OLB Group plans spin-off of bitcoin mining unit DMint

OLB Group Inc. (NASDAQ: OLB) announced plans to spin off its digital asset mining subsidiary DMint Inc. into a separate publicly traded company, according to a company statement.

Current OLB shareholders will receive DMint shares on a pro rata basis as of a record date to be determined. The shares will be distributed directly to existing brokerage accounts through the Depository Trust Company system without requiring shareholder action.

DMint will simultaneously conduct a public offering under Form S-1 filing 333-292762. Following the offering, OLB shareholders will receive the remaining DMint shares proportionally based on their OLB holdings.

After the spin-off, OLB will focus on payment processing, merchant services, and e-commerce solutions. DMint will operate as an independent bitcoin mining company with facilities in Selmer, Tennessee.

DMint plans to use proceeds from its public offering to acquire mining equipment, expand power and hosting capacity, scale operations at its Tennessee facility, and strengthen working capital.

The company filed Form S-1 registration statements numbered 333-282740 and 333-292762 with the Securities and Exchange Commission for the transaction.

OLB's current leadership team will continue overseeing operations after the spin-off. DMint will function independently with management focused on bitcoin mining operations.

The transaction is subject to regulatory approvals, market conditions, and Nasdaq listing approvals. The company has not specified a completion timeline for the spin-off.

You May Also Be Interested In