BIT Mining to sell subsidiary Loto Interactive as it expands in the US

Quick Take

  • BIT Mining is selling the majority shares of Loto Interactive, a subsidiary through which it used to control three bitcoin mining sites in China, prior to the government’s crackdown last year.
  • Loto Interactive used to operate as an online lottery business and transitioned into bitcoin mining.

Bitcoin mining firm BIT Mining, formerly known as 500.com, is selling its majority share of Loto Interactive, which began as an online lottery business and shifted to bitcoin mining in 2019.

The company announced Tuesday that it entered into a sale and purchase agreement with an unnamed third party for 51% of Loto Interactive's shares. After the deal, it will maintain an 8.79% stake.

BIT Mining explained that the move aligned with the company's plans to keep expanding in the