Bit Origin Ltd (BTOG) today provides its financing and business plan update.
“After two successful rounds of financing in early November 2023 and raising a total gross proceeds of close to $4 million, we continue to invest in innovation and upgrading our core businesses. We are very grateful for the support of the investors,” said Mr. Lucas Wang, Chairman and Chief Executive Officer of the Company. “We are also actively seeking other financing opportunities, and we are delighted to announce that we will accelerate the 25 MW data center project in Wyoming, which will be another major milestone of our development.”
- Financing Update
On November 7, 2023 and November 9, 2023, the Company entered into two securities purchase agreements respectively to sell ordinary shares through private placement financing. The Company anticipates the gross proceeds from the two private placements to be approximately $3,994,222.
- Operation and Business Plan Update
Since September 2023, the Company has moved its operation to a 45 MW mining data center in Wyoming, of which the Company is an investor.
During the course of the construction, the Company has established solid relationships with local business partners in Wyoming. Thus, the Company has decided to further expand its business in Wyoming, where electricity supply is abundant as well as stable and the weather condition is favourable to crypto mining, by leading the construction and operation of a 25 MW mining data center facility.
To date, the Company has entered into an intent to lease agreement for the land for an initial period of 5 years with an option to extend. In addition, the Company has finalized the budget preparation, project plans, and design drawings of the project. The Company expects to commence the build-out of the project in mid-December 2023 and complete it in early Q2 2024. Upon completion, the project can host around 4,480 to 8,400 bitcoin miners depending on the types of the miners.