11 public companies told the SEC they depend on Bitcoin.

“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.”

“If the price of all digital assets, excluding Digital assets held - financial assets, increased or decreased by 50 % with all other variables held constant, the Group's total equity for the years ended December 31, 2025 and 2024 would have been $ 1,294.1 million and $ 1,342.0 million higher/lower, respectively.”

“Historically, we have derived substantially all of our revenue from bitcoin mining, and our operating results have depended primarily on the number of bitcoin block rewards earned and the market price of bitcoin.”

“The market price of bitcoin has declined over 20 % from approximately $ 87,500 at December 31, 2025 to under $ 66,338 as of March 27, 2026.”

“As of December 31, 2025, we held approximately 672,500 bitcoins with a carrying value of $58.85 billion on our Consolidated Balance Sheet. Bitcoin is a highly volatile asset that has traded below $80,000 per bitcoin and above $120,000 per bitcoin in our principal market in the 12 months preceding December 31, 2025. A significant decrease in the price of bitcoin would have a material adverse effect on our earnings.”

“As a result of our Bitcoin acquisition strategy, a substantial part of our assets is concentrated in our Bitcoin holdings. Accordingly, the emergence or growth of digital assets other than Bitcoin may have a material adverse effect on our financial condition.”

“For the years ended December 31, 2023, 2024 and 2025, respectively, we generated US$111.7 million, US$163.1 million and US$396.0 million in revenue from self-mining.”

“As bitcoin ecosystem revenue is primarily the total sale amount of bitcoin sold to customers, the amount of bitcoin ecosystem revenue recognized will fluctuate depending on customer demand as well as changes in the market price of bitcoin.”

“are determined by two main drivers: quantity of bitcoin mined and the price of bitcoin on the date the bitcoin is mined.”

“Management's estimate of the effect of digital asset price risk on our Treasury and Corporate digital asset portfolio due to a +/- 20% change in the market prices of digital assets, with all other variables held constant, was +/- .0 million and .3 million as of December 31, 2025 and December 31, 2024, respectively.”

“A significant portion of our assets are concentrated in our bitcoin and other digital asset holdings.”