BitVentures Restricted has entered the cryptocurrency mining sector, launching a brand new digital belongings enterprise lower than two weeks after rebranding to replicate its new concentrate on blockchain-related ventures.
The Hong Kong–based mostly know-how firm stated it has acquired fleets of mining {hardware} from Bitmain, together with three kinds of Antminer machines, to mine Bitcoin (BTC), Litecoin (LTC) and Dogecoin (DOGE), based on a Friday report from Investing.com.
The corporate stated the acquisition consists of 0.5 megawatts of energy capability throughout information facilities in the USA, with deployment of the mining tools anticipated later this month.
BitVentures described the mining operation as the inspiration of a broader digital belongings technique and stated it plans to increase into different areas of the sector, together with staking and node operations, although it didn’t present further particulars.
Till December, BitVentures operated underneath the title Santech Holdings, buying and selling on Nasdaq underneath the ticker STEC. The corporate formally rebranded to BitVentures and adopted the ticker BVC on Dec. 24, based on filings with the US Securities and Trade Fee (SEC).
Earlier than the rebrand, Santech functioned primarily as a technology-focused holding firm, with enterprise pursuits spanning early-stage know-how investments, e-commerce platforms and consumer-focused digital companies, fairly than blockchain or cryptocurrency-related operations.
“The Firm believes that the brand new title aligns properly with the Firm’s imaginative and prescient and concentrate on growing and investing in early-stage know-how ventures,” the submitting said.
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A curious wager
BitVentures Restricted is much from the one publicly listed firm to pivot into digital belongings in latest months, as extra enterprises search publicity to cryptocurrencies, typically in an effort to revive struggling companies or arrest extended share-price declines.
As Cointelegraph beforehand reported, biotech firm 180 Life Sciences pivoted to an Ethereum treasury technique final summer season after its stock had fallen about 99%.
Different publicly traded firms which have adopted digital asset treasury methods embrace nonbank lender Mill City Ventures, shopper merchandise agency Upexi and agricultural know-how firm Nature’s Miracle.
BitVentures’ share worth decline has been dramatic. The corporate’s lifetime return as a public issuer stands at roughly destructive 89%, based on information from Yahoo Finance.
The corporate’s underlying monetary efficiency helps clarify the strategic pivot. In the course of the first half of fiscal yr 2025, BitVentures reported zero income, down from $17.4 million in the identical interval a yr earlier, after exiting its asset administration and wealth administration enterprise strains.
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