Chinese public telecom provider Coolpad Group allocates $13.5m to buy Bitcoin mining rigs

Shenzhen-based telecommunications equipment company Coolpad Group announced that it has purchased $13.5 million worth of crypto mining rigs.

Coolpad Group, a Chinese publicly traded telecom provider listed on the Hong Kong Stock Exchange, said in a regulatory filing that the firm is currently “actively pursuing web 3.0 digital opportunities” for more than HK$106 million (about HK$13 million) to purchase Bitcoin mining rigs. He said he had over-allocated $.5 million) to the foreign exchange business.”

According to the document, Coolpad plans to purchase 2,700 crypto mining rigs from Hong Kong-based JingYun Intelligent Technology Limited, which are planned to be distributed in North America. The document does not specify the manufacturer of the equipment. This investment aims to increase Coolpad’s current computing power from 873,000 TH/s to an estimated 1,504,800 TH/s.

The document stated that the transaction is expected to be completed within three months.

Coolpad Group first announced its focus on crypto in early May, announcing a $28 million investment plan aimed at purchasing shares of publicly traded Bitcoin mining companies listed on Nasdaq. The company has expressed interest in purchasing shares of organizations such as CleanSpark (CLSK), ARK 21Shares Bitcoin ETF (ARKB), Bitwise Bitcoin ETF (BITB), Grayscale Bitcoin Trust (GBTC), and Hashdex Bitcoin Futures ETF (DEFI), among others. .

Highlighting current market trends and the promising future of blockchain technology and crypto assets, Coolpad emphasized in a regulatory filing that investments in listed securities in the crypto sector present an “opportunity” to expand its digital currency business.