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500.com Acquires BTC.com, Stretches Its Crypto Presence

source-logo  cryptoknowmics.com 17 February 2021 05:40, UTC

500.com, a Shenzhen-based sports lottery service provider, made an announcement on February 16 of a recent entry into a shares exchange agreement with the Blockchain Alliance Technologies and will be acquiring BTC.com.

It was mentioned in the announcement that the company is going to acquire undoubtedly the largest crypto mining pools in the world. A press release revealed this news that BTC.com along with its cryptocurrency wallet is going to be obtained by the sports lottery service providing company.

500.com and BTC.com Future Transaction Details

According to the details revealed in the press release, the initial transaction mentioned in the agreement is now expected to occur as of April 15, 2021.

With a market capitalization of over $860 million, the company registered in the New York Stock Exchange has recently advanced its attempts to stretch its presence in the cryptocurrency industry.

Official Statement of Acquisition

In the pre-market trading session, the shares of this company surged over 70%. As of the official statement by the company:

“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 shall issue additional Class A Ordinary Shares to Blockchain Alliance at par value. Assuming such net operating profit is no less than US$20 million, a maximum of 22,176,718 additional Class A Ordinary Shares shall be issuable, which additional Class A Ordinary Shares represent approximately 5% of the Company’s outstanding shares as of January 31, 2021. BTC.com Pool is a multi-currency integrated mining pool established in 2016 that has a hash rate of around 17 EH/s and supports various cryptocurrencies, including BTC, BCH, ETH, and LTC.”

In recent times, China has emerged as the global leader and home to some trending BTC mining pools in the world as it reports for over 50% of the total hash rate of the country.

cryptoknowmics.com