Chinese gambling firm buys cryptocurrency firm that owns BTC.com

The firm, which generated just $1.4 million last quarter, has a billion dollar market cap.

A picture of a stack of gold coins depicting bitcoin

500.com, a Chinese gambling firm, is acquiring Blockchain Alliance Technologies Holding Firm, the firm disclosed today.

Blockchain Alliance owns the valuable BTC.com domain name. The deal includes:

the transfer to the Firm of the entire mining pool business of Bitdeer Technologies Holding Firm (“BitDeer”) operated under BTC.com, counting the domain name BTC.com and the cryptocurrency wallet of BTC.com (collectively, the “BTC.com Pool Businesses”).

500.com is publicly traded on the NYSE with a market cap of around $1 billion, and its share price rocketed up today.

Seem like a healthy valuation for a firm that generated just $1.4 million in revenue in its latest quarter? Well, shares were trading for regarding 1/1oth of their current price until this year, at which point the firm started getting involved with cryptocurrency. To the moon!

Like many Chinese firm domains, 500.com doesn’t resolve unless you add the www. in front.

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