Bluesky Digital Assets Corp. (OTCQB: BTCWF) is eyeing a potential expansion into the digital gaming realm. The company has inked a non-binding letter of intent (LOI) with ChessGold Inc., a developer specializing in online digital games, signaling a potential strategic play in the burgeoning sector. Dated July 29, 2025, the LOI grants Bluesky an exclusive 120-day window for due diligence, providing a competitive edge in assessing ChessGold’s business operations and assets.
The move could position Bluesky to capitalize on the growing demand for digital entertainment, but it’s still early days. Following the due diligence period, Bluesky will have the option to negotiate a definitive agreement to acquire 100% of ChessGold’s equity or its entire business. This offers flexibility, but the complexities of deal structuring and valuation remain on the table.
Key deal terms and the ultimate structure of the transaction will be hammered out post-due diligence. As with any potential acquisition, several hurdles must be cleared. The transaction is contingent upon customary closing conditions, including regulatory green lights and approval from the Canadian Securities Exchange. Investors should note that this LOI is non-binding, and the deal could fall through.
Positive
- Potential expansion into digital gaming market through acquisition of ChessGold
- Exclusive 120-day due diligence period reduces competition risk
Negative
- Non-binding LOI with no defined deal structure or terms
- Multiple conditions and approvals required for completion
- Extended timeline with 120-day due diligence period could delay potential benefits
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07/30/2025 – 09:57 AM
Toronto, Ontario–(Newsfile Corp. – July 30, 2025) – Bluesky Digital Assets Corp., (CSE: BTC) (OTCQB: BTCWF), (“Bluesky” or the “Corporation”) announced today that the Corporation has signed a non-binding letter of intent dated July 29, 2025 (the “LOI”) with ChessGold Inc. (“ChessGold”), an online digital game developer.
Under the terms of the LOI, the Corporation has been granted a 120-day exclusive due diligence period to review the business and assets of ChessGold. Upon the successful completion of the due diligence period, the Corporation will have the ability pursuant to the LOI to negotiate a definitive agreement with ChessGold to acquire 100% of ChessGold’s outstanding equity and equity equivalents or all of ChessGold’s business (the “Transaction”).
The potential deal structure and terms of any proposed Transaction will be determined at a later date and will be negotiated between the Corporation and ChessGold based on the findings and other considerations of the successful completion of the 120-day due diligence period. Any proposed Transaction would be subject to customary closing conditions and necessary regulatory approvals, including, as applicable, approval of the Canadian Securities Exchange, completion of due diligence reasonable or customary in a transaction of similar nature, and entering into a definitive agreement, among other conditions.
About Bluesky Digital Assets Corp.
Bluesky Digital Assets Corp, has created a high value digital enterprise at the intersection of Artificial Intelligence, Blockchain and Web3 business solutions. Leveraging its success as an early adopter providing proprietary technology solutions, Bluesky has invested in its Roadmap. Bluesky’s platform, BlueskyINTEL, is well positioned to leverage the current exponential growth of Artificial Intelligence (“AI”) and Blockchain based technologies through a tightly focus built collaborative platform. This innovative web platform offering supports and better enables businesses to adopt and utilize these emerging and developing technologies.
For more information please visit Bluesky at: www.blueskydigitalassets.com or www.blueskyintel.com.
Please also follow us on Linkedin at: www.linkedin.com/company/bluesky-digital-assets/.
Forward-Looking Statements
This news release may contain assumptions, estimates, and other forward-looking statements regarding future events, including the prospects for a merger of Bluesky with ChessGold. Such forward-looking statements involve inherent risks and uncertainties and are subject to factors, many of which are beyond the Company’s control that may cause actual results or performance to differ materially from those currently anticipated in such statements. In particular, there can be no assurance that a bidning merger agreement can be settled between Bluesky and ChessGold on terms which are economic for Bluesky or at all. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this document are made as of the date of this document and the Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein and accordingly undue reliance should not be put on such. Neither CSE nor its Regulation Services Provider as that term is defined in the policies of the CSE accepts responsibility for the adequacy or accuracy of this release. The Canadian Securities Exchange has not reviewed, approved or disapproved the contents of this press release, and does not accept responsibility for the adequacy or accuracy of this release. We seek safe harbor.
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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/260675
FAQ
What is the purpose of Bluesky Digital Assets Corp’s (BTCWF) LOI with ChessGold?
The LOI gives Bluesky the exclusive right to conduct due diligence on ChessGold for 120 days, with the potential to acquire 100% of ChessGold’s equity or business.
When did Bluesky Digital Assets (BTCWF) sign the LOI with ChessGold?
Bluesky signed the non-binding letter of intent with ChessGold on July 29, 2025.
What approvals are needed for the Bluesky-ChessGold acquisition?
The transaction requires Canadian Securities Exchange approval, completion of due diligence, and other customary regulatory approvals.
How long is Bluesky’s exclusive due diligence period for ChessGold?
Bluesky has a 120-day exclusive period to conduct due diligence on ChessGold’s business and assets.
What is the value of the potential acquisition between Bluesky and ChessGold?
The deal structure and terms, including the acquisition value, will be determined after the completion of the 120-day due diligence period.
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