Key insights
- Bluesky Digital Assets is acquiring ChessGold, a real-money chess gaming platform, in a share-based deal. Bluesky will also undertake a private placement to raise funds. This represents a fundamental change for Bluesky, with a name change to ChessGold Inc. planned. Trading in Bluesky shares is halted. Limited impact on broader US equities.
TORONTO - Bluesky Digital Assets Corp. (CSE:BTC)(OTCQB:BTCWF) announced today it has entered into an agreement to acquire ChessGold Inc., a real-money chess gaming platform, in a transaction that will constitute a fundamental change for the company.
Under the agreement dated today, Bluesky will acquire all outstanding common shares of ChessGold in exchange for 10 million common shares valued at $1 million, with each share priced at $0.10. The deal also includes 20 million milestone warrants exercisable at $0.20 over five years, which become exercisable upon achieving specific targets including 500,000 registered users, $1 million in revenue, a desktop platform launch, and $1 million in EBITDA.
The transaction is non-arm’s length. Upon closing, Bluesky will change its name to ChessGold Inc. ChessGold shareholders will hold approximately 11.84% of the resulting entity on a non-diluted basis.
ChessGold operates a mobile chess application currently available on the Apple App Store and Google Play Store Lite. According to the press release statement, the platform has surpassed 65,000 players across 225 countries and territories, with over 440,000 matches completed since launch. The platform reports 8,000 to 10,000 weekly active users and accepts payments through Apple Pay, Google Pay, Visa, Mastercard, and blockchain transactions.
ChessGold will sponsor the FIDE World Senior Team Chess Championships 2026 in Durrës, Albania from April 18 to April 29, 2026.
Bluesky intends to complete a concurrent non-brokered private placement of up to 30 million units at $0.10 per unit for gross proceeds of up to $3 million. Each unit consists of one common share and one warrant exercisable at $0.13 for 24 months.
The transaction requires shareholder approval at a meeting scheduled for June 9, 2026. Trading in Bluesky shares has been halted pending satisfaction of exchange listing requirements.
In other recent news, Bluesky Digital Assets Corp. has announced a significant development involving the acquisition of ChessGold Inc. The company revealed it has entered into a binding letter of intent to acquire all outstanding shares of ChessGold in an all-stock transaction. As part of this agreement, Bluesky will issue 10 million shares at a price of $0.10 per share to ChessGold shareholders. Upon completion, these shareholders will hold approximately 11.84% of the combined entity. Additionally, Bluesky plans to issue 20 million milestone warrants to ChessGold’s principal. These warrants will become exercisable in tranches contingent upon the achievement of specific milestones.
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