Bitcoin
Chinese public telecommunications provider Coolpad Group allocates $13.5 million to buy Bitcoin mining rigs
Shenzhen-based telecommunications equipment company Coolpad Group announced the purchase of $13.5 million worth of crypto mining rigs.
Coolpad Group, a public Chinese telecommunications provider listed on the Hong Kong Stock Exchange, said in a regulatory filing that it has allocated more than HK$106 million (about US$13.5 million) to buy Bitcoin mining rigs, as the company now “actively pursues opportunities in the web 3.0 digital currency business.”
According to documentCoolpad plans to acquire 2,700 cryptocurrencies mining platforms Hong KongJingYun Intelligent Technology Limited, scheduled to deploy in North America. The document does not specify the manufacturer of the equipment. This investment aims to increase Coolpad’s current computing power from 873,000 TH/s to around 1,504,800 TH/s.
The transaction is expected to be completed within three months, the document states.
Coolpad Group initially revealed its crypto focus in early May, revealing a $28 million investment plan aimed at acquiring shares of publicly traded Bitcoin mining companies listed on the Nasdaq. The company specified its interest in acquiring shares in entities such as CleanSpark (CLSK), ARK 21Shares Bitcoin ETF (ARKB), Bitwise Bitcoin ETF (BITB), Grayscale Bitcoin Trust (GBTC) and Hashdex Bitcoin Futures ETF (DEFI), among others. .
Highlighting current market trends and the promising future of blockchain technology and crypto assets, Coolpad emphasized in a regulatory filing that investments in listed securities in the crypto sector present an “opportunity” to expand its digital currency business.