Cryptocurrency Operations - The company temporarily ceased its Bitcoin mining operations in the United States due to high operating costs as of December 2023[34]. - The company is exploring strategic opportunities to revitalize its crypto mining operations, including identifying hosting partners and evaluating mining hardware transactions[34]. - The company ceased operations at its Georgia site in December 2022 and moved 1,490 miners to Indiana, later relocating all miners to Wyoming by September 2023 due to high operating costs[68]. - SonicHash US ceased operations in the Indiana facility as of September 30, 2023, and relocated miners to Wyoming[206]. - SonicHash US ceased operations in the Wyoming facility as of December 31, 2023, due to high operating costs in the United States[215]. Financial Position and Risks - The company faces risks related to significant fluctuations in Bitcoin and Dogecoin prices, which could materially affect its financial condition and results of operations[36]. - The company may require additional capital to support business growth, which might not be available on acceptable terms[24]. - The company has material weaknesses in internal control over financial reporting, which could adversely affect the accuracy of its financial results[32]. - The company may face risks from disruptions in the crypto asset markets, including potential depreciation in share price and increased losses[66]. - The company’s ability to continue as a going concern may be adversely affected by geopolitical and economic events impacting cryptocurrency demand[48]. Regulatory Environment - Regulatory changes regarding cryptocurrencies could adversely affect the company's business and financial condition[40]. - The company operates in a rapidly evolving regulatory landscape, with potential adverse effects on its brand, reputation, and financial condition due to non-compliance with laws and regulations[91]. - Future regulatory changes could classify mining rewards as securities, potentially requiring the company to register and comply with additional regulations[107]. - The SEC has indicated that Bitcoin and Ethereum are unlikely to be classified as securities, but this is not an official policy and could change[95]. - The ongoing evolution of regulatory frameworks for digital assets creates uncertainty regarding the classification of Bitcoin and other cryptocurrencies, potentially affecting mining operations[103]. Share Structure and Market Performance - The company's dual-class share structure concentrates voting power with Class B shareholders, potentially limiting influence for Class A shareholders[32]. - The market price of Class A Ordinary Shares has significantly declined, raising the risk of delisting from the Nasdaq if compliance is not maintained[128]. - The company's Class A Ordinary Shares may be considered "penny stocks," which could reduce market liquidity and impede sales in the secondary market[129]. - Nasdaq notified the company of non-compliance with the minimum bid price requirement of $1.00 per share, providing until December 26, 2024, to regain compliance[127]. Asset Management - As of the latest report, the company holds 70,543,745 Dogecoin and has prepayments for 617 Aethir Cloud rendering miners and 134 MicroBT WhatsMiner M60S ASIC miners[34]. - The company pledged 40,543,745 Dogecoins as collateral for financing, and a significant decrease in Dogecoin value could lead to margin calls and financial losses[79]. - The company stores its Dogecoins in both hot and cold wallets, which carry different risks related to security and accessibility[50]. - The company maintains its Dogecoin in segregated custodial accounts with BitGo Trust, which controls all private keys related to the assets[188]. Operational Challenges - The company has implemented risk management policies to adapt to current crypto market conditions, focusing on cost-effective hosting sites and renegotiating with existing site hosts[76]. - The hosting fee for the Indiana mining facility was adjusted to significantly reduce costs, aligning fees with electricity costs and 50% of profits from Bitcoin mined[68]. - Mining operations are affected by seasonality, with machines running more efficiently in colder seasons due to reduced cooling needs[219]. Future Outlook - The company is actively seeking opportunities to deploy emerging technologies, including crypto asset mining and blockchain technologies[57]. - The company plans to acquire Aethir devices for strategic self-deployment in Singapore or Malaysia, which is expected to drive growth and value[217]. - The company has secured up to $500 million in committed equity and debt financing facilities from institutional investors to strategically acquire Dogecoin and scale its blockchain participation[181].

Group 1 - The top five gaining Chinese concept stocks at the close were: Raytheon Electronics up 35.57%, Fangdd up 22.53%, Bit Origin up 18.83%, Youxin Technology up 14.05%, and Yingxi Group up 13.78% [1] - Raytheon Electronics (RAYA) closed at 0.0606 with a gain of 35.57%, translating to an increase of 0.0159 and a trading volume of 6.5167 million [1] - Fangdd (DUO) closed at 3.970 with a gain of 22.53%, translating to an increase of 0.730 and a trading volume of 11.8321 million [1] Group 2 - Bit Origin (BTOG) closed at 0.4600 with a gain of 18.83%, translating to an increase of 0.0729 and a trading volume of 4.5705 million [1] - Youxin Technology (YAAS) closed at 0.0755 with a gain of 14.05%, translating to an increase of 0.0093 and a trading volume of 6.0798 million [1] - Yingxi Group (ATXG) closed at 0.7167 with a gain of 13.78%, translating to an increase of 0.0868 and a trading volume of 0.6795 million [1]

Core Viewpoint - Bit Origin Ltd has been granted an additional 180-calendar-day compliance period by Nasdaq to regain compliance with the minimum bid price requirement, extending the deadline to February 16, 2026 [1][4]. Compliance Status - On February 21, 2025, Nasdaq notified Bit Origin that it did not meet the minimum bid price requirement of $1.00 per share for 30 consecutive business days [2]. - The initial compliance period of 180 days ended on August 20, 2025 [2]. Conditions for Compliance - To regain compliance, Bit Origin's ordinary shares must maintain a closing bid price of at least $1.00 per share for a minimum of ten consecutive business days during the new compliance period [4]. - If compliance is not achieved by February 16, 2026, Nasdaq will notify the company of potential delisting, although the company has the right to appeal this decision [4]. Current Trading Status - The notification from Nasdaq does not affect the current listing or trading of Bit Origin's ordinary shares, which will continue to trade under the symbol "BTOG" [5]. Company Overview - Bit Origin Ltd is an emerging growth company focused on deploying blockchain technologies and pursuing diversified expansion strategies [5].

Group 1 - The top five Chinese concept stocks that experienced the largest declines at closing were Bit Origin, Duojusi, Sanyi Technology, Shenfanlian, and Mingzhu Freight, with declines ranging from approximately 10% to nearly 20% [1] - Bit Origin saw a decline of 11.58%, closing at a price of 0.4519, with a trading volume of 3.5652 million [1] - Duojusi dropped by 11.20%, closing at 14.190, with a trading volume of 1.8711 million [1] Group 2 - Sanyi Technology fell by 10.56%, closing at 0.8855, with a trading volume of 36,100 [1] - Shenfanlian decreased by 10.08%, closing at 0.5300, with a trading volume of 117,700 [1] - Mingzhu Freight experienced the largest drop of 19.996%, closing at 0.7200, with a trading volume of 11,300 [1]

Group 1 - Bit Origin (BTOG.US) experienced a significant increase of 12.58% in stock price, closing at $0.57, and continued to rise by 3.75% in pre-market trading [1] - Bitcoin reached a new all-time high of $124,474, surpassing its previous peak from July, driven by expectations of a more accommodative monetary policy from the Federal Reserve and favorable financial reforms announced in the U.S. [1] - The trading volume for Bit Origin was approximately 44.93 million shares, with a total market capitalization of around $32.40 million [1] Group 2 - The stock's highest price during the trading session was $0.6385, while the lowest was $0.5200, indicating a trading range of 24.28% [1] - The stock's 52-week high and low were recorded at $3.09 and $0.1184, respectively, highlighting significant volatility [1] - Bit Origin's total shares outstanding were approximately 58.98 million, with a turnover rate of 77.18% [1]

Core Viewpoint - Bit Origin Ltd has successfully closed a private placement for 20 million Class A ordinary shares, raising a total of 30 million DOGE, aimed at enhancing its Dogecoin treasury [1][2]. Group 1: Private Placement Details - The private placement was executed at an acquisition cost of $0.2 per DOGE, which aligns with the company's strategy to scale its DOGE holdings [1][2]. - This initiative is part of a broader plan that includes a previously announced $500 million equity purchase and convertible note facility, positioning Bit Origin to build one of the largest Dogecoin treasuries among publicly traded companies [2]. Group 2: Financial Metrics - As of August 11, 2025, Bit Origin holds 70,543,745 DOGE, with an average acquisition cost of approximately $0.2268 per DOGE [7]. - The Pro Forma DOGE-Per-Share (DPS) is estimated to be around 0.80, calculated by dividing the company's current DOGE holdings by the total number of Class A and Class B ordinary shares outstanding [3][7].

Group 1 - The U.S. stock market saw a collective rise in cryptocurrency-related stocks, with Bit Origin increasing by over 16%, Canaan Technology by over 7%, and others like Smart Chain Group and 9F Inc. also showing significant gains [1] - President Trump signed an executive order allowing alternative assets, including private equity, real estate, and cryptocurrencies, to enter 401(k) retirement savings plans, potentially unlocking approximately $12.5 trillion in retirement account funds [1] - This move is expected to inject substantial capital into the private equity sector, which is in need of funding, and is also a significant part of Trump's efforts to promote the cryptocurrency industry [1] Group 2 - Specific stock performance includes Bit Origin at 16.56%, Canaan Technology at 7.57%, Smart Chain Group at 5.68%, and 9F Inc. at 4.87%, among others [2] - Other notable increases include Top Win International at 4.76%, KULR Technology at 4.09%, and BTCS Inc. at 4.22% [2] - The overall trend indicates a positive sentiment towards cryptocurrency stocks following the executive order [1][2]

Group 1 - The top five gainers among Chinese concept stocks include LZMH (Linkage Technology Holdings) with a rise of 44.62%, BTOG (Bit Origin) up by 28.07%, ANTE (AirNet Technology) increasing by 18.99%, MSC (Melco Resorts) gaining 18.78%, and XTKG (X3 Holdings) rising by 14.77% [1] - LZMH's latest price is 3.760 with a gain of 1.160 and a trading volume of 11.88 million [1] - BTOG's latest price is 0.4270 with a gain of 0.0936 and a trading volume of 61.25 million [1] Group 2 - ANTE's latest price is 2.820 with a gain of 0.450 and a trading volume of 1.53 million [1] - MSC's latest price is 5.155 with a gain of 0.815 and a trading volume of 0.1296 million [1] - XTKG's latest price is 2.370 with a gain of 0.305 and a trading volume of 0.4721 million [1]

Core Viewpoint - Bit Origin Ltd has successfully completed a reduction of its issued share capital, enhancing its flexibility for future corporate actions and potential capital raises [1][4]. Group 1: Share Capital Reduction Details - The Grand Court of the Cayman Islands confirmed the Company's special resolution to reduce the par value of each issued and authorized share from US$0.30 to US$0.000001 [2]. - Following the reduction, the authorized share capital is US$500, divided into 500,000,000 ordinary shares with a par value of US$0.000001 each, including 475,000,000 Class A Ordinary Shares and 25,000,000 Class B Ordinary Shares [3]. - All issued shares remain fully paid up, and the Share Capital Reduction was registered by the Cayman Islands Registrar of Companies on July 25, 2025 [3]. Group 2: Management Commentary - Mr. Jinghai Jiang, Chairman and CEO, stated that the completion of the share capital reduction provides increased flexibility for executing future corporate actions, including potential capital raises and strategic transactions [4].

Core Viewpoint - The majority of Bitcoin-related stocks experienced an upward trend on Monday, indicating positive market sentiment towards the cryptocurrency sector [1] Company Performance - Coinbase (COIN.US) saw an increase of 0.58% - Strategy (MSTR.US) rose by over 2.4% - Bit Origin (BTOG.US) increased by more than 5.7% - SharpLink Gaming (SBET.US) surged by over 12% - GameSquare (GAME.US) jumped by over 13% - Circle (CRCL.US) declined by more than 4% [1]