₿$73,459.79▼ 0.12%
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
347 BTC
180d
Stock PriceUpdated 11h ago
$5.26▼ 2.41%
180d
Total financing
33.40M USD
180d
mNAV
3.68x▼ 2.29%
180d
Leverage
111.3%
180d
BTC Risk
5.67%0.9x
Sats/Share
1,944
180d
Mkt cap
93.87M USD
Shares
17.85M
Fiat reserve
5.04M USD
Total reserve
30.53M USD
Dilution
16.8%
Coverage
19.2 yr
BTC mix
0%
Analytics
BTC Coverage
FinancialsUnverified
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
| Instrument | Term | Coupon | Principal | Outstanding | Conv. price | BTC Rating |
|---|---|---|---|---|---|---|
| NCTY-Sep26 | Sep '25 – Sep '26 | 6% | 8.80M USD | 8.80M USD | — | — |
| Total | 8.80M USD | |||||
Recent Changes
Tue, Mar 31, 2026
BTC Holdings
387→347-40 BTC(-10.3%)
Form 20-F (2025)
Shares Outstanding
4.57B→4.58B+14.3M(+0.3%)
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
4.54B→4.57B+30.1M(+0.7%)
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)