Bitmain Turns to Asia as DL Buys $21.9M of Miners

Hong Kong–listed DL Holdings acquires 2,200 Antminer S21XP Hydro units for $21.9M from Evergreen Wealth, boosting its hashrate to 1.04 EH/s.

DL secures Antminer deal

Bitmain is shifting its sales focus from U.S. inventory toward Asia as demand for ready-to-run hashrate cools in North America. DL Holdings, listed in Hong Kong, announced it will purchase 2,200 Antminer S21XP Hydro miners from Evergreen Wealth for $21.85 million.

The deal represents 1.04 EH/s of computing power at $21/TH/s. The machines are already located in the United States and prepared for hosting. DL will issue zero-coupon convertible bonds, 40 million warrants, and up to 13.4 million earn-out shares tied to performance metrics. The structure could dilute its equity base by up to 6%.

Expanding hashrate with Bitmain subsidiaries

DL also signed letters of intent with Bitmain subsidiaries in Oman and Singapore to acquire another 2,995 units for $19.2 million. Financing will come from recent placements and potential Antalpha credit lines.

The company targets 2.1 EH/s of mining capacity, projecting 350 BTC in annual production and building reserves of over 1,000 BTC within three years. Hosting is expected across the U.S., Oman, and Paraguay, aligning with Bitmain’s global facilities.

Market impact and long-term outlook

Completion of the Evergreen transaction is subject to shareholder approval, with executive chairman Chen Ningdi — who controls 47% of shares — pledging support.

The deals highlight Bitmain’s strategy to offload excess U.S. inventory while expanding its presence in Asia. DL is branding itself as Hong Kong’s first “bitcoin hashrate stock,” conserving cash through an all-scrip financing structure and aligning vendor incentives with growth.