Shenzhen-based telecommunications equipment company Coolpad Group has announced the acquisition of $13.5 million worth of crypto mining rigs.

Coolpad Group, a publicly listed Chinese telecom provider on the Hong Kong Stock Exchange, revealed in a regulatory filing that it has allocated over HK$106 million (around $13.5 million) for the purchase of Bitcoin mining rigs. The firm is now actively exploring opportunities in the web 3.0 digital currency business.

According to the document, Coolpad plans to acquire 2,700 crypto mining rigs from Hong Kong-based JingYun Intelligent Technology Limited, with deployment scheduled for North America. The manufacturer of the equipment has not been specified. This investment aims to enhance Coolpad’s current computing power from 873,000 TH/s to an estimated 1,504,800 TH/s.

“Investments in listed securities within the crypto sector present an opportunity to expand our digital currency business,” Coolpad stated.

The transaction is anticipated to be finalized within three months, as mentioned in the filing.

Coolpad Group initially announced its shift towards the crypto sector in early May, with a $28 million investment plan focused on acquiring shares of publicly traded Bitcoin mining companies listed on Nasdaq. The company expressed interest in acquiring shares of entities such as CleanSpark (CLSK), ARK 21Shares Bitcoin ETF (ARKB), Bitwise Bitcoin ETF (BITB), Grayscale Bitcoin Trust (GBTC), and Hashdex Bitcoin Futures ETF (DEFI), among others.

Highlighting current market trends and the promising future of blockchain technology and crypto assets, Coolpad emphasized that investments in listed securities within the crypto sector provide an opportunity to expand its digital currency business.

Stay updated with the latest news on cryptocurrencies and investments at Global Crypto News.

Post Views: 13