Skip to main content

Market Overview

Future Fintech Stock Is Trading Higher On Acquiring Hydroelectricity Powered Bitcoin Mining Farm For $9.1M

Share:
Future Fintech Stock Is Trading Higher On Acquiring Hydroelectricity Powered Bitcoin Mining Farm For $9.1M
  • Blockchain-based e-commerce business and a fintech service provider, Future FinTech Group Inc (NASDAQ: FTFT), inked an agreement to acquire Nanjing Ribensi Electronic Technology Co, Ltd for $9.1 million (RMB 60 million).
  • Nanjing Ribensi currently operates a bitcoin mining farm with an operating capacity of 30,000 bitcoin mining machines.
  • Future FinTech’s target bitcoin mining farm is located in Yajiang County, Sichuan Province, China.
  • The sellers have provided a minimum net profit guarantee of $2.3 million (RMB 15 million) for 2021, $3 million (RMB 20 million) for 2022, and $3.8 million (RMB 25 million) for 2023.
  • The target farm will help Future FinTech deploy advanced bitcoin mining machines and gain from the cheaper hydro electricity-powered mining machines.
  • Future FinTech held cash and cash equivalent of $0.958 million as of September 30, 2020.
  • Price action: FTFT shares traded higher by 24.4% at $7.71 in the premarket session on the last check Thursday.
 

Related Articles (FTFT)

View Comments and Join the Discussion!

Posted-In: bitcoin miningM&A News Small Cap Tech Media

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
SPAC
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com