NEW YORK, Feb. 25, 2025 (GLOBE NEWSWIRE) -- Bit Origin Ltd (NASDAQ: BTOG) ("Bit Origin" or the "Company"), an emerging growth company engaged in the crypto mining business with diversified expansion strategies, today 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 ...

NEW YORK, Jan. 08, 2025 (GLOBE NEWSWIRE) -- Bit Origin Ltd (NASDAQ:BTOG) ("Bit Origin" or the "Company"), an emerging growth company engaged in the crypto mining business with diversified expansion strategies, today announced that it has received a written notification (the "Notification Letter") from the Listing Qualifications staff of The Nasdaq Stock Market LLC ("Nasdaq") notifying the Company that it is no longer in compliance with the minimum stockholders' equity requirement for continued listing on th ...

NEW YORK, Jan. 08, 2025 (GLOBE NEWSWIRE) -- Bit Origin Ltd (NASDAQ: BTOG) ("Bit Origin" or the "Company"), an emerging growth company engaged in the crypto mining business with diversified expansion strategies, today announced that it has received a written notification (the "Notification Letter") from the Listing Qualifications staff of The Nasdaq Stock Market LLC ("Nasdaq") notifying the Company that it is no longer in compliance with the minimum stockholders' equity requirement for continued listing on t ...

Regulatory Environment - The company is subject to extensive laws and regulations governing its operations, which may impose significant costs and liabilities, particularly in relation to environmental compliance and health and safety standards [38]. - New legislation, such as the Crypto-Asset Environmental Transparency Act, could require the company to report greenhouse gas emissions and obtain permits, potentially increasing operational costs [54]. - The SEC's evolving stance on digital assets may impact the company's ability to hold or trade certain assets, affecting liquidity and market value [56]. - The company faces regulatory scrutiny regarding the classification of its digital assets, which could lead to fines and penalties if deemed securities [50]. - Future climate change regulations could impose significant costs on the company and its suppliers, impacting competitiveness and operational viability [46]. - The lack of consistent climate legislation creates economic uncertainty for the company, particularly in the high-energy-demand Bitcoin mining sector [46]. - Regulatory changes related to electricity consumption by mining companies could adversely affect the company's operational results [49]. - There is uncertainty regarding the regulatory status of digital assets, which could lead to compliance costs and affect business operations [90]. - The ongoing regulatory developments may materially impact the treatment of digital assets, affecting the company's business and financial condition [99]. - Regulatory actions in various countries could severely restrict the ability to acquire, own, or use cryptocurrencies, affecting the company's operations [138]. - The CEA imposes requirements on certain Bitcoin transactions, which may lead to additional regulatory oversight by the CFTC [228]. Financial Performance and Risks - The company's Bitcoin mining operations require substantial power, and profitability is contingent on maintaining electricity costs lower than generated revenue [45]. - The company faces significant risks related to the fluctuation of Bitcoin prices, which are expected to impact operational results [81]. - The company’s Bitcoin holdings are less liquid than cash and cash equivalents, impacting liquidity [71]. - The market price of the company's ordinary shares has recently declined significantly, with potential risks of delisting from Nasdaq [100]. - Future financing may cause dilution in shareholder ownership or impose restrictions on operations [101]. - The company faces material weaknesses in internal control over financial reporting, which could adversely affect the accuracy of financial results [109]. - The company does not expect to pay dividends in the foreseeable future, relying on price appreciation for returns on investment [98]. - The company's ability to pay dividends may be limited by restrictions on its subsidiaries' ability to make dividend payments [175]. - Future sales of substantial amounts of ordinary shares could adversely affect the market price and the Company's ability to raise capital [199]. - The company may require additional capital to support business growth, which may not be available on acceptable terms [148]. Operational Challenges - The company temporarily ceased its Bitcoin mining operations in the United States due to high operating costs as of December 2023, with 1,112 Aethir Cloud rendering miners currently in operation [105]. - The company plans to enter into hosting service contracts for suitable miners' facilities, with potential risks if sufficient power supply is not secured [107]. - The company suspended operations in Georgia due to high energy prices and moved 1,490 miners to a facility in Indiana [183]. - The company entered into a service agreement with Ever Best Bit Limited to assist in finding data mining host services, with fees calculated at $0.020 per kWh [185]. - The average monthly fees for hosting services in Indiana from July 2022 to August 2023 were tracked, indicating ongoing operational costs [186]. - The company faces risks related to internet disruptions, which could adversely affect cryptocurrency prices and operations [121]. - The company may face increased competition for suitable mining locations, impacting its operational viability [136]. - The company pledged 55 Bitcoins as collateral for financings and short-term loans, with a significant decrease in Bitcoin value potentially leading to margin calls [163]. Bitcoin Market Dynamics - Bitcoin prices have fluctuated significantly, ranging from approximately $35,041 per coin in June 2021 to $30,477 in June 2023, and projected to be $62,678 in June 2024 [110]. - The Bitcoin mining reward will halve from 6.25 Bitcoin per block to 3.125 Bitcoin per block in April 2024, reducing daily rewards from approximately 900 Bitcoin to 450 Bitcoin [134]. - The upcoming Bitcoin halving events may not lead to a corresponding increase in Bitcoin prices, potentially decreasing revenue from mining operations [134]. - Bitcoin production in Marion, Indiana averaged 20.72 Bitcoins per month from July 2022 to July 2023, with a range from 3.75 to 30.04 Bitcoins [187]. - Bitcoin production in Cheyenne, Wyoming averaged 11.16 Bitcoins per month from September 2023 to December 2023, with a range from 4.88 to 14.34 Bitcoins [190]. - Miners earn money through transaction fees, with users competing for priority by adding fees to their transactions during high network usage [225]. Strategic Initiatives - The company may pursue additional opportunities to acquire complementary businesses, potentially increasing leverage and debt service requirements [80]. - The company intends to pursue additional opportunities for acquisitions, which could increase leverage and debt service requirements [142]. - The Company invested $3,000,000 in the MineOne Cloud Computing Investment I L.P. partnership, holding an 8.8235% interest [193]. - The Company sold 100% equity interest in WVM Inc. and China Silanchi Holding Limited for a total of $1,000,000 on April 27, 2022 [201]. - SonicHash US ceased operations in the Wyoming facility as of December 31, 2023, due to high operating costs [190].

NEW YORK, June 07, 2024 (GLOBE NEWSWIRE) -- Bit Origin Ltd (NASDAQ:BTOG) ("Bit Origin" or the "Company"), an emerging growth company engaged in the crypto mining business with diversified expansion strategies, today announces that it has signed a strategic agreement to become a sales representative for Aethir, the premier enterprise-focused distributed graphics processing units ("GPU") cloud provider. Aethir: Redefining Global GPU Compute Aethir, a leader in decentralized GPU cloud infrastructure, has succe ...

NEW YORK, June 07, 2024 (GLOBE NEWSWIRE) -- Bit Origin Ltd (NASDAQ: BTOG) ("Bit Origin" or the "Company"), an emerging growth company engaged in the crypto mining business with diversified expansion strategies, today announces that it has signed a strategic agreement to become a sales representative for Aethir, the premier enterprise-focused distributed graphics processing units (“GPU”) cloud provider. Aethir: Redefining Global GPU Compute Aethir, a leader in decentralized GPU cloud infrastructure, has succ ...

NEW YORK, April 04, 2024 (GLOBE NEWSWIRE) -- Bit Origin Ltd (NASDAQ:BTOG) ("Bit Origin" or the "Company"), an emerging growth company engaged in the crypto mining business with diversified expansion strategies, today announces that it actively explores the use of Artificial Intelligence (AI) in crypto mining. As the world of cryptocurrency continues to evolve and innovate, the crypto mining industry is undergoing a significant transformation, driven by the integration of AI. This groundbreaking convergence ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(B) OR (G) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCH ...

Exhibit 99.2 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. BIT ORIGIN LIMITED AND SUBSIDIARIES (FORMERLY KNOWN AS CHINA XIANGTAI FOOD CO., LTD.) CONSOLIDATED BALANCE SHEETS | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------|-------|--------------|-------|--------------| | ASSETS | | | | | | CURRENT ASSETS | | | | | | Cash and cash equivalents | $ | 32, ...