The corporate, which generated simply $1.4 million final quarter, has a billion greenback market cap.
500.com, a Chinese language playing firm, is buying Blockchain Alliance Applied sciences Holding Firm, the corporate announced at present.
Blockchain Alliance owns the dear BTC.com area title. The deal contains:
the switch to the Firm of all the mining pool enterprise of Bitdeer Applied sciences Holding Firm (“BitDeer”) operated underneath BTC.com, together with the area title BTC.com and the cryptocurrency pockets of BTC.com (collectively, the “BTC.com Pool Companies”).
500.com is publicly traded on the NYSE with a market cap of round $1 billion, and its share worth rocketed up at present.
Appear to be a wholesome valuation for a corporation that generated simply $1.4 million in income in its newest quarter? Properly, shares had been buying and selling for about 1/1oth of their present worth till this yr, at which level the corporate began getting concerned with cryptocurrency. To the moon!
Like many Chinese language firm domains, 500.com doesn’t resolve until you add the www. in entrance.