Valereum to end bitcoin mining to focus on Gibraltar exchange

As part of ambitions to buy and develop the Gibraltar Stock Exchange, blockchain startup Valereum said on Thursday that it was selling its bitcoin mining assets to Vinanz Ltd for a 24% share in the business.

Vinanz's stock market listing is a requirement for the sale of Valereum's bitcoin assets, according to the company, which provided no transaction value.

At 10:30 GMT, Valereum shares were down 13%

Since hitting a record high of $69,000 in November, the price of bitcoin, the largest cryptoasset unit, has dropped by around 70% in recent months. It is now available for $23,509.

The purchase and growth of the Gibraltar Stock Exchange and the upcoming rollout of our NFT (non-fungible token) program are the two main goals of this strategic reorganization, according to a statement from Valereum.

However, since Valereum has a sizable stake in a business that is completely dedicated to mining and distributing cryptocurrencies, this also gives the corporation considerable exposure to the cryptocurrency markets.

In order to establish what it claimed the world's first exchange to "bridge" equities and cryptoassets, Valereum announced in January that it would acquire 90% of the Gibraltar Stock Exchange.

No representation from Valereum would sit on the Vinanz board

According to Vinanz Chairman David Lenigas, "the purchase of Valereum's BTC miners implies that Vinanz will start life as a functioning corporation with miners and BTC in its wallet."

The board of Vinanz believes that now is a fantastic moment to expand a sizable BTC company despite recent price declines in the fluctuating Bitcoin price, according to Lenigas.