Why Shares of The9 Limited Traded Sharply Higher Today
Shares of The9 Limited (NASDAQ: NCTY) traded sharply higher on Wednesday for a variety of reasons. As of noon EST today, the stock was up 10% after trading as much as 23% higher earlier in the session.
Yesterday, The9 announced new developments in its Bitcoin (CRYPTO: BTC) business. The company has signed agreements to purchase over 10,000 Bitcoin mining machines. To fund these purchases, it intends to issue 196,125 new American depositary receipts (ADRs) at $38.51 each. But the price per ADR and amount of new ADRs to be issued are subject to change over the next six months.
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Source Fool.com
