BTC Digital Announces New Acquisition of Bitcoin Miners
On November 3, BTC Digital, previously known as Meten EdtechX Education Group, made a splash by purchasing 220 additional Bitcoin mining units. This brings their total to an impressive 2,174 machines, collectively boasting a computing power of over 230 petahashes per second (PH/s). Talk about a power play!
Details Behind the Deal
The recent acquisition comes through a deal with two unaffiliated third parties, trading in 276,572 shares of ordinary company stock, valued at a cool $968,800. If you ever wondered what it’s like to buy Bitcoin miners with stock instead of cash, now you have a literal example.
Transition from Education to Mining
BTC Digital’s transformation reflects a broader shift in their operation scope. Previously a prominent English language training service in China, they’ve pivoted to Bitcoin mining since the end of 2021. They started small, deploying 1,482 miners in the U.S., specifically in Pennsylvania and Tennessee. But now, they are kicking it into high gear!
The CEO’s Vision
CEO Alan Peng has plans beyond just this acquisition. “With the recent purchases and our plan to further increase the number of mining machines, we aim to continue improving our financial conditions as well as maximizing value for our shareholders,” he commented. It seems like BTC Digital isn’t just aiming for a future; they’re mining for it!
Market Performance and Future Outlook
As of late September, BTC Digital had a market cap of approximately $3.1 million, bouncing back from a low of $1.79 per share. Following a symbol change from METX to BTCT, shares have since appreciated to about $3.66 each. And with the public miners trading at an average price-to-sale (P/S) ratio of 2.92, some analysts predict they could soar past 7 in the upcoming bull market.
In Summary
The Bitcoin mining sector remains dynamic, and BTC Digital is positioning itself to capitalize on future growth. As China continues to grapple with its stance on cryptocurrency, the company’s commitment to this field could very well pay off down the line. Who knows? Maybe we’ll all be mining Bitcoin from our couches in the metaverse soon enough!
