The9 Shares Pop On Cryptocurrency Mining Joint Venture
- Internet company The9 Ltd (NASDAQ: NCTY) subsidiary NBTC Limited and Kazakhstan's LGHSTR Ltd inked a non-binding investment memorandum to establish a joint venture in Kazakhstan.
- NBTC will own a 51% stake in the joint venture, with LGHSTR accounting for the remaining 49%. NBTC will control the joint venture board.
- The joint venture aims to invest and build cryptocurrency mining sites with a total capacity of 200MW within two years.
- The joint venture will also carry out the operation and maintenance of cryptocurrency mining machines in Kazakhstan.
- Price Action: NCTY shares traded higher by 5.51% at $13.60 in the premarket session on the last check Friday.
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