Why The9 crypto Stock surged Yesterday?
Why The9 Limited Stock surged Yesterday?
The9 Appointed Cai ZhiFang as the CEO of NBTC Limited to Lead the Development of Blockchain and Cryptocurrency Business.
Mr. Cai is an early pioneer in the blockchain industry. In 2013, Mr. Cai co-founded YiBit Digital Technology Company Limited, one of the earliest integrated platforms in blockchain industry in China.
In 2015, Mr. Cai served as the general manager of WeiTui Technology Limited Company, which self-operated Bitcoin mining by the purchase of AvalonMiners from Canaan.
The peak hash rate managed by Mr. Cai at that time accounted for nearly 4% of the global hash rate of Bitcoin.
Afterwards Mr. Cai established a strategic partnership with Canaan, responsible for assisting its customers in establishing, operating and maintaining AvalonMiners. At that time Mr. Cai managed and operated more than 300,000 AvalonMiners, with an accumulative hash rate exceeding 5,000 PH/S, accounted for nearly 5% of the global hash rate of Bitcoin at that time.
finance.yahoo.com/ne...g-ceo-083000957.html
The9 Appointed Cai ZhiFang as the CEO of NBTC Limited to Lead the Development of Blockchain and Cryptocurrency Business.
Mr. Cai is an early pioneer in the blockchain industry. In 2013, Mr. Cai co-founded YiBit Digital Technology Company Limited, one of the earliest integrated platforms in blockchain industry in China.
In 2015, Mr. Cai served as the general manager of WeiTui Technology Limited Company, which self-operated Bitcoin mining by the purchase of AvalonMiners from Canaan.
The peak hash rate managed by Mr. Cai at that time accounted for nearly 4% of the global hash rate of Bitcoin.
Afterwards Mr. Cai established a strategic partnership with Canaan, responsible for assisting its customers in establishing, operating and maintaining AvalonMiners. At that time Mr. Cai managed and operated more than 300,000 AvalonMiners, with an accumulative hash rate exceeding 5,000 PH/S, accounted for nearly 5% of the global hash rate of Bitcoin at that time.
finance.yahoo.com/ne...g-ceo-083000957.html
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However, a word of caution regarding valuation: According to a Jan. 4 press release, The9 issued over 200 million warrants redeemable for one share of common stock each -- this is equivalent to almost 7 million ADS. Most of these warrants could be exercised at just $3.70 per ADS. The rest of the warrants can be exercised at $8 per ADS. Considering The9 stock trades around $35 per ADS as of this writing, the warrants were in the money long ago.
Therefore, it's possible for the owners of the warrants to exercise them and sell shares for a profit. For that reason, be aware that there could be a lot of sellers of The9 stock in the near term.
Therefore, it's possible for the owners of the warrants to exercise them and sell shares for a profit. For that reason, be aware that there could be a lot of sellers of The9 stock in the near term.