ASX-listed investment company, Chapmans Limited (ASX:CHP), has finalised its $2.55m Investment into Canadian crypto mining company, GPU.One.
The deal gives Chapmans Limited a 19.99% stake in the company.
GPU.One will use the capital injected by CHP for the following:
- The purchase of current operations site Mirabel, a three-storey, 100,000 square foot site with current capacity of 5 megawatt (MW) capacity, which can be increased up to 18MW.
- The purchase of an additional property located at Bae Comeau, a single-storey, 40,000 square foot site with current capacity of 15MW; and
- The acceleration of the company’s growth plan which is being implemented to accommodate larger-than-forecasted demand from third parties requiring data processing and cryptocurrency mining services
The operation will have the capability of mining leading cryptocurrencies such as Bitcoin, Ethereum, and Litecoin.
In an announcement to the ASX today, Chapmans Limited Executive Director, Anthony Dunlop said:
“It is an exciting addition to our investment portfolio following on from our previous investments in blockchain technology and the establishment of our Blockchain Advisory Board last year.
“We see blockchain as in keeping with our commitment to invest in cutting-edge technology with large scale growth potential.”
The market announcement couldn’t stop CHP shares sliding 11% lower to close at $0.08.