CEO Lawrence Lak notes the company intends to invest more in digital assets.
Less than two weeks after its rebrand, BitVentures Limited has expanded into cryptocurrency mining. The Hong Kong tech company has already acquired various mining hardware from Bitmain to mine Bitcoin, Litecoin, and Dogecoin.
Its mining fleet comprises Antminer S21 XP Hydro units, S21 XP air-cooled miners, and Antminer L9 machines, which are expected to provide 30 PH/s for Bitcoin and 0.5 TH/s for Litecoin and Dogecoin. All installations are expected to be completed by the end of this month.
It also secured 0.5 megawatts of power capacity across several US data centers. Not to mention, the firm is preparing to scale into broader digital assets activities, including future staking and node services, describing the start of its mining operation as a launchpad for its future services.
BitVentures expects full mining deployment in the first quarter, targeting Bitcoin and select altcoins while prioritizing efficient, high-end machines to manage market fluctuations. Lawrence Wai Lok, CEO of the company, has described the rollout as a proof-of-concept phase, adding that the company will gradually expand its operations over time.
He commented, “Subject to ongoing market conditions, the company intends to continue to invest in digital assets, and methodically scale its operations in tranches, creating a foundation for future expansion into broader digital asset services, including potential staking, node operations, and ecosystem partnerships.”
He added, “We believe that establishing an efficient mining footprint may position the company favorably to pursue broader opportunities within the digital asset ecosystem.”
Previously, BitVentures was formerly known as Santech Holdings and was listed on Nasdaq as STEC. The name change and ticker symbol change to BVC took effect on December 24. Before then, Santech’s core business had focused on technology investments, e-commerce platforms, and consumer-facing digital services, with no direct ties to blockchain or cryptocurrency.
The firm had noted in its rebranding filing, “The company believes that the new name aligns well with its vision and focus on developing and investing in early-stage technology ventures.” Before switching to the Santech name, it was Hywin Wealth, a leading independent wealth management firm in China and a major player in real estate investment products.
Over the past few months, several listed companies — including BitVentures — have turned to digital assets, raising crypto exposure as a potential remedy for business slowdowns and falling valuations.
Last summer, biotech company 180 Life Sciences switched to an Ethereum treasury strategy after its shares had lost around 99% of their value. Corporations across all sectors, from non-bank lending to consumer products and agri-tech, have turned their attention to digital asset treasury strategies, such as those employed by Mill City Ventures, Upexi, and Nature’s Miracle.
BitVentures’ stock has tumbled, with total returns since its IPO at approximately -89%, according to reports, a factor that may explain the company’s pivot. Stepping away from its wealth and asset management divisions resulted in the company generating no revenue in the first half of fiscal 2025.
Nonetheless, BitVentures’ stock recorded a significant 8%+ increase in intraday trading after the firm announced its strategic move into the digital assets space, indicating a notable shift in its business strategy.
The surge in share price came as investors increasingly bought into the company’s new bets in the cryptocurrency mining and broader blockchain-related services category — a portion of the tech industry that many investors see as high-growth, high-demand, and promising in the future.
