₿$71,123.98▼ 2.44%

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

285 BTC

Insufficient history

Stock Price

$5.11

180d

Total financing

19.91M USD

Insufficient history

mNAV

3.81x

180d

Leverage

73.3%

180d

BTC Credit

55 bps1.4x

Sats/Share

1,866

180d

Mkt cap

77.29M USD

15.13M

Fiat reserve

5.04M USD

Total reserve

25.31M USD

Dilution

0.0%

Coverage

31.3 yr

BTC mix

Analytics

BTC Coverage

Capital Stack

1.4x · 55 bps

ConvertiblePreferredOtherBTC NAV: $20.3M

BTC Risk

5.32% avg

P(BTC Rating < 1x at maturity) · 45% vol, 30% ARR

BTC Credit

55 bps avg

Credit spread to offset BTC Risk · 45% vol, 30% ARR

Cumulative Financing Cost

Coupons

Financials

US-GAAPSemi-AnnualAs of 2025-06-30

Balance Sheet

Total Assets$99.6M

Total Liabilities$34.3M

Stockholders' Equity$56.9M

Cash & Equivalents$5M

Total Debt—

Digital Assets$42.9M

Income Statement

Revenue$8.7M

Operating Income—

Net Income$-9.6M

Interest Expense$888K

Cash Flow

Operating Cash Flow—

Instruments

Total

0.00 USD

Instrument	Term	Coupon	Principal	Outstanding	Conv. price	BTC Rating
Total				0.00 USD