In This Article:
Beijing, Dec. 13, 2024 (GLOBE NEWSWIRE) -- AGM Group Holdings Inc. (“AGM Holdings” or the “Company”) (NASDAQ: AGMH), an integrated technology company specializing in the assembling and sales of high-performance hardware and computing equipment, has announced today that the Company, through its wholly owned Hong Kong subsidiary AGM Technology Limited, entered into a purchase agreement (the “Agreement”) to acquire 2,000 units of Bitcoin (“BTC”) mining machines from Canaan Creative Global Pte Ltd. (“Canaan”), a Singapore-based company. This transaction strategically aligns with AGM Holdings’ long-term vision to focus on the rapidly evolving digital assets market and to further advance innovative technology.
Pursuant to the Agreement, the purchase of the 2,000 BTC miners became effective as of December 1, 2024. Additionally, the Company has secured an option to acquire up to approximately 30,000 additional BTC mining units, with a combined power capacity not exceeding 300 megawatts, valid until December 31, 2025.
This significant milestone underscores AGM Holdings’ commitment to strengthening its market presence in the fast-growing cryptocurrency sector. By capitalizing on the increasing demand for digital assets and leveraging its expertise in hardware and software solutions, the Company is well-positioned to capture emerging opportunities within the cryptocurrency and blockchain industries, driving sustainable growth and value creation for its stakeholders.
Canaan is a wholly owned subsidiary of Canaan Inc. Established in 2013, Canaan Inc. is a technology company focusing on ASIC high-performance computing chip design, chip research and development, computing equipment production, and software services. Canaan Inc. has extensive experience in chip design and streamlined production in the ASIC field. In 2013, Canaan's founding team shipped to its customers the world's first batch of mining machines incorporating ASIC technology in bitcoin's history under the brand name Avalon. In 2019, Canaan completed its initial public offering on the Nasdaq Global Market where it trades under the ticker CAN.
About AGM Group Holdings Inc.
AGM Group Holdings Inc. (NASDAQ: AGMH) is an integrated technology company specializing in the assembling and sales of high-performance hardware and computing equipment. With a mission to become a key participant and contributor in the global blockchain ecosystem, AGMH focuses on the research and development of blockchain-oriented Application-Specific Integrated Circuit (ASIC) chips, the assembling and sales of high-end crypto miners for Bitcoin and other cryptocurrencies. For more information, please visit www.agmprime.com.