₿$76,400.51▲ 0.07%
The9 Limited
NCTY🇰🇾Reserve
The9 Limited is a Cayman Islands-incorporated, Shanghai-based company that transitioned from online gaming to cryptocurrency mining across Asia, Eastern Europe, and North America. The company accumulates BTC through its mining operations.
BTC Holdings
339 BTC
180d
Stock Price
$5.23
180d
Total financing
21.00M USD
180d
mNAV
3.07x
180d
Leverage
61.6%
180d
BTC Credit
42 bps1.6x
Sats/Share
2,226
180d
Mkt cap
79.63M USD
Shares
15.23M
Fiat reserve
5.04M USD
Total reserve
30.94M USD
Dilution
0.0%
Coverage
37.9 yr
BTC mix
0%
Analytics
BTC Coverage
Financials
US-GAAPAnnualAs of 2025-12-31
Balance Sheet
Total Assets$84.9M▼2.7%
Total Liabilities$50.2M▲75.3%
Stockholders' Equity$27.3M▼41.2%
Cash & Equivalents$8.4M▲459.5%
Total Debt—
Digital Assets$36.1M▲27.7%
Income Statement
Revenue$15.4M▲0.8%
Operating Income$-40.2M▼399.3%
Net Income$-58.5M▼481.3%
Interest Expense$3.3M▼29.0%
Cash Flow
Operating Cash Flow$-4.5M▲25.0%
Instruments
Total
0.00 USD
| Instrument | Term | Coupon | Principal | Outstanding | Conv. price | BTC Rating |
|---|---|---|---|---|---|---|
| Total | 0.00 USD | |||||
Recent Changes
Sat, Feb 28, 2026
BTC Holdings
387→339-48 BTC(-12.4%)
Forfeited 48 BTC as settlement-in-full on defaulted Equities First loan tranche #6 (~$3.6M principal)
Form 20-F (2025)Debt OutstandingRepaymentNCTY-EF
24.6M→21.0M-3.6M(-14.6%)
Tranche #6 forfeited as settlement-in-full: ~$3.6M principal + accrued interest extinguished against 48 BTC collateral; 7 tranches remain outstanding
Form 20-F (2025)Wed, Dec 31, 2025
BTC Holdings
285→387+102 BTC(+35.8%)
Includes 386 BTC pledged to Equities First Holdings as collateral for approx $24.6M USDT loan
Form 20-F (2025)Shares Outstanding
15.1M→4.57B+4.55B(+30098.8%)
ADS ratio changed in 2025 from 1 ADS = 30 ordinary shares to 1 ADS = 300 ordinary shares; 4,504,052,678 Class A + 63,607,334 Class B
Form 20-F (2025)Debt OutstandingDrawNCTY-EF
19.9M→24.6M+4.7M(+23.6%)
Loan Agreement #2: 8 tranches outstanding; 386 BTC pledged as collateral
Form 20-F (2025)