Clear Leisure has raised £1 million ($1.4 million).
The proceeds will allow the firm to accelerate its plans in regard to cryptocurrencies.
These plans include setting up a Bitcoin mining operation in Italy and Serbia.
AIM-listed investment company Clear Leisure announced on Monday it has raised £1m ($1.4 million) before expenses, ShareCast reported. The funds will be used to expand its Bitcoin mining operations.
The company detailed that the capital was raised through the placing of 100,000,000 new shares at 1p each to an individual investor, John Story.
The new funds will enable Clear Leisure to “accelerate and widen” its plans for entering into contracts with cloud mining operators as well as to fund the setup of a Bitcoin mining operation in Italy.
The company also said that it intends to expand its existing cryptocurrency infrastructure in Serbia and to invest in the development of innovative hardware solutions for Bitcoin mining. Additionally, the firm is considering investing in different sources of renewable energy, including wind farms and hydroelectric plants.
Up until recently, Clear Leisure’s portfolio primarily encompassed the leisure and real estate sectors, with much of the investment activity carried out in Italy. However, the company has shifted its strategic focus to the tech sector, setting its sights on blockchain and Artificial Intelligence.
The decision to invest in Bitcoin mining operations could help Clear Leisure to benefit from the booming cryptocurrency industry. With the Bitcoin mining difficulty recently hitting all-time highs, however, the firm will face stiff competition from other players in the sector.
The price of the company’s shares on LSE’s Alternative Investment Market rose on the announcement, increasing 109% to a high of 2.82p yesterday.