news Kogan.com sells bitbuy.com to Bitbuy for AUD $2.1 million


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Kogan.com sells bitbuy.com to Bitbuy, a Canadian Cryptocurrency Exchange

"The online retailer Kogan.com had the internet domain name Bitbuy.com, which is also the name of a Canadian cryptocurrency trading platform that purchased the address for AUD $2.1 million.

As part of the agreement, Kogan will also assist the organization with advertising and marketing when it launches in Australia.

Kogan has inked a domain sales agreement with Bitbuy, Canada's crypto trading platform, agreeing that Kogan will sell the domain name bitbuy.com to Bitbuy's parent business, First Ledger."

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That's not quite accurate. The exact terms were in the announcement by the company, see:

https://www2.asx.com.au/markets/company/kgn (December 13, 2021 press release)
https://www.kogancorporate.com/ (December 14, 2021 annoucement)


Relevant details of the agreement are as follows:
● Kogan will transfer to First Ledger the domain: bitbuy.com (“Domain”)
● Kogan will provide advertising services to Bitbuy in connection with their future launch in Australia
● Upon transfer of the Domain, Kogan will receive:
○ USD$1.5m in cash; and
○ a warrant entitling Kogan to approximately CAD$2.8m in either equity in First Ledger or cash upon exercise of the warrant which will occur within one year after the transfer of the Domain.

So, it's a minimum of USD $1.5 million PLUS CAD $2.8 million in equity or cash MINUS the value of the advertising services (which are presumably nominal --- i.e. it's the domain name they want, as the buyers already own Bitbuy.ca and want to upgrade to the .com).
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