Finance raises $23m in Bitcoin and cash via private placement

| By Robert Fletcher
Chinese lottery services provider has received 356.04342 Bitcoins and $11.5m (£8.2m/€9.5m) in cash through a private placement transaction with Good Luck Information.

The placement, agreed in December, will see Good Luck Information receive 85,572,963 newly issued Class A ordinary shares in

The Bitcoin part of the transaction is equivalent to $11.5m, based on the Bitcoin to US dollar exchange rate on January 21, 2021, thus valuing the placement at a total of $23.0m.

Based on today’s (23 February) price, the 356.04342 Bitcoins are worth $17.3m.

The placement represents’s latest activity in the cryptocurrency sector, with the provider having last week acquired Blockchain Alliance Technologies, which owns last month also announced it would acquire $14.4m worth of Bitcoin mining machines, before this month revealing plans to purchase a further 15,900 machines from two additional sellers.

The latest announcement initially saw’s share price increase to $28.43, but its shares have since dipped to $24.20 at the time of writing, down from an opening price of $26.35 at the start of trading today (23 February).

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