fbpx
QQQ
-2.19
326.60
-0.68%
DIA
-2.60
346.25
-0.76%
SPY
-3.50
419.02
-0.84%
TLT
-0.35
137.14
-0.26%
GLD
+ 0.33
174.37
+ 0.19%

Future Fintech To Acquire Majority Stake In Cryptocurrency Mining Farm Mingtang Network Technology For $7M

April 14, 2021 9:29 am
Share to Linkedin Share to Twitter Share to Facebook Share to Print License More
Future Fintech To Acquire Majority Stake In Cryptocurrency Mining Farm Mingtang Network Technology For $7M
  • Blockchain-based e-commerce business and fintech service provider, Future FinTech Group Inc (NASDAQ: FTFT), has inked an agreement to acquire a 51% stake in Mingtang Network Technology for $7 million (RMB 45.9 million) based on a valuation of $13.8 million (RMB 90 million).
  • Mingtang Network operates a cryptocurrency mining farm that integrates big data collection, cloud storage, and advanced computer software and hardware operations into an industrial data analysis system and information storage system.
  • Phase I of Mingtang Network's data center had a 50,000-capacity load for cryptocurrency mining machines, the ability to run big data mining applications, and was fully operational. It also had 300,000 sets of mechanical and electrical equipment on site.
  • The sellers promised a minimum EBIT of $6.1 million (RMB 40 million) in 2021.
  • Both the parties agreed to invest around $91.7 million (RMB 600 million) in the construction of a Phase II data center of a 500,000-capacity load for cryptocurrency mining machines under the ownership percentage ratio.
  • Future FinTech had recently raised $35 million from a private institutional offering.
  • Price action: FTFT shares traded lower by 5.24% at $4.70 in the premarket session on the last check Wednesday.

Related Articles

Future FinTech Group's Stock Is Skyrocketing As A Bitcoin Play

The value of Bitcoin continues to soar to record highs. Stocks with ties to Bitcoin and cryptocurrency continue to soar as a parallel trade. read more

Future Fintech Announces Framework Agreement To Acquire 51% Interest In Cryptocurrency Mining Farm Mingtang Network Technology For ~$7M

Future FinTech Group Inc. (NASDAQ:FTFT) ("hereinafter referred to as "Future FinTech", "FTFT" or "the Company"), a leading blockchain-based e-commerce business and a fintech service read more

Future FinTech to Purchase 20,000 Antminer Bitcoin Mining Machines for $1.5M Cash and $6.1M in Stock

See also: How to Buy Bitcoin (BTC) read more

Future FinTech Receives 10 Blockchain Technology-Related Software Copyrights From The China National Copyright Administration

NEW YORK, March 4, 2021 /PRNewswire/ -- Future FinTech Group Inc. (NASDAQ:FTFT) ("hereinafter referred to as Future FinTech", "FTFT" or "the Company"), a leading blockchain read more