Meten Holding Group Ltd. (“Meten Holding Group” or the “Company”) (NASDAQ: METX), an omnichannel training company headquartered in China providing language and workplace training services and actively developing metaverse, blockchain, and cryptocurrency mining businesses, today provided updates on its blockchain and digital currency business.
As previously disclosed in a press release in December 2021, Meten Holding Group established the joint venture, Met Chain Co., Limited (“Met Chain”), specializing in research and development (“R&D”), production, and sales of cryptocurrency mining equipment. Since its formation, Met Chain has generated revenue of approximately US$4.86 million from sales of cryptocurrency mining equipment and providing cryptocurrency mining equipment sales services, despite the tumbling prices of cryptocurrencies. The Company expects to see an increase in the orders Met Chain receives and Met Chain is expected to generate revenue exceeding US$20 million by the end of 2022.
As previously disclosed in a press release in February 2022, the Company purchased 600 XP mining machines from Bitmain Technologies Ltd. with an aggregate computing power of approximately 100PH/s. Some of these mining machines have been delivered and put into operation.
As a part of the Company’s strategy to develop its metaverse business, the Company has established an NFT department to focus on NFT-related investment, strategy, and projects. The Company is current proactively seeking potential collaborations with well-known IP providers.
Mr. Jason Zhao, Chairman of Meten Holding Group, commented, “We are excited to see these achievements in this challenging market and another approach to move toward our metaverse initiative. Although the cryptocurrency market suffered from difficult microeconomic factors and tightening monetary policies, the financial results of Met Chain reflected the Company’s efforts and dedication to the cryptocurrency business and our resolution to transform into a metaverse technology company thoroughly. The establishment of the NFT department is significant and complementary to the transformation. Look forward, we will continue the development in our business and look forward to growing our business further in the long term.”