SOLAI Ltd

SOLAI Limited operates as a cryptocurrency mining enterprise. The company began operations in the online lottery service industry in 2001 through E-Sun Network Co., Ltd. in Shenzhen, China. E-Sun Sky Network Technology Co., Ltd. became the major operating entity for online lottery services in May 2006. The company was incorporated in the Cayman Islands on April 20, 2007, as Fine Success Limited, later changing its name to 500wan.com on May 9, 2011, then to 500.com on October 8, 2013, and finally to SOLAI Limited in April 2021. Its ADSs began trading on the NYSE under the ticker "WBAI" on November 22, 2013, with 6,653,900 ADSs, representing 66,539,000 Class A ordinary shares, sold at US$13.00 per ADS. The ticker symbol changed to "BTCM" in April 2021. The company voluntarily suspended online sports lottery sales services on April 4, 2015, and transitioned to cryptocurrency mining starting in December 2020. Since December 2020, SOLAI Limited has purchased cryptocurrency mining machines, acquired a mining machine manufacturer, invested in a cryptocurrency mining data center in Ohio with an aggregate power capacity of 82.5 megawatts, and acquired cryptocurrency mining data centers and Bitcoin mining machines in Ethiopia. In December 2020, the company entered a share subscription agreement with Good Luck Information Technology Co., Limited for the issuance and sale of newly issued Class A ordinary shares.