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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended
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Jun. 30, 2025
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
Summary of estimated useful lives of class of asset | ​
​ | ​ | ​ | ​ | ​ | ​
Category |  | Estimated Useful Life |  | Estimated Residual Value |
Office and electronic equipment | ​ | 3-5 years | ​ | 5 | %
Summary key financial information of income by segment | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the six months ended June 30, 2025
​ | ​ | Bitcoin | ​ | International Automobile Trading | ​ | ​
​ |  | Mining Business |  | Business |  | Total
Revenues | ​ | 282,269,981 | ​ | 1,720,650 | ​ | 283,990,631
Less: Operating cost and other relevant expenses |  | ​ |  | ​ |  | ​
Cost of revenue (exclusive of depreciation shown below) |  | 223,818,193 |  | 1,629,792 |  | 225,447,985
Cost of revenue (depreciation) |  | 43,194,326 |  | — |  | 43,194,326
Provision for credit losses |  | 1,209,459 |  | — |  | 1,209,459
Impairment loss from mining machines |  | 256,856,570 |  | — |  | 256,856,570
Loss from change in fair value of receivable for bitcoin collateral |  | (51,715,376) |  | — |  | (51,715,376)
Interest expenses |  | 3,363,606 |  | — |  | 3,363,606
Reportable segment income (loss) before income taxes |  | (194,456,797) |  | 90,858 |  | (194,365,939)
Reconciliations to income (loss) before income tax |  | ​ |  | ​ |  | ​
General and administrative expense – staff cost |  | ​ |  | ​ |  | 5,143,519
General and administrative expense – others |  | ​ |  | ​ |  | 7,871,237
Interest income |  | ​ |  | ​ |  | (991,173)
Foreign exchange gain, net |  | ​ |  | ​ |  | 7,988
Other income and expense, net |  | ​ |  | ​ |  | (148,898)
Net loss before income taxes from continuing operations |  | ​ |  | ​ |  | (206,248,612)
Summary key financial information of asset by segment | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of June 30, 2025
​ | ​ | Bitcoin | ​ | International Automobile Trading | ​ | ​
​ |  | Mining Business |  | Business |  | Total
Segment assets: | ​ | ​ | ​ | ​ | ​ | ​
Current assets | ​ | ​ | ​ | ​ | ​ | ​
Accounts receivable, net | ​ | 2,193,224 | ​ | — | ​ | 2,193,224
Prepayments and other current assets, net | ​ | 224,945,238 | ​ | 1,227,324 | ​ | 226,172,562
Receivable for bitcoin collateral, net | ​ | 416,733,018 | ​ | — | ​ | 416,733,018
Non-current assets | ​ | ​ | ​ | ​ | ​ | ​
Mining machines, net | ​ | 357,168,857 | ​ | — | ​ | 357,168,857
Total segment assets from continuing operations | ​ | 1,001,040,337 | ​ | 1,227,324 | ​ | 1,002,267,661
​ | ​ | ​ | ​ | ​ | ​ | ​
Reconciliations to total assets | ​ | ​ | ​ | ​ | ​ | ​
Cash and cash equivalents | ​ | ​ | ​ | ​ | ​ | 117,792,694
Deferred tax assets | ​ | ​ | ​ | ​ | ​ | 2,269,174
Total assets from continuing operations | ​ | ​ | ​ | ​ |  | 1,122,329,529
Summary revenue data by geographic area | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the six months ended June 30, 2025
​ | ​ | Bitcoin | ​ | International Automobile trading | ​ | ​
​ |  | Mining Business |  | Business |  | Total
British Virgin Islands | ​ | 282,269,981 | ​ | — | ​ | 282,269,981
Others | ​ | — | ​ | 1,720,650 | ​ | 1,720,650
Total | ​ | 282,269,981 | ​ | 1,720,650 | ​ | 283,990,631
​
​ | ​ | ​ | ​ | ​
​ | ​ | As of June 30, 2025
​ | ​ | Bitcoin | ​ | ​
​ |  | Mining Business |  | Total
Asia |  | 38,181,277 |  | 38,181,277
North America |  | 223,157,381 |  | 223,157,381
Africa |  | 78,273,932 |  | 78,273,932
Others |  | 17,556,267 |  | 17,556,267
Total |  | 357,168,857 |  | 357,168,857
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | As of December 31, 2024
​ | ​ | Bitcoin | ​ | Reconciled | ​ | ​
​ |  | Mining Business |  | items |  | Total
Asia | ​ | 37,289,109 | ​ | 249,841 | ​ | 37,538,950
North America | ​ | 92,809,899 | ​ | — | ​ | 92,809,899
Africa | ​ | 90,541,946 | ​ | — | ​ | 90,541,946
Others |  | 22,165,759 | ​ | — | ​ | 22,165,759
Total |  | 242,806,713 | ​ | 249,841 | ​ | 243,056,554
Schedule of discontinued operation | ​
​ | ​ | ​
​ |  | May 27, 2025
Consideration |  | 351,941,519
Current assets of discontinued operations |  | 375,714,681
Non-current assets of discontinued operations |  | 73,787,748
Total assets of discontinued operations |  | 449,502,429
Current liabilities of discontinued operations |  | 12,919,408
Non-current liabilities of discontinued operations |  | 6,261,781
Total liabilities of discontinued operations |  | 19,181,189
Loss from disposal of discontinued operations |  | (78,379,721)
PRC withholding tax for indirect transfer of PRC assets |  | (32,646,978)
Release accumulated other comprehensive loss |  | (44,270,340)
Loss from disposal of discontinued operations after tax |  | (155,297,039)
Loss from discontinued operations from January 1, 2025 to May 27, 2025 |  | (7,171,979)
Net loss from discontinued operations from January 1, 2025 to May 27, 2025 | ​ | (162,469,018)
​
​ | ​ | ​
​ |  | As of December 31, 2024
ASSETS | ​ | ​
Current assets |  |
Cash and cash equivalents |  | 86,247,191
Restricted cash - current – others |  | 1,481,477
Short-term investments |  | 128,618,388
Accounts receivable, net |  | 1,497,641
Finance lease receivables |  | 2,833,899
Financing receivables |  | 778,855
Short-term contract asset, net |  | 4,619,614
Prepayments and other current assets, net |  | 4,036,337
Total current assets of discontinued operations |  | 230,113,402
Non-current assets |  |
Restricted cash - non-current |  | 39,377,146
Property and equipment, net |  | 843,464
Intangible assets |  | 6,497,283
Long-term contract asset |  | 2,404,483
Finance lease receivables |  | 1,275,359
Operating lease right-of-use assets |  | 5,403,686
Other non-current assets |  | 555,784
Total non-current assets of discontinued operations |  | 56,357,205
TOTAL ASSETS OF DISCONTINUED OPERATIONS |  | 286,470,607
LIABILITIES |  |
Current liabilities: |  |
Short-term lease liabilities |  | 903,762
Accrued expenses and other current liabilities |  | 13,723,267
Deferred guarantee income |  | 1,614,910
Contingent risk assurance liabilities |  | 4,273,071
Income tax payable |  | 2,357
Total current liabilities of discontinued operations |  | 20,517,367
Non-current liabilities: |  |
Deferred tax liability |  | 1,469,199
Long-term lease liabilities |  | 5,075,071
Other non-current liabilities |  | 2,619
Total non-current liabilities of discontinued operations |  | 6,546,889
TOTAL LIABILITIES OF DISCONTINUED OPERATIONS |  | 27,064,256
​
​ | ​ | ​ | ​ | ​
​ | ​ | For the six months ended June 30,
​ |  | 2024 |  | 2025
Revenues |  | 15,150,985 |  | 1,143,723
Operating cost and expenses | ​ | ​ | ​ | ​
Cost of revenue |  | 7,690,781 |  | 2,350,868
Sales and marketing |  | 1,042,389 |  | 89,138
General and administrative |  | 7,450,761 |  | 4,328,419
Research and development |  | 383,074 |  | 44,729
Net gain on contingent risk assurance liabilities |  | (3,497,158) |  | (1,073,370)
Net recovery on provision for credit losses |  | (17,894,343) |  | (2,366,384)
Total operating cost and expenses |  | (4,824,496) |  | 3,373,400
Interest income |  | 2,670,673 |  | 597,333
Net gain on equity securities |  | 689,034 |  | —
Foreign exchange gain (loss), net |  | 68,281 |  | (74,202)
Other income |  | 583,226 |  | 1,762,390
Other expenses |  | (253,959) |  | (7,228,461)
Income (loss) from discontinued operations before tax |  | 23,732,736 |  | (7,172,617)
Income tax expenses (benefits) |  | (607,490) |  | 638
Income (loss) from discontinued operations after tax |  | 23,125,246 |  | (7,171,979)
​ | ​ | ​ | ​ | ​
Net cash provided by (used in) discontinued operating activities |  | 14,882,072 |  | (14,407,658)
Net cash used in discontinued investing activities |  | (255,424,463) |  | (54,180,371)
Net cash used in discontinued financing activities |  | (5,406,024) |  | —
​
​ | ​ | ​
​ |  | For the six month ended June 30, 2025
​ | ​ | US$
Cash and cash equivalent deconsolidated |  | 61,108,542
Proceeds from the disposal of subsidiaries |  | 210,638,598
Proceeds from the disposal of subsidiaries, net of cash disposed |  | 149,530,056

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