Acquisition

Kaixin plans crypto mining expansion amid Bitcoin’s new all-time high

Published

5 months ago

November 17, 2024

Chinese electric vehicle manufacturer Kaixin is looking for a strategic shift with plans to acquire a controlling stake in a Middle Eastern cryptocurrency mining operation.

The announcement depicts a major jump and diversification from its traditional automotive business.

Kaixin in advanced stages of acquisition

According to Kaixin’s press release, the Beijing-based company is in advanced stages of evaluating the potential acquisition.

The target operation features cost-efficient Bitcoin mining machines and provides comprehensive cloud hosting services to meet growing industry demand.

Kaixing stated that the facility’s key advantage lies in its access to stable, long-term energy supplies. The company stated that this is crucial for maintaining profitable operations.

This energy security aspect appears to be a primary driver behind the strategic choice of location.

Kaixin currently operates as a leading new energy vehicle manufacturer in China. The company maintains professional teams across R&D, production, and marketing.

Unlike many traditional automotive companies, Kaixin’s move into cryptocurrency mining represents a different and bold strategic pivot.

The company aims to use its existing expertise in sustainable operations while expanding into the crypto sector.

Kaixin stated in its press release:

“This acquisition represents our commitment to exploring new growth avenues while maintaining our core automotive excellence.”

However, the exact timeline for when the deal will close remains unclear as the company continues its evaluation process.

The global crypto market cap has also surged past $3.04 trillion as Bitcoin (BTC) has created new all-time highs in the past few days. Alongside BTC, several other altcoins have exhibited double-digit gains in the last seven days.

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Acquisition

Hex Trust buys Byte Trading to draw institutional investors

Published

2 months ago

February 15, 2025

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Hex Trust, a digital asset financial services provider, has acquired Byte Trading for an undisclosed price.

The move aims to enhance Hex’s markets and prime services for institutional investors while marking a new milestone in the startup’s evolution from a custodian to a full-service financial institution.

The agreement, announced Friday, follows Hex Trust’s launch of E-Trading in November 2024 and a recent funding round with Morgan Creek Digital, bringing its total capital raised to over $100 million. By integrating Byte Trading’s low-latency trading platform into its secure, regulated infrastructure, Hex Trust aims to offer seamless execution and expanded institutional-grade services.

“The acquisition of Byte Trading marks another important milestone in Hex Trust’s strategic development,” Hex Trust CEO Alessio Quaglini said in a prepared statement. “Their best-in-class technology accelerates our transformation, empowering us to meet the growing demands of institutional investors in the digital assets space.”

Hex Trust’s expansion goes beyond custody and staking, with the company launching HT Market MENA in December, enabling institutional investors to convert crypto to fiat through its licensed custody platform. The firm also recently partnered with DeFi protocol Clearpool to introduce Ozean, a blockchain platform focused on real-world asset yield.

Whether Hex’s efforts will pique the interests of institutional investors remains to be seen. According to a recent JPMorgan Chase survey, 71% of investors plan to avoid cryptocurrency in 2025.

What’s next for Hex Trust

As Hex Trust continues to scale its institutional offerings, this acquisition signals the company’s aggressive growth strategy for 2025, with further expansion plans on the horizon.

Hex Trust holds three Virtual Asset Service Provider licenses from Dubai’s Virtual Asset Regulatory Authority (VARA). The company covers custodial services, brokerage and dealing, and virtual asset management—under which HT Markets MENA FZE operates.

The firm also offers OTC trading solutions, corporate treasury risk management, and deep liquidity access.

Since opening its Dubai office in June 2022, Hex Trust has focused on expanding in the MENA region while collaborating with VARA to ensure a secure crypto trading environment.

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