The renowned blockchain company, Valereum, recently reported that the company was selling its mining assets to Vinanz Limited. Valereum is set to achieve a 24% stake in Vinanz Ltd. as a part of the deal. Valereum hopes to expand its Gibraltar Stock Exchange through this deal.
Valereum remarked that the sale of its Bitcoins depended on whether Vinaz will be listed on a stock exchange. Last week, the value of Valereum shares was slashed by about 13%.
In a statement, Valereum representatives remarked that this was a strategic reorganization step. According to Valereum, this step will allow them to focus on the acquisition of the Gibraltar Stock Exchange and subsequent expansion of the same. Valereum also mentioned the launch of their non-fungible token (NFT) program.
Valereum representatives were of the opinion that by investing in a company solely focused on crypto mining and distribution, Valereum would be subjected to crypto market risks.
Earlier this year, Valereum had announced its plans to invest in purchasing 90% of the Gibraltar Stock Exchange. In this move, Valereum would have no representatives on the board of Vinanz Ltd.
David Leningas, the chairman of Vinanz Ltd., said that by acquiring Valereum’s mining assets Vinanz will emerge as an operating company with BTC miners. According to Leningas, this is a great time to invest in Bitcoins despite the recent losses in the bitcoin market.
The biggest crypto assets token, bitcoin, has seen its price drop by around 70% since its November high of USD 69,000.