Chinese sports lottery service 500.com has acquired a major Bitcoin (BTC) mining puddle, BTC.com.

500.com has entered into a share substitution agreement with Blockchain Brotherhood Technologies Holding Visitor in the Cayman Islands, according to a Tuesday announcement.

As part of the deal, 500.com will acquire the unabridged mining pool business of Bitdeer Technologies Belongings Visitor, including the domain name and a cryptocurrency wallet. Both the domain name and the wallet are operating under BTC.com but vest to Bitdeer, which is the parent visitor of Blockchain Alliance.

Co-ordinate to the announcement, the first transaction nether the share commutation agreement is expected to occur on or before April 15.

500.com and Blockchain Alliance have too fabricated certain agreements related to net operating profits. If BTC.com records a internet operating profit in the fiscal year ending in December, 500.com volition have to issue additional shares to the Blockchain Alliance. Assuming that the minimum amount of the cyberspace operating profit is $twenty million, a maximum of 22 one thousand thousand boosted Class A ordinary shares can exist issued.

In contrast, if the BTC.com mining pool business records a internet operating loss during the same period, 500.com volition be entitled to repurchase sure Class A ordinary shares held by the Blockchain Alliance.

500.com is a New York Stock Exchange-listed company (WBAI) offering a range of online lottery services. The visitor has been moving into the crypto industry recently. In early on February, 500.com purchased five,900 Bitcoin mining devices at $8.v one thousand thousand. In Jan, 500.com appear that its private placement subscription toll will exist settled both in the U.S. dollar and Bitcoin.