Why Cryptocurrency Mining Company LM Funding America Shares Are Down Today - LM Funding America (NASDAQ:LMFA)

Why Cryptocurrency Mining Company LM Funding America Shares Are Down Today – LM Funding America (NASDAQ:LMFA)

28 December 2023

in Mining

Reading Time: 3 mins read

December 28, 2023 11:40 AM | 1 min read

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LM Funding America Inc (NASDAQ:LMFA) shares are trading lower by around 12% after it disclosed an agreement to sell Symbiont‘s blockchain technology to Platonic Holdings Inc. for $2 million.

The sale price will be held in escrow until Dec. 26, 2024, and LMFA will acquire the assets of Symbiont.IO as debtor in possession in its Chapter 11 bankruptcy case and record them on the company’s books.

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“We believe this transaction provides the Company with the necessary funds to grow our bitcoin mining business, including the acquisition of more mining equipment, in preparation for the anticipated Bitcoin halving event for the second quarter of 2024,” Bruce Rodgers, chairman and CEO of LM Funding, said,

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“Additionally, the transaction provides the Company with extra working capital to strengthen our balance sheet,” Rodgers added.

In November, LMFA achieved third quarter (Q3) revenue growth of over 1,720% Y/Y to $3.4 million.