Baltic I Acquisition Corp. Enters into a Letter of Intent for Qualifying

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/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./

VANCOUVER, BC, Feb. 22, 2021 /CNW/ – Baltic I Acquisition Corp. (“Baltic”) (TSX-V: BLTC) and Enigma Holding AG (“Enigma”) are pleased to announce that they have entered into a letter of intent dated February 11, 2021 (the “LOI”), pursuant to which the parties have agreed to complete a business combination (the “Transaction”).

Enigma is a privately held company in the business of cryptocurrency mining, primarily Bitcoin mining operations, with a focus on vertically integrated operations – optimizing the process from design and manufacturing of chips, miners, and mining operations, to supply chain logistics, data centre build outs, ongoing mining and data centre operations.  Enigma currently has the rights to 25MW of electrical capacity with access to an additional 125 MW including an electrical substation, with 11 MW of high margin cash flowing operations on or before close of the Transaction.  Enigma is incorporated under the laws of Switzerland and owns, directly or through wholly owned subsidiaries, Bitcoin mining operations, various intellectual property and patent rights relating to various cryptocurrency mining technologies. 

Enigma’s access to ‘ready to go’ operations and near-term growth to 150 MW, combined with their deep manufacturing relationships and cutting-edge intellectual property has them positioned to be one of the best new entrants to the cryptocurrency markets.

Transaction Highlights:

  • Proven Leadership & Industry Thought Leaders: Enigma is led by Jakov Dolic (a former founder and CEO of Genesis Mining), as well as Ivan Kirillov (Enigma Co-Founder and CTO), who bring an unmatched portfolio of IP developed over years.
  • Proprietary Liquid Cooling Technology: Allows higher hash-rate per miner due to best-in-class cooling system & hashrate density. Significantly longer hardware life; greatly increasing operational profitability and reducing capex cycles.
  • Proprietary Overclocking Technology: Allows higher hash-rate per miner, reduces total CAPEX to record low levels and allows Enigma to lengthen the life of mining hardware significantly.
  • Power Hedging: With access to a substation, Enigma will significantly decrease its operating costs by leveraging excess electrical capacity, with access to real-time market analytics for energy and ancillary services.
  • Rapid Deployment: Modular, climate resilient, and plug-and-play architecture designed for operational scaling.
  • Renewable Energy Focus: Operations in Texas, the largest wind power generator in the United States and 5th largest global producer of renewable energy.

“I have been deeply involved in the crypto mining space for years now and am truly excited to be working alongside Enigma’s Founder & CEO, Jakov Dolic, whom I have known well for years,” commented Harry Pokrandt, Baltic’s CEO.  “I believe Enigma represents the most transparent, innovative and important…



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