Bit Origin Ltd Secures Funding and Unveils Expansion Plans

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23

Financing and Business Plan Boost for Bit Origin Ltd

Bit Origin Ltd (BTOG) is experiencing significant growth, thanks to two successful financing rounds in November 2023, yielding close to $4 million in gross proceeds. Expressing gratitude for investor support, Mr. Lucas Wang, the Chairman, and CEO, highlights the company’s commitment to innovation and the enhancement of core businesses.

Financing Update

In early November 2023, Bit Origin entered into two securities purchase agreements, securing financing through the private placement of ordinary shares. The anticipated gross proceeds from these placements are approximately $3,994,222. This funding injection positions the company strongly for its strategic initiatives.

Operation and Business Plan Evolution

Since September 2023, Bit Origin has relocated its operations to a 45 MW mining data center in Wyoming, where the company is also an investor. Building on successful partnerships formed during the center’s construction, Bit Origin reveals plans to expand its presence in Wyoming by spearheading the construction and operation of a 25 MW mining data center facility.

The company has secured an intent-to-lease agreement for the land, with preparations, project plans, and design drawings finalized. Construction is slated to begin in mid-December 2023, with completion expected in early Q2 2024. Once operational, the facility can accommodate a substantial number of Bitcoin miners, ranging from 4,480 to 8,400, depending on the miner types.

Bit Origin’s strategic moves showcase a commitment to industry leadership, innovation, and sustainable growth in the cryptocurrency mining sector. The company remains poised for further success, backed by strong financial support and a clear roadmap for expansion.

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