HONG KONG, June 16, 2026 (GLOBE NEWSWIRE) -- BitVentures Limited ("BitVentures" or the "Company") (NASDAQ: BVC) today announced its unaudited financial results for the first half of fiscal year 2026 ended December 31, 2025.
BitVentures Limited is a Cayman Islands holding company, with operating subsidiaries globally including Hong Kong and the United States. We are a technology company focusing on developing early-stage technology businesses, and aim to actively build, operate and scale our businesses in order to achieve growth. The Company is currently developing businesses in e-commerce, digital assets, and may target opportunities in 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.
Business Development and Updates
Share Capital Restructuring and Termination of American Depositary Shares (the "ADSs")
On December 19, 2025, the Company held an Extraordinary General Meeting and passed a number of resolutions pertaining to the Company's share capital restructuring. Following the shareholders' approval by resolutions at the Extraordinary General Meeting, the Company terminated its Deposit Agreement dated March 25, 2021 entered into between the Company and Deutsche Bank Trust Company Americas as depositary for the Company's ADSs, and beneficial owners and holders of ADSs issued thereunder. Immediately following the termination of the ADR Facility, the Company consolidated its shares such that every issued and unissued twenty (20) ordinary shares of par value US$0.0001 each were consolidated into one (1) ordinary share of par value US$0.0020 each (each, a "Consolidated Ordinary Share") (the "Share Consolidation"). All outstanding ADSs were automatically cancelled and ADS holders received Consolidated Ordinary Shares at a ratio of one Consolidated Ordinary Share for each ten ADS cancelled after taking into account the ADS ratio. The Consolidated Ordinary Shares were listed for trading on Nasdaq Capital Market in substitution for its ADSs (the "Substitution Listing") on January 5, 2026.
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 January 2, 2026, the Company announced that the Company's Board has approved the official launch of its Digital Assets segment. Starting in the second half of fiscal year 2026, the Company acquired several fleets of Bitmain cryptocurrency mining machines and hosting capacity and began its cryptocurrency mining operations. The miners are hosted in various secure, high-uptime datacenters across the United States.
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 December 31, 2025 increased to US$0.3 million from nil in the same period of 2024, primarily due to Company entering a new ecommerce retail business and an increase of revenue from client referral services.
Operating Costs and Expenses
Cost of revenue in the six months ended December 31, 2025 increased to US$0.03 million from nil in the same period of 2024, primarily due to the cost of goods sold from the new ecommerce retail business.
General and administrative expenses from continuing operations in the six months ended December 31, 2025 decreased by 62.3% to US$0.9 million from US$2.4 million in the same period of 2024, primarily due to continuing aggressive cost cutting measures that senior management undertook in the six months ended December 31, 2025 which includes an approximately US$0.6 million reduction in legal and professional fees due to the completion of a series of corporate restructuring activities in 2024 and 2025.
Share-based compensation expenses from continuing operations in the six months ended December 31, 2025 increased to US$0.2 million from nil in the same period of 2024, primarily due to new restricted share awards granted under the 2020 Plan in 2025.
Interest income, net from continuing operations in the six months ended December 31, 2025 increased to US$0.1 million, compared to net interest expense of US$0.01 million in the same period of 2024.
Other income/ (expense), net from continuing operations in the six months ended December 31, 2025 were net income of US$5.4 million, primarily due to the recovery of previous impairment loss on bank balances of US$5.3 million.
Discontinued Operations
In August 2024, the Company completely exited from its historical businesses in overseas wealth management and asset management and disposed of certain subsidiaries in Hong Kong, namely, Haiyin Insurance (Hong Kong) Co., Limited and Hywin International Insurance Broker Limited for nil consideration, and Haiyin International Asset Management Limited and Hywin Asset Management (Hong Kong) Limited for US$0.6 million. The disposal was completed on August 31, 2024. After the disposals, the Company no longer holds any financial services licenses or houses any personnel licensed to provide financial services in Hong Kong.
About BitVentures Limited
BitVentures Limited is a technology-focused company. The Company is actively developing technology businesses in verticals including e-commerce, digital assets, and other areas of consumer and enterprise technology. The Company believes that early-stage technology ventures may offer exceptional growth opportunities, and seeks to identify and nurture such high-potential ventures. For more information, please visit https://ir.bitventures.io.
Safe Harbor Statement
This press release contains statements that may constitute "forward-looking" statements pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "anticipate," "estimate," "forecast," "plan," "project," "potential," "continue," "ongoing," "expect," "aim," "believe," "intend," "may," "should," "will," "is/are likely to," "could" and similar statements. Statements that are not historical facts, including statements about the Company's beliefs, plans, and expectations, are forward looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in the Company's filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
Investor Contact:
BitVentures Limited
Email: ir@bitventures.io
BITVENTURES LIMITED
CONSOLIDATED BALANCE SHEETS
(In thousands, except for number of shares and per
share data)
As of June 30, 2025 As of December 31, 2025
--------------------- -------------------------
(US$'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
(US$0.0001 par value;
authorized
500,000,000 shares;
issued and
outstanding
168,000,000 shares as
of June 30, 2025; and
US$0.0020 par value;
authorized 25,000,000
shares; issued and
outstanding 8,400,000
shares as of December
31, 2025) 17 17
Additional paid-in
capital 45,783 45,947
Accumulated deficit (36,069) (31,328)
----------------- ---------------------
Total shareholders'
equity 9,731 14,636
----------------- ---------------------
Total Liabilities and
shareholders' equity 9,889 14,660
================= =====================
BITVENTURES LIMITED
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
(LOSS)/INCOME
(In Thousands, except for share and per share data,
or otherwise stated)
Six Months Ended December 31,
2024 2025
(US$'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 - 0.15 N/A
diluted
======================= ==========
Weighted average number
outstanding:
Ordinary share - Basic 2,800,000* 8,400,000*
======================= ==========
Ordinary share - 2,800,000* 8,400,000*
Diluted
======================= ==========
* On December 19, 2026, the Company held an Extraordinary General Meeting and shareholders approved a share consolidation such that every issued and unissued twenty (20) ordinary shares of par value US$0.0001 each will be consolidated into one (1) ordinary share of par value US$0.0020 each (the "Share Consolidation").
According to ASC 260 Earnings Per Share, the share consolidation requires a retroactive adjustment to the Weighted Average Shares Outstanding for all periods presented in the consolidated statements.
BITVENTURES LIMITED
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS'
EQUITY
(In Thousands, except for share and per share data,
or otherwise stated)
Additional Total
paid-in Accumulated Shareholders
Ordinary shares capital deficit ' equity
------------------------ ----------
Number of
ordinary
shares Amount
------------- ---------
(US$'000) (US$'000) (US$'000) (US$'000)
Balance as of
June 30, 2025 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
December 31,
2025 8,400,000 17 45,947 (31,328) 14,636
============ ========= ========== ========= ============
(END) Dow Jones Newswires
June 16, 2026 06:00 ET (10:00 GMT)
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