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by Stockwatch Business Reporter
The TSX Venture Exchange lost 43.36 points to close at 1,039.60 Tuesday. Harry Pokrandt's first capital pool shell, Baltic I Acquisition Corp. (BLTC: halted), plans to acquire a bitcoin miner called Enigma Holding AG for the shell's qualifying transaction. The acquisition terms are not yet available.
Enigma operates in Texas and points out that this state has cheap electricity. As many investors discovered in 2018, electricity bills tend to eat up the profits from cryptocurrency mining, making this sort of operation viable only when cryptocurrency values are sky high. Bitcoin hit its all-time peak of $57,489 (U.S.) two days ago. It is now worth $47,846 (U.S.). In connection with Enigma's going public, the company plans to raise $20-million, no terms yet.
The founder and chief executive officer of Enigma is Jakov Dolic of Switzerland. He co-founded and was the CEO of another bitcoin miner, Genesis Mining Ltd., also called Genesis Mining Technologies Corp. or Genesis Group Ltd. Mr. Dolic left Genesis in 2017 to form Enigma. His Genesis co-founder, Marco Streng, is still there with the company. Genesis is now working on going public through Frank Giustra's NEX shell, Butte Energy Inc. (BEN: halted).
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