NMHI Stock Soars On Majority Stake Acquisition Plan In J&Y Marigold To Boost Bitcoin Mining: Retail Applauds
By Stocktwits Inc | First Published Dec 16, 2024, 8:31 PM ISTNMHI will purchase 90% of the fully-diluted shares of J&Y Marigold for an aggregate purchase price of up to $5.32 million.
Shares of vertical farming technology and infrastructure firm Nature's Miracle Holding Inc (NMHI) surged over 38% on Monday morning after the firm announced it entered a stock purchase agreement last week to acquire a 90% equity interest in J&Y Marigold.
The agreement was made through its wholly owned subsidiary, NM Data Inc. JY Marigold is a Toronto-based company currently developing a Bitcoin mining facility with an anticipated power load of 14 megawatts (MW).
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NMHI said that by securing a controlling stake in J&Y Marigold, it aims to strengthen its Bitcoin mining capacity further.
NMHI will purchase 90% of the fully diluted shares of J&Y Marigold for an aggregate purchase price of up to $5.32 million.
The transaction's first phase (9MW) will likely close in the first quarter of 2025, while the second phase (5MW) will close in the second quarter of 2025.
After completion, Nature’s Miracle will have a bitcoin mining facility at this location with a total capacity of 14 MW by the first half of 2025.
NMHI CEO James Li said the strategic acquisition will help the company expand beyond its core focus on agriculture technologies and solidify its foundation in the cryptocurrency industry.
“The global cryptocurrency market is experiencing unprecedented growth, fueled by increasing adoption and heightened institutional interest,” he said. “This acquisition represents a vital step in our broader strategy to foster diversified growth, enhance operational capabilities, and seize new opportunities in a fast-evolving global landscape.”
Following the announcement, retail sentiment on Stocktwits jumped into the ‘bullish’ territory (69/100) from ‘neutral’ a day ago. The move was accompanied by ‘high’ message volume.
Most retail chatter indicated an optimistic take on the stock.
NMHI shares have declined over 96% since the beginning of the year.
For updates and corrections, email newsroom[at]stocktwits[dot]com.<
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