Valereum conditionally acquires major shareholding in Vinanz Ltd
In exchange for sale of Bitcoin mining assets and Bitcoin holdings
Valereum is pleased to announce that, conditional only upon the listing of Vinanz Ltd on a recognised stock exchange it will sell its Bitcoin mining assets to Vinanz Ltd in exchange for fully paid ordinary shares in the company representing a holding of approximately 24%. The final holding will depend on the amount of the capital raised as part of the listing. Valereum will have no management representation on the Vinanz board.
Valereum acquired 20 BTC miners in the USA, as announced on 21 April 2021, with a combined computational processing power of 1,600 TH/s (trillion hashes per second) and Valereum’s wallet currently holds approximately 4.15 BTC.
This is a strategic reorganisation to focus Valereum on the acquisition and expansion of the Gibraltar Stock Exchange and the imminent launch of our NFT program. However this also provides Valereum with a significant exposure to crypto markets through a substantial holding in a company focussed solely on crypto mining and distribution.
Vinanz Ltd is run by Mr David Lenigas and Mr Jeremy Edelman. Vinanz plans to expand on the Valereum BTC miners and progressively build out a Bitcoin mining company initially focusing on installing clusters of BTC miners in multiple de-centralised data facilities throughout the US and Canada.
Richard Poulden, Chairman of Valereum, commented: ” The final Bitcoin is expected to be mined in approximately 2140 but the supply will steadily be constricted as we approach that date. Estimates of the final value of Bitcoin as this date approaches are as high as $150,000 per coin and we remain convinced that this is a valuable and substantial play on crypto currency in general. ”
David Lenigas, Chairman of Vinanz Ltd commented: ” The acquisition of Valereum’s BTC miners means that Vinanz will start life as an operating company with miners and BTC in its wallet. Our job at Vinanz will be to try and grow the number of miners and the size of our wallet as quickly as possible. The volatile Bitcoin price has taken a bit of a price hit in recent times, but the board of Vinanz sees this as a great time to grow a substantial BTC business. We also see the leverage to the BTC price over the coming years as tremendous and the quicker we can get new miners installed – the better. Valereum will be a great substantial shareholder as they truly recognise the growth potential of the overall crypto and NFT markets as more of the world’s leading financial institutions weigh into this new financial sector. ”
The Directors of the Company accept responsibility for the contents of this announcement.
Richard Poulden, Chairman
Tel: +971 4584 6284
If anyone reads this article found it useful, helpful? Then please subscribe www.share-talk.com or follow SHARE TALK on our Twitter page for future updates.
Terms of Website Use
All information is provided on an as-is basis. Where we allow Bloggers to publish articles on our platform please note these are not our opinions or views and we have no affiliation with the companies mentioned