mF International revenue falls 20.4% as it shifts toward Bitcoin Cash mining
Key Facts
mF International revenue fell 20.4% year over year to HK$11.999 million in the six months ended June 30, 2026, from HK$15.069 million in the same period a year earlier. The company attributed the decline mainly to the continued scaling back of its traditional business, according to its filing with the U.S. Securities and Exchange Commission. The company is moving to focus its resources on digital assets, with plans to wind down its traditional business, according to the available announcement summary. The shift marks a move from trading platform services to activities including Bitcoin Cash mining and a digital asset treasury. The half-year results showed that demand for the company's traditional business was weakening before it announced the shift.
Through its Hong Kong subsidiary m-FINANCE, the company provides foreign exchange, bullion and commodities trading solutions to institutional clients, including brokers and investment banks. In the first half of 2026, only 1 client used its traditional setup, installation and customization services, compared with 10 clients in the same period of 2025. The company attributed the decline in revenue from this line to slowing demand. Total revenue fell despite gross profit rising to HK$8.827 million from HK$5.356 million a year earlier.
By contrast, the company said Bitcoin Cash mining activities began in July 2026. Initial operations produced 1,183 units of the cryptocurrency during July and August, with recognized revenue of about HK$2.1 million. These figures mark the operational start of the new direction, which the company describes as combining mining with a digital asset treasury. The company closed a private placement in December 2025 with gross proceeds of $500 million, saying net proceeds would be used mainly to support its digital asset treasury strategy, including purchases of Bitcoin Cash and other selected digital currencies. The placement proceeds provide financial backing for the shift, which has now moved into announced mining operations.
The first-half results show operating pressure alongside the revenue decline, with the company recording an operating loss of HK$26.043 million and operating expenses of HK$34.869 million. In its annual report, the company said 2025 revenue was generated mainly by its traditional operating subsidiaries, which provide trading platform solutions and online or software-as-a-service value-added financial services. This places the company's shift in the context of rebuilding its sources of income after its previous reliance on trading and related services. It also said it believes available cash, digital investments and placement proceeds are sufficient for its expected working capital and expansion needs over the 12 months following the filing date.
The digital strategy outlined by the company also extends to digital asset-denominated life insurance. On July 8, 2026, it established a Bermuda subsidiary for this purpose and said it plans to begin insurance operations by the end of its current financial year. This initiative, alongside mining and its digital treasury, remains part of the announced transformation plan. The company's shares, listed under the ticker MFI, closed at $8.39 on October 22, 2026, compared with a close of $8.40 the previous day. The company had said its available resources would support its operating and expansion needs over the 12 months following its filing, as it moves to implement these initiatives.