STOCKHOLM, Aug 3, 2018 /PRNewswire/ --
Stockholm IT Ventures AB (Frankfurt Stock Exchange: SVAB), a Swedish technology company and a full service financial institution focused on blockchain technology, today announced it has successfully raised more than EUR 5 million in its private institutional Bytemine (BYTM) token pre-sale round. This includes significant investments from Pecunio, a blockchain focused investment fund, as well as Netoil, Inc., a company owned by Roger Tamraz, Chairman of Stockholm It Ventures.
The funds realized from this private sale will enable Bytemine to commence the execution of its commercial activities and start creating value for the significant number of token holders.
The Board has taken into consideration the current crypto mining market, as well as the prices of cryptocurrencies and tokens, in general. As such, it has decided to amend the project's strategy to optimize and improve the use of capital for the benefit of token holders, which is as follows:
- In a bear market, as we are currently, where the cost of mining is greater than the value of the crypto being mined funds will be diverted into a variety of established and proven crypto trading strategies including futures. The board believes the market for trading in crypto futures is maturing, primarily led by CME Group, who currently account for five percent of all Bitcoin transactions. Stockholm IT Ventures has several solutions in place for trading crypto futures and are developing an in-house capability.
- In a bull market where mining is again profitable, the company will revert to deploying capital into the mining program to increase the liquid token assets and deploy them in a variety of vehicles in order to put the freshly mined assets to work. In order to prepare for these anticipated conditions, preparations continue at a number of hosting sites, as well we are setting up a new internal entity to support this activity. A smaller number of servers will be installed as a test environment to ensure the team and facilities are in place and ready to go.
- The hosted mining program will continue as planned. We are in final talks with a number of parties in regard to hosting existing server units. The revenue from these will be shared with the Bytemine token holders as previously planned.
Since Bytemine has raised sufficient funding for the short term and has amended its core strategy the Board has decided to postpone the crowdsale until the trading results have demonstrated a proven track record. At that time, the company will launch the crowdsale. The option will remain open for private sale clients to request tokens should they want to take part in the trial trading phase. The board believes that this strategy protects the commercial viability of Bytemine as well as the token against adverse market conditions, delivering enhanced value sooner to existing holders.
"Almost one month ago, I came on board Stockholm IT Ventures to deliver upon a unique vision, and made a commitment to this extraordinary opportunity with our Bytemine ICO," said Phillip Nunn, Managing Director of the Crypto Division of Stockholm IT Ventures. "Since that time, we have evolved as a company, undergoing a number of changes that increased our value to our shareholders, partners and other key stakeholders. This delay and new direction is a positive pivot. The early investor confidence we have demonstrated during the private sale is a testament to our team, its vision, and all of you who are on this exciting journey with us."
Furthermore, after a hugely successful airdrop, Bytemine is in discussion with a number of smaller token exchanges with a view of listing the token in the near future. This will give liquidity and trading volume to the asset. Those that have received tokens via the airdrop will be able to trade ahead of the main crowd sale.
About Stockholm IT Ventures AB
Stockholm IT Ventures AB is a Swedish public company listed on the Frankfurt Stock Exchange since 2014 under the ticker symbol SVAB. The company focuses on clean and efficient low-cost energy cryptocurrency mining and production, and in blockchain related technology. All mining activities shall use clean and sustainable energy from hydro power stations in Northern Europe, requiring less heat-generating energy compared to ordinary mining for Bitcoin. The Stockholm IT Ventures stock represents a green investment in cryptocurrency technology. For more information, visit www.stockholmit.co. You can also find them on Facebook, Twitter and LinkedIn. Details on the company's Bytemine (BYTM) token and White Paper can be found here: www.bytemine.io.
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SOURCE Stockholm IT Ventures