The company, which generated just $1.4 million last quarter, has a billion dollar market cap.
500.com, a Chinese gambling company, is acquiring Blockchain Alliance Technologies Holding Company, the company announced today.
Blockchain Alliance owns the valuable BTC.com domain name. The deal includes:
the transfer to the Company of the entire mining pool business of Bitdeer Technologies Holding Company (“BitDeer”) operated under BTC.com, including the domain name BTC.com and the cryptocurrency wallet of BTC.com (collectively, the “BTC.com Pool Businesses”).
500.com is publicly traded on the NYSE with a market cap of around $1 billion, and its share price rocketed up today.
Seem like a healthy valuation for a company that generated just $1.4 million in revenue in its latest quarter? Well, shares were trading for about 1/1oth of their current price until this year, at which point the company started getting involved with cryptocurrency. To the moon!
Like many Chinese company domains, 500.com doesn’t resolve unless you add the www. in front.
Maybe up because they are involved in bitcoin $1.4 m in revenue only ?I won’t go there if I was an investor. Hope they are not cooking their books ?
Nice story Andrew, curious to see how they tackle its use.
On a side note, ever dive into Tether, currently pumping out hundreds of millions a week if not more in a partially backed dollar that is used to pump the markets… I am sure that will end fine for them and bitcoin.
Google it, currently in court battle in NY.
One thing about this space is all types of players involved are all the types youd never let watch your children and I would guess hope one day wallstreet bails them out lol
And please refrain from attacking me for telling the truth, I like BTC as much as anyone but…
Jeff Schneider says
This Chinese Gambling company, is now in the cross hairs of the chinese Govt. and also the Regulatory Banking Industry on a global basis. Word on the street is that Jack Ma was scolded for his love of cryptos and cancelled Alibabas IPO. This announcements OPTICS are foretelling a very Risky Future for All Crypto Gamblers. Avoid the coming Crypto Carnage. JAS 2/16/2021
Gratefully, Jeff Schneider (CONTACT GROUP) We don’t Follow, We Create
You are so correct, …where is Jack Ma? He could be in prison.
Again, you don’t own anything in Communist China or Russia, they own your soul!!
I met a guy who came here from China, this was about 2001. He owned a large LED factory with a relative. They came to Canada for better medical treatment for their child. He was here for a couple years and one day he called me up asking for some advice.
He wasn’t overly wealthy but he was upper middle class and was bring some money over at the time.
At any rate his brother in law called to tell him coming home may be an issue. Turns out the LED business was pretty good and when the Chinese Gov. realized he was no longer in the country and was moving some monies out.. knock knock at the door and a brief you no longer own a LED factory order was given.
Essentially they just took his business. He has never returned to China and the situation actually helped him obtain permanent status here.
In some of these countries you only have the appearance of freedom. That is why at one point not long ago I believe no other country saw an exodus of millionaires bigger than China.