fbpx
QQQ
-2.76
311.44
-0.89%
DIA
+ 4.25
310.93
+ 1.35%
SPY
+ 2.16
381.40
+ 0.56%
TLT
-0.65
139.56
-0.47%
GLD
-1.70
160.82
-1.07%

500.com To Purchase Bitcoin Mining Machines

January 21, 2021 4:09 pm
Share to Linkedin Share to Twitter Share to Facebook Share to Print License More
500.com To Purchase Bitcoin Mining Machines

500.com Ltd. – ADR (NYSE:WBAI) is an online gambling services company based in Shenzen, China. It provides online lottery services and information tools on behalf of China Sports Lottery Adminstration Center.

What Happened: 500.com filed form 6-K with the United States Securities and Exchange Commission on Thursday.

In connection with the Good Luck Information Technology Co. Ltd., 50% of the subscription will be settled in U.S. dollars and 50% will be settled by Bitcoin at an exchange rate of $32,326.29 to one bitcoin.

500.com. will issue the 11,882,860 shares valued at $12.10, the closing price on Jan. 8, 2021.

Why It Matters: 500.com plans to use the proceeds to buy models S17, T17, M20 and S9 Bitcoin mining machines from a private seller and plans to begin generating revenue from Bitcoin mining within the first half of 2021.

What's Next: The subscription placement is expected to be completed during the first quarter of 2021, after which 500.com plans to install the machines within four weeks.

WBAI Price Action: Shares of 500.com were down 2.08% to $12.72 Thursday afternoon.


Related Articles

15 Bitcoin Stocks To Watch On Tesla News

On Monday, one of the most followed companies in the world sent the value of Bitcoin price higher after a $1.5 billion investment in the cryptocurrency was unveiled. read more

500.com Limited Announced Receipt of 356.04342 Bitcoins from Good Luck Information; Issued 85.57M Newly Issued Shares to Good Luck Information

 500.com Limited (NYSE: WBAI) today announced the closing of its previously announced private placement transaction pursuant to the definitive share subscription agreement with Good Luck Information Technology Co., Limited ("Good Luck Information") entered into on December 21, 2020. read more

Watching Shares Of Crypto-Related Stocks Following News Tesla Has Invested $1.50B In Bitcoin And Expects To Begin Accepting Bitcoin As A Form Of Payment For Products In The Near Future

- MoneyGram (MGI) - BitDigital (BTBT) - SOS Online (SOS) - MicroStrategy (MSTR) - Marathon Patent Group (MARA) - Riot Blockchain (RIOT) - PayPal (PYPL) - Square (SQ) - Overstock (OSTK) - The9 (NCTY) - Sino-Global (SINO) - 500.com (WBAI) - Ault Global (DPW) - CleanSpark (CLSK) - Ebang (EBON) - Canaan (CAN) read more

Bitcoin Up 15% Over Last 24 Hours, Last Trade Near $44,023