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Valereum PLC on Thursday said it will sell its bitcoin mining assets to Vinanz Ltd in exchange for a 24% stake in the company.
The Gibraltar-based company, focused on linking US dollars and sterling into the world of crypto currencies, said that this is part of a strategic reorganisation. The company now plans to focus on the acquisition and expansion of the Gibraltar Stock Exchange and the launch of its non-fungible token programme.
‘However this also provides Valereum with a significant exposure to crypto markets through a substantial holding in a company focussed solely on crypto mining and distribution,’ it added.
Under the agreement, Valereum will have no representatives on the Vinanz board.
The contract is conditional upon Vinanz listing on a recognised stock exchange, Valereum added.
Chair Richard Poulden said: ‘The final Bitcoin is expected to be mined in approximately 2140 but the supply will steadily be constricted as we approach that date. Estimates of the final value of Bitcoin as this date approaches are as high as $150,000 per coin and we remain convinced that this is a valuable and substantial play on crypto currency in general.’
Shares in Valereum were untraded at 21.00 pence each in London on Thursday afternoon.
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