SINGAPORE, Dec. 10, 2024 /PRNewswire/ -- BTC Digital Ltd. ("BTCT" or the "Company")(NASDAQ: BTCT), a blockchain technology company and a global leader in Bitcoin (BTC) mining, announced today the successful closing of a $20 million underwritten public offering.

The Company remains committed to scaling its mining operations with sustainable green energy solutions, enhancing its computing power deployment capabilities, and solidifying its leadership position in the industry. BTCT also plans to strengthen its in-house research and development capabilities to drive technological innovation.

Strategic Use of Funds: Accelerating Key Objectives

BTCT outlines the strategic deployment of the proceeds raised in the public offering to support its core goals in the following areas:

1. Infrastructure and Energy Expansion

• Mining Farm Expansion: The Company plans to construct and expand multiple mining farms in North America, focusing on enhancing the efficiency of its existing facilities. By leveraging green energy sources, BTCT aims to reduce carbon emissions and align with global sustainability goals. The Company projects its proprietary mining operations will reach a scale of 20 MW by mid-2025, providing stable support for both self-mining and hosting services while paving the way for future growth.

2. Computing Power Expansion

• New Mining Machine Deployment: The proceeds will also be used to deploy additional proprietary and hosted mining machines. This initiative is expected to significantly enhance computing power, further cementing BTCT's position as an industry leader in technology and service delivery.

3. R&D Investments

• Innovative Mining Machine Development: The Company plans to invest in the R&D of mining machines for alternative PoW cryptocurrencies, with a focus on improving mining efficiency and energy performance. This initiative aims to address the growing market demand for high-performance mining equipment and establish stronger technical barriers.

Message from Leadership

Mr. Peng Siguang, Founder and CEO of BTCT, commented:
"This offering marks a significant milestone as we aim for higher achievements. It will enable us to make breakthroughs in green energy applications, technological innovation, and customer service. Our mission is to promote sustainable development in the blockchain industry while creating greater value for our customers."

BTCT continues to lead by example in leveraging green energy and pioneering innovation to drive industry advancement.

About BTC Digital Ltd.

BTC Digital Ltd.is a blockchain technology company, with a long-term strategy to create value across the metaverse, blockchain and cryptocurrency mining industry. The Company is committed to developing blockchain related businesses in North America, including cryptocurrency mining, mining farm construction, mining pool and data center operation, and miner accessories business.

For more information, please visit: https://btct.investorroom.com/ 

Safe Harbor Statement

This news release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will", "expects", "anticipates", "future", "intends", "plans", "believes", "estimates", "target", "going forward", "outlook" and similar statements. Such statements are based upon management's current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company's control, which may cause the Company's actual results, performance or achievements to differ materially from those in the forward-looking statements.  Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.

SOURCE BTC Digital Ltd.