BitVentures Restricted has entered the cryptocurrency mining sector, launching a brand new digital belongings enterprise lower than two weeks after rebranding to mirror its new concentrate on blockchain-related ventures.
The Hong Kong–primarily based expertise firm mentioned it has acquired fleets of mining {hardware} from Bitmain, together with three sorts of Antminer machines, to mine Bitcoin (BTC), Litecoin (LTC) and Dogecoin (DOGE), in line with a Friday report from Investing.com.
The corporate mentioned the acquisition consists of 0.5 megawatts of energy capability throughout information facilities in the US, with deployment of the mining gear anticipated later this month.
BitVentures described the mining operation as the muse of a broader digital belongings technique and mentioned it plans to increase into different areas of the sector, together with staking and node operations, although it didn’t present extra particulars.
Till December, BitVentures operated below the identify Santech Holdings, buying and selling on Nasdaq below the ticker STEC. The corporate formally rebranded to BitVentures and adopted the ticker BVC on Dec. 24, in line with filings with the US Securities and Trade Fee (SEC).
Earlier than the rebrand, Santech functioned primarily as a technology-focused holding firm, with enterprise pursuits spanning early-stage expertise investments, e-commerce platforms and consumer-focused digital providers, relatively than blockchain or cryptocurrency-related operations.
“The Firm believes that the brand new identify aligns effectively with the Firm’s imaginative and prescient and concentrate on growing and investing in early-stage expertise ventures,” the submitting mentioned.
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A curious wager
BitVentures Restricted is way from the one publicly listed firm to pivot into digital belongings in current months, as extra enterprises search publicity to cryptocurrencies, typically in an effort to revive struggling companies or arrest extended share-price declines.
As Cointelegraph beforehand reported, biotech firm 180 Life Sciences pivoted to an Ethereum treasury technique final summer season after its inventory had fallen about 99%.
Different publicly traded firms which have adopted digital asset treasury methods embrace nonbank lender Mill Metropolis Ventures, client merchandise agency Upexi and agricultural expertise firm Nature’s Miracle.
BitVentures’ share worth decline has been dramatic. The corporate’s lifetime return as a public issuer stands at roughly adverse 89%, in line with information from Yahoo Finance.
The corporate’s underlying monetary efficiency helps clarify the strategic pivot. Throughout the first half of fiscal yr 2025, BitVentures reported zero income, down from $17.4 million in the identical interval a yr earlier, after exiting its asset administration and wealth administration enterprise strains.
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