Benzinga | Aug 20, 2021 09:15AM EDT

The9 Shares Pop On Cryptocurrency Mining Joint Venture

* Internet company The9 Ltd (NASDAQ:NCTY) subsidiary NBTC Limited and Kazakhstan's LGHSTR Ltd inked a non-binding investment memorandum to establish a joint venture in Kazakhstan.

* NBTC will own a 51% stake in the joint venture, with LGHSTR accounting for the remaining 49%. NBTC will control the joint venture board.

* The joint venture aims to invest and build cryptocurrency mining sites with a total capacity of 200MW within two years.

* The joint venture will also carry out the operation and maintenance of cryptocurrency mining machines in Kazakhstan.

* Price Action: NCTY shares traded higher by 5.51% at $13.60 in the premarket session on the last check Friday.