A U.S. publicly-listed Chinese sports lottery firm is extending its arms into the crypto industry by announcing another related maneuver. 500.com Ltd announced it has acquired Btc.com, the well known bitcoin mining pool.
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Per the announcement, the online lottery service provider bought the company from Blockchain Alliance. 500.com performed the transaction by issuing newly class A shares, representing almost a 10% stake in the listed Chinese company.
According to the filings, 500.com Ltd made the share exchange agreement with Blockchain Alliance Technologies Holding Company, a Cayman Islands-based firm. Currently, the Chinese lottery provider giant has a market capitalization of $860 million, and the transaction specifies some conditions.
One of them includes the profits generated by Btc.com, which in case that such net figures are no less than $20 million by the end of 2021,…