On the closing bell yesterday, shares of cryptocurrency-focused technology holdings company, Integrated Ventures Inc (OTCQB: INTV) soared 20.04% to $0.4001. In contrast to the 2.99M traded on average each month, the volume of the Integrated Ventures stock was 7.01M. After partnering and forging deals around digital currency efforts, INTV stock shot up.
What were those digital currency efforts?
The Integrated Ventures has announced it has entered a 12-month Sales and Purchase Agreement with BitMain Technologies Limited to acquire 4,800 Antminer Model S19J digital currency miner units.
- INTV has partnered with Wattum Management for this agreement.
- A total of 12 batches of 400 miners will be produced and shipped by Bitmain each month, starting in August 2021 and continuing until July 2022.
- INTV and Wattum agreed to acquire 4,800 units, on a 50/50 basis, and to pay Bitmain a total purchase price (TPP) of $34,047,600 under this agreement.
- Upon signing agreement, INTV has secured price protection against a decline into the future for 12 months.
- New models of S19JPro miners are also scheduled to be released early in 2022, so the agreement allows INTV the right to replace them with new ones.
- Payment of 25% of the TPP will be completed when the Sales Purchase Agreement is signed or by no later than April 19, 2021.
- 35 percent of the TPP must be paid by the end of May 2021.
- The remaining 40% of the TPP will be due on a monthly basis, starting June 2021.
INTV’s further plans:
In addition to its Bitmain purchase, Integrated Ventures (INTV) has purchased 150 WhatMiners, or “PO-2’s”, valued at $1,078,000. INTV will install these miners in container facilities connected to a major power plant located in Kennerdell, PA and managed by Wattum.