Business Development and Updates
Share Capital Restructuring and Termination of American Depositary Shares (the “ADSs”)
On
E-commerce Business Segment
During first half of fiscal year 2026, the Company began official rollout of its e-commerce segment. The Company operated its e-commerce segment under a resale model, offering high-demand products such as consumer electronics via its storefront on Amazon.
Digital Assets Segment
On
Subject to ongoing market conditions, the Company intends to continue to pursue a diversified cryptocurrency mining strategy, which may include targeting Bitcoin and select altcoins to optimize risk-adjusted profitability
First Half of Fiscal Year 2026 Highlights
Continuing Operations
Net revenues
Total revenues from continuing operations in the six months ended
Operating Costs and Expenses
Cost of revenue in the six months ended
General and administrative expenses from continuing operations in the six months ended
Share-based compensation expenses from continuing operations in the six months ended
Interest income, net from continuing operations in the six months ended
Other income/ (expense), net from continuing operations in the six months ended
Discontinued Operations
In
About BitVentures Limited
BitVentures Limited is a technology-focused company. The Company is actively developing technology businesses in verticals including e-commerce, digital assets, and other areas of consumer and enterprise technology. The Company believes that early-stage technology ventures may offer exceptional growth opportunities, and seeks to identify and nurture such high-potential ventures. For more information, please visit https://ir.bitventures.io.
Safe Harbor Statement
This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “anticipate,” “estimate,” “forecast,” “plan,” “project,” “potential,” “continue,” “ongoing,” “expect,” “aim,” “believe,” “intend,” “may,” “should,” “will,” “is/are likely to,” “could” and similar statements. Statements that are not historical facts, including statements about the Company's beliefs, plans, and expectations, are forward looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in the Company's filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
Investor Contact:
BitVentures Limited
Email: ir@bitventures.io
CONSOLIDATED BALANCE SHEETS (In thousands, except for number of shares and per share data) | ||||||
| As of | As of | |||||
| (US$’000) | (US$’000) | |||||
| Audited | Unaudited | |||||
| Assets | ||||||
| Current assets: | ||||||
| Cash and cash equivalents | 950 | 6,826 | ||||
| Short term investments | 8,791 | 7,424 | ||||
| Account receivables | - | 5 | ||||
| Deposits, prepayments and other current assets | 143 | 377 | ||||
| Inventories | - | 23 | ||||
| Total current assets | 9,884 | 14,655 | ||||
| Property and equipment, net | 5 | 5 | ||||
| Total non-current asset | 5 | 5 | ||||
| Total Assets | 9,889 | 14,660 | ||||
| Liabilities and Shareholders’ equity | ||||||
| Current liabilities: | ||||||
| Other payables and accrued liabilities | 158 | 24 | ||||
| Total current liabilities | 158 | 24 | ||||
| Total Liabilities | 158 | 24 | ||||
| Shareholders’ Equity: | ||||||
| Ordinary shares ( | 17 | 17 | ||||
| Additional paid-in capital | 45,783 | 45,947 | ||||
| Accumulated deficit | (36,069 | ) | (31,328 | ) | ||
| Total shareholders’ equity | 9,731 | 14,636 | ||||
| Total Liabilities and shareholders’ equity | 9,889 | 14,660 | ||||
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS)/INCOME (In Thousands, except for share and per share data, or otherwise stated) | ||||||||
| Six Months Ended | ||||||||
| 2024 | 2025 | |||||||
| (US$’000) | (US$’000) | |||||||
| Continuing operations | ||||||||
| Net revenues | ||||||||
| Client referral services | - | 289 | ||||||
| E-Commerce retail | - | 36 | ||||||
| Total net revenues | - | 325 | ||||||
| Operating cost and expenses | ||||||||
| Cost of revenue | - | 27 | ||||||
| Share-based compensation expense | - | 164 | ||||||
| General and administrative expenses | 2,364 | 891 | ||||||
| Total operating cost and expenses | 2,364 | 1,082 | ||||||
| (Loss) from operations | (2,364 | ) | (757 | ) | ||||
| Other income/ (expenses) | ||||||||
| Interest expense/ (income), net | (17 | ) | 149 | |||||
| Other income/ (expense), net | (245 | ) | 5,349 | |||||
| Total other income/ (expense), net | (262 | ) | 5,498 | |||||
| (Loss)/ income before income tax expense | (2,626 | ) | 4,741 | |||||
| Income tax expense | (117 | ) | - | |||||
| Net (loss)/ income from continuing operations | (2,743 | ) | 4,741 | |||||
| Discontinued operations | ||||||||
| Income for the year from discontinued operations, net of income taxes | 421 | - | ||||||
| Net (loss)/ income and comprehensive loss for the period | (2,322 | ) | 4,741 | |||||
| (Loss)/ income per share | ||||||||
| From continuing and discontinued operations | ||||||||
| Ordinary share - Basic | (0.83 | ) | 0.56 | |||||
| Ordinary share - diluted | (0.83 | ) | 0.56 | |||||
| From continuing operations | ||||||||
| Ordinary share - Basic | (0.98 | ) | 0.56 | |||||
| Ordinary share - diluted | (0.98 | ) | 0.56 | |||||
| From discontinued operations | ||||||||
| Ordinary share - Basic | 0.15 | N/A | ||||||
| Ordinary share - diluted | 0.15 | N/A | ||||||
| Weighted average number outstanding: | ||||||||
| Ordinary share - Basic | 2,800,000* | 8,400,000* | ||||||
| Ordinary share - Diluted | 2,800,000* | 8,400,000* | ||||||
* On
According to ASC 260 Earnings Per Share, the share consolidation requires a retroactive adjustment to the Weighted Average Shares Outstanding for all periods presented in the consolidated statements.
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (In Thousands, except for share and per share data, or otherwise stated) | |||||||||||||||||
| Ordinary shares | Additional paid-in capital | Accumulated deficit | Total Shareholders ’ equity | ||||||||||||||
| Number of ordinary shares | Amount | ||||||||||||||||
| (US$’000) | (US$’000) | (US$’000) | (US$’000) | ||||||||||||||
| Balance as of | 168,000,000 | 17 | 45,783 | (36,069 | ) | 9,731 | |||||||||||
| Share consolidation | (159,600,000 | ) | - | - | - | - | |||||||||||
| Share-based compensation recognized in equity | - | - | 164 | - | 164 | ||||||||||||
| Net income for the period | - | - | - | 4,741 | 4,741 | ||||||||||||
| Balance as of | 8,400,000 | 17 | 45,947 | (31,328 | ) | 14,636 | |||||||||||
