Kaixin Holdings Plans to Acquire Controlling Stake in Middle East Mining Company

Chinese electric vehicle manufacturer Kaixin Holdings is in advanced talks to acquire a controlling stake in a Middle East-based cryptocurrency mining company. This move is part of a business diversification strategy to enter the rapidly growing cryptocurrency market.

The acquisition would grant Kaixin access to mining facilities with a total hash rate of 5 EH/s and long-term stable energy supplies in the region. The deal is estimated at $200 mln, making it one of the largest in the industry over the past year.

Experts believe this will strengthen Kaixin Holdings’ position in the global market and could increase the company’s annual revenue by 25% over the next two years.