Valereum to End Bitcoin Mining to Focus on Gibraltar Exchange

Valereum to End Bitcoin Mining to Focus on Gibraltar Exchange

The price of bitcoin, the largest crypto-asset token, has crashed in recent months by around 70%.

London:

Blockchain firm Valereum announced on Thursday that it is selling its bitcoin mining assets to Vinanz Ltd for a 24% stake in the company as part of plans to acquire and expand the Gibraltar Stock Exchange.

Valereum, which gave no value to the deal, said the sale of its bitcoin assets was conditional on Vinanz listing on the stock exchange.

Valereum shares were down 13% at 10:30 GMT.

The price of bitcoin, the biggest crypto-asset token, has crashed in recent months by around 70% from its November all-time high of $69,000. It is currently trading at $23,509.

“This is a strategic reorganization to focus Valereum on the acquisition and expansion of the Gibraltar Stock Exchange and the imminent launch of our NFT (non-fungible token) program,” Valereum said in a statement.

“However, it also provides Valereum with significant exposure to crypto markets through a substantial stake in a company focused solely on crypto mining and distribution.”

Valereum announced in January that it would buy 90% of the Gibraltar Stock Exchange to create what it called the world’s first exchange to “link” stocks and crypto-assets.

Valereum would have no representative on Vinanz’s board of directors.

“Acquiring the BTC miners from Valereum means that Vinanz will start life as a mining company with miners and BTC in its portfolio,” said Vinanz Chairman David Lenigas.

“Bitcoin’s volatile price has taken a slight price hit lately, but the Vinanz board sees this as the perfect time to build substantial BTC business,” Lenigas said.

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)

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