|Bid||19.18 x 800|
|Ask||19.24 x 800|
|Day's Range||17.80 - 19.75|
|52 Week Range||2.04 - 89.20|
|Beta (5Y Monthly)||1.29|
|PE Ratio (TTM)||1.71|
|Forward Dividend & Yield||N/A (N/A)|
|Ex-Dividend Date||Jan 29, 2009|
|1y Target Est||3.50|
Shares of The9 Ltd. slipped 0.1% in premarket trading Friday, after the China-based internet company said it was issuing shares to buy 2,000 units of AvalonMiners bitcoin mining machines, with a total has rate of about 100PH/S. The company said it will issue 8.13 million ordinary shares, which is the equivalent of 270,913 American depositary shares, to the mining machine sellers at a price of $24.81, which was the closing price on Wednesday ahead of the signing of the memorandum of understanding. That values the ADS issued at $6.7 million. The9 also said it has completed the signing of agreements for 12,246 bitcoin mining machines with a total hash rate of 288PH/S. The company will issue the equivalent of 312,928 ADS to the mining machine sellers. The9's stock has rocketed 702.3% year to date through Thursday, while the iShares MSCI China ETF has tacked on 2.0% and the S&P 500 has gained 9.1%.
The9 Limited (Nasdaq: NCTY) ("The9"), an established Internet company, today announced that it signed a legally binding Memorandum of Understanding (the "MOU") with an unrelated Bitcoin mining machine owner to purchase Bitcoin mining machines by the issuance of Class A ordinary shares. This batch of Bitcoin mining machines consists of 2,000 units of AvalonMiners with total hash rate of approximately 100PH/S. According to the MOUs, The9 will issue approximately 8,127,390 Class A ordinary shares (equivalent to 270,913 ADSs) to the sellers based on The9 share price of US$24.81 prior to the MOU, with a lock up period of 6 months. The number of Class A ordinary shares to be issued is subject to certain price adjustment mechanisms to be assessed 6 months after the signing of the definitive agreements. The9 will designate an independent valuation firm to conduct examination and assessment of the Bitcoin mining machine fair market value, and will make adjustment to the number of Class A ordinary shares to be issued if needed.
Bitcoin (CRYPTO: BTC), the world's most valuable cryptocurrency by market cap, hit its lowest price in over a week on Wednesday. Among those are companies that mine Bitcoin. For perspective, the price of Bitcoin is up roughly eight times from where it was this time last year, and it has almost doubled so far in 2021.