By Connor Hart
The OLB Group will spin off its bitcoin mining arm DMint in a move that it said will increase each company's business focus, alleviate market confusion and attract new investors.
The New York fintech company began exploring a separation in 2021, beginning with the formation of DMint as a new holding subsidiary company, according to a Securities and Exchange Commission filing Tuesday.
OLB didn't say how many common and Class A shares of DMint that its stockholders would receive per share.
DMint reported a loss of $3.4 million on revenue of about $335,000 for its fiscal-year ended Sept. 30, compared with a loss of $5.7 million on revenue of almost $539,000 a year earlier.
Following the spin off, OLB and DMint will be separate publicly traded companies, and OLB doesn't expect to own any of DMint's common shares. DMint said it will apply to list its common shares on the Nasdaq under the ticker symbol DMNT.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
December 31, 2024 16:48 ET (21:48 GMT)
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