Chinese gambling company buys cryptocurrency firm that owns BTC.com

Chinese gambling company buys cryptocurrency firm that owns BTC.com


The company, which generated just $1.4 million last quarter, has a billion dollar market cap.

A picture of a stack of gold coins depicting bitcoin

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.

 

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