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

[Brand New]

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."

https://www.cryptoknowmics.com/news...-to-bitbuy-a-canadian-cryptocurrency-exchange

 

[GeorgeK]

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)

namely:

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).

 

[Business Brands]

Wow

 

[silentg]

Nice sale

 

[omnia]

Reported domain was bought in 2012 for $1000... didnt specify if AUD or USD... doesnt really matter...

Namebio reports sale in 2012 for $2400 ... still not a bad ROI

 

[Kris88]

damn thats a good sale

 

[karamakate]

Namebio reports sale in 2012 for $2400 ... still not a bad ROI

Not a "bad" ROI ?!

 

[silentg]

Bitbuy got acquired by Wonder.fi for $206 million

https://twitter.com/x/status/1507326697787609101