Bitmain Pivots to Asia as DL Holdings Strikes $21.9M Deal for 1.04 EH/s of Bitcoin Miners
Bitmain appears to be recalibrating its sales strategy for ready-to-run hashrate in the U.S., targeting new entrants in Asia as North American institutions cool on large-scale bitcoin mining expansions.
Hong Kong–listed DL Holdings Group announced Sunday that it will acquire 2,200 Antminer S21XP Hydro units from Evergreen Wealth for $21.85 million, representing a combined computing power of about 1.04 EH/s for $21/TH/s. The machines are already stationed in the United States and ready for deployment and hosting, according to the announcement.
DL Holdings, whose market capitalization is about HK$5.42 billion (≈ $697 million) as of the latest trading data, is using a securities-based structure for the deal. The company will issue zero-coupon convertible bonds equal to the purchase amount, 40 million warrants, and up to 13.4 million earn-out shares tied to uptime, delivered hash rate, or future share price performance, which together could dilute its share base by up to ~6%.
Evergreen Wealth is a British Virgin Islands–incorporated investment firm controlled by Chiu Chang-Wei, who also serves as a director of Bitmain-affiliated Antalpha and Antpool. DL emphasized in its filing that Chiu and Evergreen are independent third parties with no formal ties to the group.
In parallel, DL signed binding letters of intent with two indirect Bitmain subsidiaries—BM1 in Oman and BM2 in Singapore—to purchase an additional 2,995 machines for a combined $19.2 million. DL said those deals may be financed with proceeds from a recent placing and potential credit lines from Antalpha.
The company framed the acquisitions as a step toward scaling its bitcoin mining operations to 2.1 EH/s of capacity, with ambitions to generate 350 BTC annually and build reserves of more than 1,000 BTC within three years. Hosting for the machines is expected across the U.S., Oman, and Paraguay, in alignment with Bitmain’s global facilities.
Completion of the $21.85 million Evergreen deal remains subject to shareholder approval of a specific mandate at an upcoming extraordinary general meeting. DL’s executive chairman Chen Ningdi, who controls roughly 47% of shares, has pledged to vote in favor. The Bitmain subsidiary agreements remain at an earlier stage pending formal contracts.
The moves highlight how Bitmain, the world’s largest bitcoin mining hardware maker, is unloading on-rack machines from its U.S. inventory glut, as the hashprice squeeze and rising demand for HPC hosting curb institutional appetite for mining rigs.
In August, another Hong Kong–listed firm, Ruihe Data, struck a deal with Bitmain to purchase hosted hashrate, paying service fees in exchange for a share of mining rewards.
By contrast, DL is positioning itself as Hong Kong’s first listed “bitcoin hashrate stock,” leveraging an all-scrip structure to conserve cash, align vendor incentives, and leave room for additional inflows via warrant exercises.
