 million, a maximum of 22,176,718 additional Class A Ordinary Shares shall be issued, which additional Class A Ordinary Shares represent approximately 5% of the Company’s outstanding shares as of January 31, 2021.
According to current statistics, BTC.com is the fourth largest Bitcoin mining pool with a Hashrate share of 10.4%.
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