Understanding the Market | IB SETTLEMENT rises over 15%, joint venture plans to acquire US Bitcoin mining facility operator
The stock price of IB SETTLEMENT rose by more than 15%, with an increase of 15.38% as of the time of publication, trading at HKD 0.27, with a turnover of HKD 10.083 million. The company announced that its joint venture Keen Golden Limited has signed a non-binding letter of intent with SAITECH Limited to acquire 100% of the shares of SAI US INC, which primarily operates Bitcoin mining facilities. The board believes that this acquisition will significantly enhance the operational efficiency and competitiveness of its mining business and create long-term value for shareholders
According to Zhitong Finance APP, International Business Settlement (00147) rose over 15%, as of the time of writing, up 15.38% to HKD 0.27, with a trading volume of HKD 10.083 million.
On the news front, on the evening of October 22, International Business Settlement announced that on October 22, its 70%-owned joint venture Keen Golden Limited entered into a non-binding letter of intent with SAITECH Limited (the seller) regarding a potential acquisition. According to this letter of intent, Keen Golden intends to acquire 100% of the issued shares of SAI US INC (the target company). It is reported that the target company mainly operates Bitcoin mining data centers in the United States. The main assets of the target company are a 5-megawatt Bitcoin mining facility and related operational licenses.
The board believes that the potential acquisition represents a significant milestone in acquiring and expanding Bitcoin mining capacity. The group will be able to optimize the operation of its mining business, including hardware selection, site hosting, energy management, and real-time software, thereby enhancing the operational efficiency and competitiveness of its Bitcoin mining business. The board believes that the potential acquisition aligns with the group's business development strategy and plans in the fintech industry, will bring diversified business sources to the group, and create long-term value for shareholders
