500.com To Buy Bitcoin Mining Machines

500.com Ltd. – ADR (NYSE: WBAI) is an online gambling services company based in Shenzen, China. It provides online lottery services and information tools on behalf of the China Sports Lottery Administration Center.

What happened: 500.com filed a 6-K filing with the U.S. Securities and Exchange Commission on Thursday.

In connection with Good Luck Information Technology Co. Ltd., 50% of the subscription will be settled in US dollars and 50% will be settled by Bitcoin at an exchange rate of $ 32,326.29 to one bitcoin.

500.com. announces the 11,882,860 shares worth $ 12.10, the closing price on January 8, 2021.

Why It’s Important: 500.com plans to use the proceeds to purchase Bitcoin S17, T17, M20 and S9 mining machine models from a private seller and plans to start generating revenue from Bitcoin mining in the first half of 2021.

What’s Next: The subscription location is expected to be completed in the first quarter of 2021, after which 500.com plans to install the machines within four weeks.

WBAI Pricing Implementation: 500.com shares were down 2.08% to $ 12.72 on Thursday afternoon.