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BTC.com is currently owned by Bitdeer Technologies and former Bitmain CEO Jihan Wu.

MicroStrategy said it intends to offer $600 million aggregate principal amount of convertible senior notes due 2027. This story is developing and will be updated.

The digital assets post-trade collaboration also involves Citi, State Street, UBS and others.

MicroStrategy announced Tuesday that it plans to raise an additional $690 million to buy bitcoin.

The raise will be facilitated by senior convertible notes, a type of debt security that can be converted into cash or shares.

MicroStrategy’s notes will be issued to qualified institutional buyers, and its terms are yet to be finalized.

The notes will be unsecured and will bear interest payable semi-annually in arrears on February 15 and August 15 of each year, beginning on August 15, 2021, said MicroStrategy. The notes will mature on February 15, 2027, unless earlier repurchased, redeemed, or converted.

Meanwhile, bitcoin’s price has soared above $50,000 for the first time, pushing the cryptocurrency’s market capitalization closer to $1 trillion.

This is a developing story and will be updated…

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Bitcoin’s price has jumped above $50,000 for the first time, pushing the network’s market capitalization a step closer towards the $1 trillion mark.

The price of bitcoin set new record highs above $50,000 around 12:30 UTC on Tuesday on Coinbase Pro after a 4.5% 24-hour increase. It’s now changing hands at $50,100 as of writing.

With the price movements, the market capitalization of the world’s largest cryptocurrency is around $927 billion, according to data from CoinGecko.

At bitcoin’s current circulating supply, it would take a price above $53,600 for bitcoin’s market capitalization to cross the milestone of $1 trillion.

 

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

The cryptocurrency’s latest pop pushes 2021 gains to 69%.

If passed the bill would amend tax laws to recognize digital currencies as a form of property.

Bitcoin mining pool BTC.com, operated by Jihan Wu’s BitDeer Technologies, is getting acquired by Chinese sports-lottery company 500.com.

NYSE-listed 500.com announced the news on Tuesday, saying that it has entered into a share exchange agreement with Blockchain Alliance Technologies, the parent company of BitDeer, for the deal.

As part of the deal, which is subject to certain closing conditions, 500.com will issue a total of 44.35 million shares of a par value of $0.00005 to Blockchain Alliance at the first closing, which is expected to occur by April 15, 2021.

The exact number of share issuance will depend on BTC.com’s profit or loss situation for the current year-end. If it records a net operating profit of a minimum of $20 million, 500.com will issue a maximum of 22.18 million additional shares.

If BTC.com records net operating loss in the year, then 500.com will be entitled to repurchase certain shares held by Blockchain Alliance at par value. “Assuming such net operating loss is no less than US$10 million, a maximum of 4,435,344 Class A Ordinary Shares shall be subject to such repurchase arrangement,” said 500.com, which recently entered the bitcoin mining space.

BitDeer’s biggest beneficiary owner is Wu, the company’s chairman and former chairman of Bitmain. BTC.com was being operated by BitDeer and Bitmain before Wu stepped down from the Bitmain position last month.

By selling the BTC.com business, Bitmain appears to have a better chance of succeeding at IPO since it won’t have cryptocurrencies on its balance sheet. (Bitmain has been trying to go public since 2018).

BTC.com is currently the fifth-largest bitcoin mining pool, based on a 7-day moving average (7DMA) hashrate share, at 14.35 exahash per second (EH/s). Besides bitcoin, the mining pool also supports ether, bitcoin cash, and litecoin cryptocurrencies.

The news appears to be a positive development for 500.com, whose shares are trading up by over 15% at $35.50 in pre-market hours. 

Meanwhile, the crypto mining pool space has started to witness mergers and acquisitions in recent weeks. Earlier this month, Chinese bitcoin mining pool Poolin acquired the hashrate of rival North America-based NovaBlock to expand in the continent.

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Luxor Technologies will use the funds to expand its hashrate and hire more engineers.

Quick Take

• On January 27th, 2021, Agustín Carstens, General Manager of the Bank for International Settlements (BIS), delivered a speech for Stanford’s Hoover Institution policy seminar that covered the digitization of money.
• The Block Research recaps this informative lecture, which discussed Bitcoin, stablecoins, and of course, central bank digital currencies (CBDCs).

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