NEW YORK, April 04, 2024 (GLOBE NEWSWIRE) -- Bit Origin Ltd (NASDAQ:BTOG) ("Bit Origin" or the "Company"), an emerging growth company engaged in the crypto mining business with diversified expansion strategies, today announces that it actively explores the use of Artificial Intelligence (AI) in crypto mining. As the world of cryptocurrency continues to evolve and innovate, the crypto mining industry is undergoing a significant transformation, driven by the integration of AI. This groundbreaking convergence ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(B) OR (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 June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCH ...

Exhibit 99.2 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. BIT ORIGIN LIMITED AND SUBSIDIARIES (FORMERLY KNOWN AS CHINA XIANGTAI FOOD CO., LTD.) CONSOLIDATED BALANCE SHEETS | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------|-------|--------------|-------|--------------| | ASSETS | | | | | | CURRENT ASSETS | | | | | | Cash and cash equivalents | $ | 32, ...

Financial Performance - Supermarket and grocery store revenues for 2020 reached $5,827,319, a significant increase from $3,856,358 in 2019, representing a growth of approximately 51%[14] - Total revenues for 2020 were $110,551,502, up from $99,079,267 in 2019, indicating an increase of about 11.9%[14] - Gross profit for 2020 was $7,177,978, down from $8,650,240 in 2019, reflecting a decrease of approximately 17%[14] - Net loss from continuing operations for 2020 was $(2,603,296), compared to a net income of $5,026,212 in 2019, marking a significant decline[14] Assets and Liabilities - Total assets as of June 30, 2020, were $63,349,434, an increase from $51,351,317 in 2019, representing a growth of about 23.8%[15] - Total liabilities increased to $36,522,598 in 2020 from $26,826,103 in 2019, which is an increase of approximately 36%[15] - Cash and cash equivalents decreased to $1,533,237 in 2020 from $3,916,990 in 2019, a decline of about 60%[15] Shareholder Information - The weighted average ordinary shares outstanding increased to 22,417,524 in 2020 from 20,319,723 in 2019, an increase of approximately 10.3%[14] - Zeshu Dai beneficially owns 13,300,000 shares, representing 45.88% of the issued and outstanding ordinary shares as of October 31, 2020[152] Market and Competition - The company faces strong competition in the pork industry in China, with major competitors including Shuanghui Group and New Hope Group, and may struggle to maintain market share due to local protectionist efforts[29] - The COVID-19 pandemic has significantly impacted the company's operations, with distribution sales accounting for 90%, 93%, and 96% of total revenue for the fiscal years ended June 30, 2020, 2019, and 2018, respectively[24] Operational Challenges - Seasonal fluctuations affect the company's operations, with consumer purchases of pork products typically peaking around the Chinese Lunar New Year and other major holidays[30] - The company is subject to risks from fluctuations in the prices of substitute products, which can adversely affect pork prices and demand[31] - Outbreaks of livestock diseases could lead to order cancellations and governmental restrictions, negatively impacting demand for the company's products[32] - The company must comply with extensive environmental regulations, and failure to do so may result in significant penalties and increased compliance costs[38] Supply Chain and Production - The company relies heavily on external suppliers for raw materials, with five suppliers accounting for 19.6%, 17.4%, 16.4%, 15.8%, and 14.0% of purchases for the fiscal year ended June 30, 2020[55] - The company has a standardized and automatic production line for hog slaughtering and meat packing, with 154 employees in its processing facility[199] - The company has established a cold supply chain that allows for the storage and distribution of chilled meat, extending storage time to up to 10 days[202] Legal and Regulatory Risks - The company is subject to extensive legal and regulatory food safety requirements, and failure to comply could adversely affect operations and financial results[54] - There are substantial uncertainties regarding the interpretation and application of PRC laws affecting the company's variable interest entity structure, which could lead to severe penalties or operational disruptions[86][88] Financial Risks - The company may require additional capital to support business growth and may engage in equity or debt financings, which could lead to significant dilution for existing shareholders[27] - The company is exposed to risks associated with litigation, which could result in significant costs and affect its reputation[58] - The company may face increased income tax costs if the PRC tax authorities adjust taxable income based on fair value versus cost of investment under Circular 59, Circular 698, and Circular 7[150] Strategic Initiatives - The company devotes significant resources to new product development, but there is no assurance that new products will be commercially successful[43] - Future acquisitions may increase leverage and debt service requirements, posing risks to the company's financial situation if integration is unsuccessful[49] Corporate Governance - The company is subject to heightened corporate governance practices under the Sarbanes-Oxley Act, increasing operational complexity and costs[165] - The company has identified material weaknesses in its internal control over financial reporting, which could adversely affect the accuracy of its financial results[178] Product and Market Development - The company processes and sells fresh, chilled, and frozen pork, beef, lamb, chicken, duck, and rabbit meat, with a focus on high-quality products[196] - Fresh pork is the main protein source for Chinese consumers, with a sales season from winter solstice to spring[209] - Processed products introduced to accommodate busy lifestyles, maintaining freshness and nutrition through low-temperature quick-freezing treatment[204] Future Outlook - The company does not intend to pay dividends for the foreseeable future, opting to retain future earnings for business operations and expansion[177] - The market price of the company's ordinary shares may be volatile, influenced by various factors including revenue fluctuations and market trends[171]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F (Mark One) ¨ REGISTRATION STATEMENT PURSUANT TO SECTION 12(B) OR 12(G) OF THE SECURITIES EXCHANGE ACT OF 1934 OR x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended June 30, 2019 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ¨ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 ...