Market Performance - Today, Hong Kong stocks showed significant movements with various companies experiencing notable gains, including Now Medical Technology (02225) which rose over 5% after a partnership with David Medical to develop "Minimally Invasive 5.0" technology [1] - Semiconductor stocks also saw an uptick, with Huahong Semiconductor (01347) increasing by 4.12%, and SMIC (01347) rising by 3.11% [1][2] - Hong Kong Travel (00308) surged over 14%, doubling its stock price in less than a month, driven by speculation in the tourism industry [1] - Meituan-W (03690) rose over 3% as it led an investment in Star Sea Map, furthering its focus on embodied intelligence [1] - The insurance sector saw broad gains, with China Pacific Insurance (02601) up 4.88% and China Life Insurance (02318) increasing by 3.19% [1] Company-Specific Developments - Alibaba-W (09988) increased over 3%, although its investment in instant retail and delivery services may impact profitability, according to HSBC [2] - Qian Shi International (00381) skyrocketed by over 55% due to a proposed digital economy collaboration involving a stablecoin mechanism [2] - Stablecoin-related stocks rose, with Guotai Junan International (01788) up 9.13% and China Everbright Holdings (00165) increasing by 4.83% [2] - Yadi Holdings (01585) gained over 4% following the announcement of a new electric vehicle replacement program [3] - WuXi AppTec (02359) opened nearly 5% higher after announcing expected revenue exceeding 20 billion yuan and a projected doubling of net profit [3] Industry Trends - The electric vehicle sector is expected to see growth due to a new replacement program, which could accelerate industry expansion [3] - The rare earth sector is also experiencing upward momentum, with Jinli Permanent Magnet (06680) rising over 5% after major players announced price increases [3] - The biotechnology sector is witnessing positive developments, with Xiansheng Pharmaceutical (02096) gaining over 3% after a collaboration with Conade Biopharmaceuticals [2][3]

The share price of Bitcoin miner @BITMining_BTCM soared 143% on Thursday after the company announced plans to raise $200-$300 million to create a Solana Treasury and convert its existing holdings into SOL. https://t.co/J08FWLAzhN ...

Group 1 - The company, Bit Mining, plans to convert its cryptocurrency holdings into Solana [1] - Bit Mining aims to raise between $200 million to $300 million for its Solana strategy [1]

Core Insights - BIT Mining Limited is strategically expanding into the Solana ecosystem, aiming to capture emerging opportunities in the blockchain value chain and attract investors interested in Solana [1][4] - The company plans to build a SOL treasury by raising between $200 million and $300 million, which will be used to accumulate SOL tokens and strengthen its treasury reserves [2][3] - BIT Mining will convert its existing crypto holdings into SOL and adopt a long-term holding strategy, while also operating validator nodes to support network decentralization and generate staking rewards [3][4] Company Overview - BIT Mining is a technology-driven cryptocurrency mining company involved in mining, data center operations, and mining machine manufacturing, with a focus on developing a vertically integrated crypto-mining ecosystem [5]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F ☐ Registration statement pursuant to Section 12(b) or 12(g) of the Securities Exchange Act of 1934 or ☒ Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2024 or ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from __________ to __________ or ☐ Shell company report pur ...

Industry Overview - Cryptocurrencies like Bitcoin and Ethereum are driven by blockchain technology, which provides enhanced security through a decentralized and tamper-resistant database [1] - The safety and decentralization of blockchain have contributed to the growth of cryptocurrencies, with positive developments such as the SEC's repeal of an accounting rule and the dropping of lawsuits against Coinbase and Robinhood [2] - The liberal policies of the Trump administration, including an executive order to study cryptocurrency regulations and the creation of a crypto reserve, are favorable for the cryptocurrency market [3] Market Performance - Despite inherent volatility, cryptocurrencies have shown resilience amid equity sell-offs, with Bitcoin trading above $92,000, a significant increase from $76,000 in early April [4] - Over the past week, Bitcoin increased by 9.32%, while Ethereum, Solana, Cardano, Dogecoin, and XRP surged by 9.5%, 10.2%, 11.6%, 11%, and 2.5% respectively [4] Company Highlights - CME Group, the largest futures exchange, reported a record average daily volume of 29.8 million contracts in Q1 2025, up 13% year-over-year, driven by growth across all asset classes [6] - CME Group's clearing and transaction fees significantly contribute to its revenue, with expectations of continued growth due to increased electronic trading volume and interest in crypto assets [8] - BIT Mining Limited, a leading cryptocurrency miner, produced 41.55 Bitcoin in March 2025, with a cost per BTC mined of approximately $65,831, and is expanding operations in Ohio and Ethiopia [10][11][12] - Cannan, another cryptocurrency mining company, generated $32.5 million in Bitcoin mining revenue in 2024 and expects revenues between $900 million and $1.1 billion in 2025, supported by new product launches [13][14]

Core Insights - BIT Mining Limited is a leading technology-driven cryptocurrency mining company that released its monthly mining production and operational updates for March 2025 [1] Mining Production and Operations Highlights - BIT Mining is expanding its international mining operations in Ohio and Ethiopia, focusing on scalable and clean-energy-powered infrastructure [2] - The company operates over 28,000 mining machines, with a current operational hash rate of 423 PH/s, and anticipates increased utilization and efficiency in the coming months [3] - In March, BIT Mining produced a total of 41.55 Bitcoin (BTC), with 34.96 BTC for hosted clients and 6.59 BTC self-mined, alongside approximately 2,383,708 Dogecoin (DOGE) and 651.6 Litecoin (LTC) [7] CEO's Commentary - The CEO emphasized steady operational progress and cost discipline, with the cost per self-mined BTC remaining stable at $65,831, while highlighting the long-term growth opportunity in Ethiopia [4] Infrastructure and Capacity Updates - In Ohio, BIT Mining has a power capacity of 82.5 MW, while in Ethiopia, ongoing construction is expected to increase total site capacity to 51 MW by May 2025 [7]

Core Insights - BIT Mining Limited reported a productive February 2025, enhancing operational efficiency and reducing costs through proprietary mining machines [3] - The company achieved profitability in mining Litecoin and Dogecoin, diversifying revenue streams beyond Bitcoin [3] - The completion of the Ethiopia data center acquisition is expected to further improve operational results [4] Mining Production and Operations Updates - In February, BIT Mining produced a total of 42.56 Bitcoin (BTC), with 36.854 BTC generated for hosted clients and 5.708 BTC self-mined [8] - The company also produced 2,013,292.9 Dogecoin (DOGE) and 556.7 Litecoin (LTC) [8] - The total exahash capacity for February was 2,588 PH/s, with an average of 4.5 days per self-mined BTC and a cost of $60,960 per BTC mined [8] Company Overview - BIT Mining is a technology-driven cryptocurrency mining company involved in cryptocurrency mining, data center operations, and mining machine manufacturing [5] - The company focuses on creating long-term value across the industry with a cost-efficient data center strategy that enhances profitability and cash flow [5] - BIT Mining leverages self-developed and purchased mining machines to adapt to dynamic cryptocurrency pricing, owning 7-nanometer BTC chips and having strong capabilities in developing LTC/DOGE miners [5]

Core Viewpoint - BIT Mining Limited has been upgraded to a Zacks Rank 2 (Buy), indicating a positive outlook on its earnings estimates, which significantly influence stock prices [1][4]. Earnings Estimates and Revisions - The Zacks rating system is based on the Zacks Consensus Estimate, which reflects EPS estimates from sell-side analysts for the current and following years [2]. - For the fiscal year ending December 2025, BIT Mining Limited is expected to earn -$0.50 per share, representing a 5.7% change from the previous year [9]. - Over the past three months, the Zacks Consensus Estimate for BIT Mining Limited has increased by 50%, indicating a positive trend in earnings estimates [9]. Impact of Institutional Investors - Changes in a company's future earnings potential, as shown by earnings estimate revisions, are strongly correlated with near-term stock price movements, largely due to institutional investors adjusting their valuations based on these estimates [5]. - Institutional investors typically buy or sell large amounts of shares based on changes in earnings estimates, leading to significant price movements for the stock [5]. Zacks Rating System - The Zacks Rank stock-rating system classifies stocks into five groups based on earnings estimates, with Zacks Rank 1 (Strong Buy) to Zacks Rank 5 (Strong Sell) [8]. - The system has a strong track record, with Zacks Rank 1 stocks generating an average annual return of +25% since 1988 [8]. - The upgrade of BIT Mining Limited to a Zacks Rank 2 places it in the top 20% of Zacks-covered stocks, suggesting potential for market-beating returns in the near term [11].

Core Viewpoint - BIT Mining Limited reported its unaudited financial results for the fourth quarter of 2024, highlighting a strategic focus on global data center operations and a significant acquisition in Ethiopia, which is expected to enhance revenue stability and operational efficiency [1][2][3]. Financial Performance - Revenues for the fourth quarter of 2024 were US$8.8 million, a decrease of US$1.6 million (15.4%) from US$10.4 million in the fourth quarter of 2023, but an increase of US$4.0 million (83.3%) from US$4.8 million in the third quarter of 2024 [6][12]. - The operating loss for the fourth quarter of 2024 was US$2.5 million, a significant decrease of US$11.8 million from US$14.3 million in the fourth quarter of 2023, and a decrease of US$2.3 million from US$4.8 million in the third quarter of 2024 [6][22]. - The net loss attributable to BIT Mining was US$2.1 million for the fourth quarter of 2024, compared to a net loss of US$15.5 million in the fourth quarter of 2023 [6][25]. Operational Highlights - The self-mining business generated US$5.0 million, while the data center business contributed US$3.8 million to the total revenues in the fourth quarter of 2024 [8]. - The total hash rate capacity for DOGE/LTC mining machines was approximately 13,793.00 GH/s, producing 16.1 million DOGE and 4,578 LTC, generating approximately US$4.5 million in revenue [9]. - The BTC mining machines had a total hash rate capacity of approximately 395.00 PH/s, producing 3.16 BTC and generating approximately US$0.3 million in revenue [10]. Acquisition and Strategic Initiatives - The company completed the first closing of the acquisition of a cryptocurrency mining data center in Ethiopia, acquiring 51% equity interests, which is part of its strategy to enhance global data center operations [2][3]. - The remaining mining facilities under construction are expected to be operational by mid-second quarter of 2025, with procured mining equipment set to be delivered soon [3]. Cost Management - Operating costs and expenses for the fourth quarter of 2024 were US$12.9 million, a decrease of US$0.8 million (5.8%) from US$13.7 million in the fourth quarter of 2023, but an increase of US$3.9 million (43.3%) from US$9.0 million in the third quarter of 2024 [13]. - Cost of revenue was US$8.5 million for the fourth quarter of 2024, a decrease of US$1.3 million (13.3%) from US$9.8 million in the fourth quarter of 2023 [14][15]. Cash and Cryptocurrency Assets - As of December 31, 2024, the company had cash and cash equivalents of US$1.8 million, down from US$3.2 million as of December 31, 2023 [27]. - The total cryptocurrency assets amounted to US$9.6 million, including 19.06 BTC, 1,246 ETH, and 7.6 million DOGE [28].