BitVentures has started a crypto mining business in the US just weeks after changing its name. This is the company’s first step into digital assets after years of losing money.
BitVentures Limited has entered the cryptocurrency mining market, launching a new digital assets business less than two weeks after renaming to reflect its new focus on blockchain-related projects.
According to a report from Investing.com on Friday, the Hong Kong-based IT company stated it had bought fleets of mining hardware from Bitmain, including three types of Antminer machines, to mine Bitcoin (BTC$90,523), Litecoin (LTC$81.03), and Dogecoin (DOGE$0.14).
The company said that the purchase includes 0.5 megawatts of electrical capacity in data centres in the United States. The mining equipment is planned to be set up later this month.
From santech holdings to BitVentures
BitVentures indicated that the mining business is the basis for a larger digital assets strategy. They also said that they plan to grow into other parts of the industry, such as staking and node operations, but they didn’t give any more information.
BitVentures was called Santech Holdings until December, when it traded on Nasdaq under the ticker STEC. The US Securities and Exchange Commission (SEC) said that the company formally changed its name to BitVentures and took on the ticker BVC on December 24.
Before the name change, Santech was mostly a holding company for technology companies. It had investments in early-stage technology, e-commerce platforms, and consumer-focused digital services, but not in blockchain or cryptocurrencies.
The Company believes that the new name fits well with its vision and focus on developing and investing in early-stage technology ventures.
A risky corporate turn toward digital assets
A strange bet. BitVentures Limited is not the first publicly traded company that has recently moved into digital assets. More and more corporations are trying to get into cryptocurrencies, typically to save failing businesses or stop long-term drops in their share prices.
Mill City Ventures, a nonbank lender, Upexi, a consumer goods company, and Nature’s Miracle, an agricultural technology company, are some other publicly traded companies that have started using digital asset treasury tactics.
The price of BitVentures’ stock has dropped a lot. Yahoo Finance says that the company’s lifetime return as a public issuer is about negative 89%.
The company’s fundamental financial performance helps explain why it changed its strategy. BitVentures made no money in the first half of fiscal year 2025, down from $17.4 million in the same time period a year earlier. This drop in revenue was because the company stopped doing asset management and wealth management.