Announcement • Apr 17
Bit Origin Ltd announced that it expects to receive $5 million in funding Bit Origin Ltd announced that it has entered into a securities purchase agreement to issue a Senior Convertible Note for gross proceeds of $5,000,000 on April 16, 2026.
On the same day, company issued notes for the principle amount of $500,000. Maturity date of the Notes is April 16, 2030. Conversion price is $2.76. New Risk • Jan 16
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of American stocks, typically moving 17% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (17% average weekly change). Earnings have declined by 29% per year over the past 5 years. Shareholders have been substantially diluted in the past year (over 9x increase in shares outstanding). Revenue is less than US$1m (US$39k revenue). Minor Risk Market cap is less than US$100m (US$15.5m market cap). Reported Earnings • Nov 02
Full year 2025 earnings released: US$0.28 loss per share (vs US$3.35 loss in FY 2024) Full year 2025 results: US$0.28 loss per share (improved from US$3.35 loss in FY 2024). Net loss: US$6.53m (loss narrowed 63% from FY 2024). New Risk • Oct 24
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (21% average weekly change). Negative equity (-US$1.9m). Earnings have declined by 50% per year over the past 5 years. Shareholders have been substantially diluted in the past year (over 11x increase in shares outstanding). Revenue is less than US$1m. Minor Risks Latest financial reports are more than 6 months old (reported December 2024 fiscal period end). Market cap is less than US$100m (US$32.0m market cap). New Risk • Apr 11
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 35% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$6.2m free cash flow). Share price has been highly volatile over the past 3 months (47% average weekly change). Negative equity (-US$1.9m). Earnings have declined by 50% per year over the past 5 years. Shareholders have been substantially diluted in the past year (35% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (US$1.27m market cap). New Risk • Apr 08
New major risk - Negative shareholders equity The company has negative equity. Total equity: -US$1.9m This is considered a major risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$6.2m free cash flow). Share price has been highly volatile over the past 3 months (48% average weekly change). Negative equity (-US$1.9m). Earnings have declined by 50% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (US$939.5k market cap). Minor Risk Shareholders have been diluted in the past year (23% increase in shares outstanding). New Risk • Mar 03
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of American stocks, typically moving 29% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$7.9m free cash flow). Share price has been highly volatile over the past 3 months (29% average weekly change). Earnings have declined by 61% per year over the past 5 years. Market cap is less than US$10m (US$1.41m market cap). Minor Risks Shareholders have been diluted in the past year (23% increase in shares outstanding). Revenue is less than US$5m (US$2.9m revenue). Announcement • Feb 28
Bit Origin Ltd, Annual General Meeting, Mar 14, 2025 Bit Origin Ltd, Annual General Meeting, Mar 14, 2025, at 10:00 Singapore Standard Time. Location: 27f samsung hub, 3 church street, 049483., Singapore Announcement • Feb 27
Bit Origin Announces Receipt of Nasdaq Notification Regarding Minimum Bid Price Deficiency Bit Origin Ltd. announced that it has received a notification letter from the Nasdaq Stock Market LLC (‘Nasdaq’) on February 21, 2025, indicating that the Company is not in compliance with Nasdaq’s minimum bid price requirement. Nasdaq Listing Rule 5550(a)(2) requires that listed securities maintain a minimum bid price of $1.00 per share. The notification letter stated that the Company’s ordinary shares have failed to maintain this minimum bid price for the last 30 consecutive business days, from January 7, 2025, to February 20, 2025. The notification does not immediately impact the listing or trading of the Company’s ordinary shares on Nasdaq. Under Nasdaq rules, Bit Origin Limited has been granted a compliance period of 180 calendar days, until August 20, 2025, to regain compliance. If, at any time during this period, the closing bid price of the Company’s stock is at least $1.00 per share for a minimum of ten consecutive business days, Nasdaq will confirm compliance, and the matter will be resolved. If the Company is unable to regain compliance by August 20, 2025, it may be eligible for additional time. To qualify, the Company will be required to meet continued listing requirement for market value of publicly held shares and all other initial listing standards for the Nasdaq Capital Market, with the exception of the bid price requirement and will need to provide written notice of its intention to cure the deficiency during the second compliance period, which may include implementing a reverse stock split if necessary. The Company is actively monitoring the bid price of its ordinary shares and is considering all available options to regain compliance with Nasdaq’s requirements. Bit Origin Limited remains committed to delivering value to its shareholders and maintaining its listing on Nasdaq. Board Change • Jan 31
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. No experienced directors. No highly experienced directors. Independent Director Xiaping Cao is the most experienced director on the board, commencing their role in 2022. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Announcement • Nov 22
Bit Origin Announces Receipt of Delinquency Notification Letter from Nasdaq Relating to Non-Compliance with Listing Rule 5250(c)(1) Bit Origin Ltd. announced that the Company received a delinquency notification letter (the ‘Notice’) from the Listing Qualifications Department of the Nasdaq Stock Market LLC (‘Nasdaq’) on November 20, 2024, which indicated that, as a result of the Company's delay in filing its Annual Report on Form 20-F for the fiscal year ended June 30, 2024 (the ‘Form 20-F’) by the applicable due date, the Company was not in compliance with Nasdaq Listing Rule 5250(c)(1) (the ‘Rule’), which requires Nasdaq-listed companies to timely file all required periodic financial reports with the U.S. Securities and Exchange Commission (the ‘SEC’). The Notice states that the Company has 60 calendar days to submit to Nasdaq a plan to regain compliance with the Rule. If Nasdaq accepts the Company's plan to regain compliance, then Nasdaq may grant the Company up to 180 calendar days from the prescribed due date of the Form 20-F, or until May 12, 2025, to file the Form 20-F to regain compliance; however, there can be no assurance that these events will occur. Neither the Notice nor the Company's noncompliance with the Rule has an immediate effect on the listing or trading of the Company's securities on Nasdaq. The Company continues to work diligently to complete the Form 20-F and plans to file the same as promptly as possible to regain compliance with the Rule. Announcement • Nov 01
Bit Origin Ltd announced delayed 20-F filing On 10/31/2024, Bit Origin Ltd announced that they will be unable to file their next 20-F by the deadline required by the SEC. New Risk • Aug 06
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: US$9.79m This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$8.3m free cash flow). Share price has been highly volatile over the past 3 months (19% average weekly change). Earnings have declined by 69% per year over the past 5 years. Shareholders have been substantially diluted in the past year (89% increase in shares outstanding). Market cap is less than US$10m (US$9.79m market cap). New Risk • Dec 19
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 30% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (16% average weekly change). Earnings have declined by 67% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (30% increase in shares outstanding). Market cap is less than US$100m (US$17.5m market cap). Announcement • Dec 12
Bit Origin Ltd announced that it expects to receive $24.74 million in funding from ATW Digital Asset Opportunities LLC Bit Origin Ltd entered into a securities purchase agreement to sell up to $24,740,000 million of convertible notes (“Notes”) and warrants to ATW Digital Asset Opportunities LLC on December 11, 2023. Announcement • Dec 02
Bit Origin Ltd Announces Executive Resignations On November 27, 2023, Jiaming Li tendered his resignation as the President of Bit Origin Ltd. (the “Company”) and Lianfei Du tendered her resignation as the Executive Vice President of the Company, both effective on November 27, 2023. Mr. Li and Ms. Du will remain as advisors to the Company on an as-needed basis. Mr. Li’s and Ms. Du’s resignations were not the result of any disagreement with the Company’s operations, policies or procedures. New Risk • Nov 29
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of American stocks, typically moving 16% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$6.9m free cash flow). Share price has been highly volatile over the past 3 months (16% average weekly change). Earnings have declined by 67% per year over the past 5 years. Minor Risk Market cap is less than US$100m (US$14.6m market cap). New Risk • Oct 17
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 56% per year over the past 5 years. Market cap is less than US$10m (US$4.81m market cap). Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Share price has been volatile over the past 3 months (13% average weekly change). Revenue is less than US$5m (US$2.3m revenue). Announcement • Jun 16
Bit Origin Ltd Regains Compliance with Nasdaq Minimum Bid Price Requirement Bit Origin Ltd. announced that it has received notice from Nasdaq Stock Market ("Nasdaq") on June 14, 2023 informing the Company that it had regained compliance with the minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2) ("Rule") for continued listing on the Nasdaq Capital Market and that the matter is now closed. To regain compliance with the Rule, which requires the closing bid price of the Company’s ordinary shares to maintain a minimum of $1.00 or more for at least 10 consecutive business days, the Company’s ordinary shares had a closing bid price at or above $1.00 per share for 11 consecutive business days from May 30 to June 13, 2023. Therefore, the Nasdaq Listing Qualifications Department has closed the deficiency case for Bit Origin. Announcement • Jan 05
Bit Origin Ltd Announces Resignation of Erick W Rengifo as Director and Chief Strategy Officer Bit Origin Ltd. announced that on December 31, 2022, Mr. Erick W Rengifo tendered his resignation as a Director and the Chief Strategy Officer. Mr. Rengifo’s resignation was not a result of any disagreement with the Company’s operations, policies or procedures. Board Change • Nov 16
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. Independent Director Rick Toussaint is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Seeking Alpha • Aug 08
Bit Origin provides bitcoin mining update for July Bit Origin (NASDAQ:BTOG) reported Monday total mining hash rate of 246 PH/s with 2,568 miners installed for the month of July, reflecting a sequential growth of 196% and 205%, respectively.
The company said it has mined 15.46 Bitcoins, representing a total revenue of US$375,915 for the three months from May to July 2022.
"Over the past three months, we focused on our expansion in the U.S. and made significant progress with 2,568 miners deployed. The number of Bitcoins mined and our revenue have increased by 71% and 50%, respectively, in July 2022 compared to the previous month,” noted Mr. Lucas Wang, Chairman and CEO at Bit Origin.
The company said it is operating the Georgia site on a hosting basis with a mining capacity of up to 6.1 MW.
Outlook: Based on the current mining site development and miner procurement plan, the company expects to deploy the remaining 1,060 purchased miners in the fourth quarter of 2022. Once all 3,628 purchased miners are deployed, the total hash rate is expected to reach 338 Ph/s.
Earlier: Bit Origin provides operation updates, future miner deployment schedule Board Change • Jun 01
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. Independent Director Rick Toussaint is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • May 13
First half 2022 earnings released First half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (up US$9.50m from 1H 2021). Profit margin: (up from net loss in 1H 2021). Board Change • Apr 27
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. Chairwoman & CEO Zeshu Dai is the most experienced director on the board, commencing their role in 2018. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Board Change • Apr 02
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. Chairwoman & CEO Zeshu Dai is the most experienced director on the board, commencing their role in 2018. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Recent Insider Transactions Derivative • Dec 07
Chief Financial Officer notifies of intention to sell stock Xia Wang intends to sell 196k shares in the next 90 days after lodging an Intent To Sell Form on the 7th of December. If the sale is conducted around the recent share price of US$1.89, it would amount to US$370k. Since June 2021, Xia has owned 196.39k shares directly. There have been no trades via on-market transactions or options from company insiders in the last 12 months. Reported Earnings • Nov 18
Full year 2021 earnings released: US$0.27 loss per share (vs US$0.14 loss in FY 2020) The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2021 results: Revenue: US$80.5m (down 27% from FY 2020). Net loss: US$10.8m (loss widened 251% from FY 2020). Recent Insider Transactions Derivative • Sep 25
Chairwoman & CEO notifies of intention to sell stock Zeshu Dai intends to sell 290k shares in the next 90 days after lodging an Intent To Sell Form on the 22nd of September. If the sale is conducted around the recent share price of US$1.00, it would amount to US$290k. Since June 2021, Zeshu has owned 290.00k shares directly. There have been no trades via on-market transactions or options from company insiders in the last 12 months. Reported Earnings • Aug 12
First half 2021 earnings released: US$0.33 loss per share (vs US$0.004 loss in 1H 2020) The company reported a decent first half result with improved revenues, although losses increased and control over costs was weaker. First half 2021 results: Revenue: US$100.1m (up 100% from 1H 2020). Net loss: US$9.50m (loss widened US$9.42m from 1H 2020). Executive Departure • Jun 11
Independent Director Bangquan Ou has left the company On the 3rd of June, Bangquan Ou's tenure as Independent Director ended after 3.1 years in the role. We don't have any record of a personal shareholding under Bangquan's name. A total of 4 executives have left over the last 12 months. The current median tenure of the management team is 3.42 years. Executive Departure • Jun 11
Director Penglin Wang has left the company On the 3rd of June, Penglin Wang's tenure as Director ended after 3.1 years in the role. We don't have any record of a personal shareholding under Penglin's name. A total of 4 executives have left over the last 12 months. The current median tenure of the management team is 3.42 years. Reported Earnings • Jun 11
First half 2021 earnings released: US$0.33 loss per share (vs US$0.028 loss in 1H 2020) The company reported a mediocre first half result with increased losses and weaker control over costs, although revenues improved. First half 2021 results: Revenue: US$100.1m (up 95% from 1H 2020). Net loss: US$9.50m (loss widened US$8.88m from 1H 2020). Is New 90 Day High Low • Feb 06
New 90-day high: US$1.10 The company is up 39% from its price of US$0.79 on 06 November 2020. The American market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Food industry, which is up 4.0% over the same period. Valuation Update With 7 Day Price Move • Oct 22
Market bids up stock over the past week After last week's 33% share price gain to US$1.16, the stock is trading at a trailing P/E ratio of 9.5x, up from the previous P/E ratio of 7.1x. This compares to an average P/E of 26x in the Food industry in the US. Total return to shareholders over the past year is a loss of 74%. Is New 90 Day High Low • Sep 19
New 90-day low: US$0.73 The company is down 57% from its price of US$1.70 on 19 June 2020. The American market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Food industry, which is up 3.0% over the same period.