Bit Origin Secures $6.74M Investment To Build A New Crypto Mining Data Center In The U.S.; Entered Securities Purchase Agreement To Sell Up To $24.74M Of Convertible Notes And Warrants To ATW Digital Assets Opportunity
Portfolio Pulse from Benzinga Newsdesk
Bit Origin has secured a $6.74 million investment for constructing a new 25 MW crypto mining data center in Cheyenne, Wyoming. The company expects the data center to be completed by early Q2 2024 and to house between 4,480 to 8,400 bitcoin miners. This expansion is anticipated to significantly boost Bit Origin's revenue and cash flow starting in the second half of 2024. Additionally, Bit Origin has entered into a securities purchase agreement to sell up to $24.74 million of convertible notes and warrants to ATW Digital Assets Opportunity.
December 11, 2023 | 2:10 pm
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Bit Origin has received a $6.74 million investment to build a new crypto mining data center, with expectations of significant revenue growth starting in the latter half of 2024. The company also plans to sell up to $24.74 million in convertible notes and warrants to ATW Digital Assets Opportunity.
The investment in a new data center is a significant development for Bit Origin, indicating expansion and potential for increased mining capacity. This news is likely to be viewed positively by investors, as it suggests future revenue growth. The sale of convertible notes and warrants is a common method of raising capital, which may dilute current shareholders but also provides the necessary funds for growth. The confidence score is not at the maximum due to the inherent volatility in the cryptocurrency market and the time frame until the anticipated revenue generation begins.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 100