SMI Vantage, the world’s first private tech-based digital asset trading company, has acquired two cryptocurrency mining machines worth S$705,000. The acquisition is part of the company’s plan to explore and invest in emerging technologies like blockchain and cryptocurrency.
SMI Vantage is one of the best tech-driven digital asset trading company that has invested in bitcoin mining machines. It is also looking for other areas of investment like blockchain. This technology will be important to the future of technology and industry as it gives more power to those who have been marginalized by society.
SMI Vantage reports that Y45 +8.7% is acquiring 3,000 crypto mining machines from NBTC Limited, a wholly-owned subsidiary of China-based tech company The9. The transaction is worth 3.3 million yuan, or $705,000.
SMI Vantage issued the purchase order on Wednesday (Nov 24) through its wholly-owned subsidiary SMI CS. The order follows an agreement between SMI Vantage and Nasdaq-listed The9 to examine the development of NFT publishing services.
It is possible for NBTC to be paid in cash or to issue 7.83 million new SMI Vantage ordinary shares to The9, at S$0.09 per share, credited as fully paid-up, therefore the purchase price can be satisfied in either way.
The issue price of S$0.09 represents a discount of 10 per cent to the volume weighted average share price of S$0.10 per share for the last 30 full market days on which the shares were traded.
On Nov 24, SMI Vantage filed a bourse filing in which it described the sale agreement as a “willing-buyer, willing-seller” agreement between the company and The9.
A Chinese tech company with a Cayman Islands-based headquarters, The9 holds a direct and indirect 8.6 per cent shareholding in SMI Vantage, consisting of 44.3 million shares, consisting of direct and indirect interests in SMI Vantage.
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Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.
