BTOG · CIK 0001735556
What Bit Origin Ltd told the SEC could break it.
2 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
A limited set so far, we surface every cited disclosure we’ve extracted for BTOG. More may follow as additional filings are processed.
In its own words
What could break it.
Commodity & input dependence
- all revenue from Bitcoin mining; halving & price sensitivityhigh
Derives all revenue from Bitcoin mining; the halving raised unit production cost and makes profitability highly sensitive to Bitcoin/Dogecoin prices and crypto-market liquidity/exchange-failure shocks.
“We derive all of our revenue from Bitcoin mining during the years ended June 30, 2024 and 2023. Volatility in Bitcoin prices has had an immediate impact on our results and on the trading price of our Class A ordinary shares, which investors often view as linked to the value of our Bitcoin holdings.”
Regulatory & policy
- crypto-mining regulation (Alberta AUC, Singapore)medium
Subject to multi-jurisdiction crypto-mining regulation: Alberta Utilities Commission (AUC) rules could force its Canadian hosting partner to discontinue operations, and evolving Singaporean rules could affect operations.
“If our hosting partner fails to meet the AUC requirements in the future, it may be required to discontinue operations and we may have to look for an alternative site to accommodate our miners.”
SEC filing →As of 2025
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its suppliers
Ever Best Bit Limited
“The aggregate average, mean and range of monthly fees paid to Your Choice Four CA, Inc. and Ever Best Bit Limited for the installation of, hosting of and services for the miners located in Indiana during the periods from July 2022 through August 2023 are as follows:”
Cited →MineOne Wyoming Data Center LLC
“The aggregate average, mean and range of monthly fees paid to MineOne Wyoming Data Center LLC for the installation of, hosting of and services for the miners located in Cheyenne during the periods from September 2023 through December 2023 are as follows:”
Cited →Your Choice 4 CA, Inc.
“In addition, in December 2022, we reached an agreement with Your Choice 4 CA, Inc., the host of the mining facility in Marion, Indiana, that the hosting fee is adjusted to equal to the sum of (i) the electricity cost of the mining activities and (ii) 50% of SonicHash US's profit generated from the Indiana site”
Cited →
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