Consumer Discretionary

BIT Mining Ltd (BTCM US)

Year: 2021

BIT Mining is a Chinese cryptocurrency mining company. It originally listed on the New York Stock Exchange in 2013 as, operating as an online sports lottery service provider. It changed its name in April 2021 to reflect its move into cryptocurrency. J-Capital published a report in May 2021 alleging that the company had overstated revenue and profits. The company has been through five business lines and three auditors since its core gambling business was banned in 2015, with crypto mining being the latest stock promote. J-Capital's report had little impact on the company's share price nor did it prompt any director or auditor resignations. As such, the fraud allegations were not proven.

Last updated July 2022.

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