Benzinga | Oct 21, 2021 12:12PM EDT

AGM Group Reports Supply Deal With MinerVa Semi For 25K Units Of Its 100 Terahash/Second MinerVa MV7 ASIC Crypto Mining Machines, Co. Will Receive $20M Deposit In Coming Days For Crypto Miners

AGM Group Holdings Inc. ("AGMH" or the "Company") (NASDAQ:AGMH), an integrated technology company focused on providing fintech software services and producing high-performance hardware and computing equipment, today announced that it agreed to supply MinerVa Semiconductor Corp. ("MinerVa") with 25,000 units of its 100 TH/S MinerVa MV7 ASIC to build the MinerVa family of crypto miners. MinerVa is a premier high-performance ASIC design and manufacturing company and is the distributor of industrial grade crypto miners to leading global large-scale mining companies.

MinerVa has influential relationships and resource networks within the Fintech and Blockchain ecosystems, and provides top-tier end-to-end technology solutions to notable global blockchain players like Terawulf Inc. and TrueNorth Data Solutions. The Company will soon receive a US$20 million deposit in the coming days for the crypto miners. The remainder of the order value will be paid before delivery commences.

Mr. Steven Sim, Chief Financial Officer of AGMH, commented, "This order builds on the previous Nowlit order from October 13th and is a testament to the effectiveness of our new growth strategy as we continue to solidify our pioneering position in the market. The purchase enables us to increase our cashflow, which gives us a sound financial footing as we begin our plans for mass production in 2022. Leveraging our advanced hardware and computing equipment production capabilities, we believe we are well-positioned to capture the vast growth opportunities in this thriving industry."