NEW YORK, Dec. 11, 2023 (GLOBE NEWSWIRE) — Bit Origin Ltd (NASDAQ: BTOG), an emerging growth company engaged in the crypto mining business with diversified expansion strategies, today announces it has entered into a securities purchase agreement to sell up to $24.74 million of convertible notes and warrants to U.S. based institutional investor ATW Digital Asset Opportunities LLC. The initial commitment of $6.74 million will fund the construction of a brand-new 25MW cryptocurrency mining data center, named as Auspice. This facility is situated in Cheyenne, Wyoming, USA. Management anticipates that the project will commence producing substantial revenue and cash flow for the company starting in the second half of 2024.
Lucas Wang, Chairman and Chief Executive Officer of Bit Origin commented, “We are very pleased to partner with ATW again, and this new financing is a critical component to fund our new Auspice Project. We are excited that the Auspice Project will adopt eco-friendly immersion cooling technology and we are honoured to have ATW to support our vision.”
The Project Auspice is a 25 MW crypto mining data center located in Cheyenne Wyoming, where electricity supply is abundant as well as stable and the weather condition is favourable to crypto mining. The Company owns 55% interests of the Project Auspice with the remaining interests owned by ATW and certain other investor. The Project adopts advanced immersion cooling technology, which has low noise, low energy consumption and strong heat dissipation capacity. The Project Auspice will also have a professional team to provide operation and maintenance technical services to ensure the stable operation of the data center. The Company has finalized the budget preparation, project plans, and design drawings of the project. The Company expects to complete it in early Q2 2024. Upon completion, the project can host around 4,480 to 8,400 bitcoin miners depending on the types of the miners.
About Bit Origin Ltd
Bit Origin Ltd, formerly known as China Xiangtai Food Co., Ltd., is an emerging growth company operating in the United States and engaged in the cryptocurrency mining business. The Company is also actively deploying blockchain technologies alongside diversified expansion strategies. For more information, please visit https://bitorigin.io.
About ATW Partners LLC
ATW Partners is a New York-based hybrid venture capital/private equity firm that focuses on investing in high quality companies at various stages. Investors choose ATW for our unique and disciplined investment process targeting high risk-adjusted returns. We invest in debt and equity and offer investment flexibility to our portfolio companies with tailored investment structure solutions.
