A publicly listed Chinese conglomerate has decided to divest its traditional operations in China and shift its focus entirely to Bitcoin (BTC) mining by selling its auto financing branch to an entity linked to its peer, Bitmain, as reported by industry sources.
The company has entered into an agreement to transfer its legacy auto financing business in China to Ursalpha Digital Limited for a sum of $352 million, according to the report.
Additionally, Bitmain is set to transfer 32 exahashes per second (EH/s) to this firm, effectively bringing Bitmain’s mining assets into the public domain.
Exahashes are a measure of a miner’s output to the Bitcoin network’s hashrate, representing the total computational power used to secure the network.
The report mentions that Ursalpha Digital Limited shares the same corporate address and founding director as Antalpha, an entity ultimately under the control of the chairman of Bitmain.
Proxies for the company’s shares on the NYSE have risen by 25% this month. Source: Google Finance
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Connection to the Trump family
Bitmain has faced scrutiny from the US government following the blacklisting of its AI affiliate, Sopghgo, as reported by various outlets.
It has been noted that Bitmain has a partnership with American Bitcoin, a mining firm linked to the Trump family that was formed in March in conjunction with a deal involving Hut 8, which provides power and computing infrastructure.
On March 31, Hut 8 acquired a majority stake in American Bitcoin (previously known as American Data Centers), whose founders include Donald Trump Jr. and Eric Trump, the sons of former President Donald Trump.
Hut 8 has moved its Bitcoin mining equipment to American Bitcoin, which is considering an initial public offering (IPO), as reported.
These companies stated that American Bitcoin will focus on cryptocurrency mining, while Hut 8 is set to concentrate on data center infrastructure for applications such as high-performance computing.
In 2025, Bitcoin mining stocks have faced challenges due to declining cryptocurrency prices and pressures on business models triggered by the Bitcoin network’s halving event in April, according to a JPMorgan research note.
Every four years, the amount of BTC generated per “block” — a collection of transaction data logged on the blockchain — is halved. The recent halving reduced mining rewards from 6.25 BTC to 3.125 BTC per block.
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