08:30 AM EST, 12/06/2024 (MT Newswires) -- Dynamite Blockchain (KAS.CN) on Friday said it terminated the prior announced acquisition of Blockchain Fintech as the company focuses instead on new transactions that contribute to its Kaspa-driven divisions.

This comes a few days after Dynamite Blockchain entered into a binding arm's length securities exchange agreement as it moved to buy all outstanding shares of Kaspa Mining Limited for about $4.8 million.

The company is rebranding to reflect its intention to focus on Kaspa. It said: "While the majority of the companies within the blockchain industry are focused on better known digital assets, such as Bitcoin, Dynamite believes that the most explosive growth will be in lesser known digital assets that are built on superior technology to BTC. The company has chosen to focus on Kaspa because it believes Kaspa contains all the features necessary to become one of the world's leading digital assets, alongside BTC."

The company said it is currently operating 5 IceRiver KS3 Kaspa miners and 133 S19J Pro BTC miners. On December 3, 2024, Dynamite signed an agreement to purchase Kaspa, which owns and operates an additional 25 Bitmain KS5 Pro Kaspa miners.

"Dynamite Blockchain represents more than just a name; it's a reflection of our mission to revolutionize the blockchain industry through Kaspa," said Chief Executive Akshay Sood in a statement.