Coolpad Group, a telecommunications company based in Shenzhen, China, has recently made a significant move into the world of cryptocurrency. The company has announced that it will be investing $13.5 million in Bitcoin mining rigs, showcasing its commitment to exploring opportunities in the digital currency space.
In a regulatory filing, Coolpad revealed its plan to allocate over HK$106 million for the purchase of 2,700 crypto mining rigs from JingYun Intelligent Technology Limited, a company based in Hong Kong. These rigs will be deployed in North America, although the manufacturer of the equipment has not been specified. This strategic investment is aimed at increasing Coolpad’s current computing power from 873,000 TH/s to an estimated 1,504,800 TH/s.
The transaction is expected to be finalized within the next three months, signaling Coolpad’s swift entry into the crypto mining sector. This move comes after the company’s earlier announcement in May of a $28 million investment plan focused on acquiring shares in publicly traded Bitcoin mining companies listed on Nasdaq.
By expressing interest in companies such as CleanSpark, ARK 21Shares Bitcoin ETF, Bitwise Bitcoin ETF, Grayscale Bitcoin Trust, and Hashdex Bitcoin Futures ETF, Coolpad is positioning itself to capitalize on the evolving trends in blockchain technology and digital assets. The company views investments in listed securities within the crypto sector as a strategic opportunity to expand its presence in the digital currency business.
This bold step by Coolpad Group underscores the growing mainstream acceptance and adoption of cryptocurrencies and blockchain technology. As the company diversifies its portfolio and explores new avenues in the digital asset space, it is clear that Coolpad is committed to staying at the forefront of innovation in the rapidly evolving world of finance and technology.