Publicly Traded Fintech Firm Acquires Chinese Mining Farm for $9M
Summary
Future FinTech, a New York-based publicly traded software firm, has acquired Nanjing Ribensi Electronic Technology Co. in an effort to break into bitcoin mining. Per the agreement, FutureFinTech will take full ownership of the firm’s mining operations, which includes some 30,000 ASICs located in China’s hydro-rich Sichuan region, but Nanjing Ribensi’s current staff will continue maintaining the farms. If the farm fails to hit these numbers, then Nanjing Ribensi’s shareholders will make up the difference, the press release claims. In the months leading up to the purchase, FutureFinTech issued new shares to raise a total of $35 million, Securities and Exchange Commission filings show. Future FinTech’s acquisition comes at a time when interest from traditional companies towards bitcoin and its spawn of digital assets has never been higher.
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