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In an attempt to create one of the world’s first publicly traded bitcoin transaction verification companies, Bitcoin Shop, Inc. (BTCS) and Spondoolies-Tech, Ltd. have announced that they are in the process of merging.
By merging, BTCS, which recently launched its own mining farm, would gain access to the technology of one of the top hardware providers in the ecosystem.
The deal is an all-stock deal that will result in BTCS owning 53 percent of the combined company. This is due to the recent $1.5 million investment in Spondoolies that took place in May, which was a first step in completing the merger. This initial investment by BTCS bought it 6.6 percent equity interest in Spondoolies based on a pre-money valuation of $21.2 million.
By merging, BTCS, which recently launched its own mining farm, would gain access to the technology of one of the top hardware providers in the ecosystem.
The deal is an all-stock deal that will result in BTCS owning 53 percent of the combined company. This is due to the recent $1.5 million investment in Spondoolies that took place in May, which was a first step in completing the merger. This initial investment by BTCS bought it 6.6 percent equity interest in Spondoolies based on a pre-money valuation of $21.2 million.
Full story: https://bitcoinmagazine.com/20792/bitcoin-shop-inc-btcs-spondoolies-tech-move-forward-merger/