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SOS Shares Drop 7% After JV for Cryptocurrency Mining Operations

06/21/2021 | 11:11am EDT

By Chris Wack

SOS Ltd. shares were down 7% to $3.39 Monday after the company said it entered into an agreement with New Jersey-based limited liability company Niagara Development LLC for a joint venture to be based in Niagara, Wisconsin.

The joint venture, FD LLC, is expected to carry out cryptocurrency mining operations and construct an international standardized Digital Super Computing Custody Operation Center, SOS said.

Niagara Development will be responsible for providing up to 150 megawatts of electricity, including electricity generated from renewable sources, and construction the Digital Super Computing Custody Operation Center. SOS said that it will be responsible for the management, operations and financing of the joint venture.

In response to developments in the laws and regulations pertaining to blockchain operations in China, SOS has begun shifting its bitcoin mining operations to the U.S. The majority of SOS' China operations, namely, its insurance businesses, call centers and ethereum mining businesses, remain unaffected and fully operational.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

06-21-21 1110ET

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