mF International Ltd (MFI) reported unaudited results for the six months ended June 30, 2026, showing a small software business paired with a very large, volatile digital-asset portfolio. Revenue from trading-solution services was HK$11.999 million, down from HK$15.069 million a year earlier, but gross profit rose to HK$8.827 million as cost of revenue fell sharply.
Operating expenses increased to HK$34.869 million, leading to a loss from operations of HK$26.043 million. The critical driver of results was fair value movements on crypto holdings: the change in fair value of stable coins, digital assets and restricted digital assets generated a loss of HK$2.125 billion, contributing to a net loss of HK$2.129 billion (about US$271.5 million) versus a HK$13.7 million loss in 2025. Digital assets at fair value were HK$1.446 billion and stable coins HK$55.8 million, while cash was HK$227.6 million and total liabilities remained low at HK$7.9 million, leaving shareholders’ equity at HK$1.884 billion.
mF International Limited (MFI) reports the launch of a new corporate website (https://mfi.ltd) and a dedicated investor relations website (https://ir.mfi.ltd). These platforms are intended to present the company’s strategic direction as it continues transitioning from a legacy financial trading solutions provider toward building a digital asset-native ecosystem.
The sites highlight information on mF International’s Bitcoin Cash (BCH) digital asset treasury strategy, BCH holdings and hash rate, and its development of BCH self-mining capacity. The company also references its ongoing application for a Bermuda Class IILT insurance license to support an anticipated digital asset-denominated life insurance business, positioning the refreshed web presence as a marker of progress in its blockchain-focused initiatives.
mF International Limited files its 2025 annual report as a BVI holding company whose operations run through subsidiaries in Hong Kong and the British Virgin Islands. The group is pivoting to a digital asset treasury strategy centered on Bitcoin Cash and related crypto activities.
In 2025, revenue was HK$33.8 million (US$4.35 million), but heavy operating expenses produced an operating loss of HK$48.6 million (US$6.24 million). Large investment gains of HK$124.0 million (US$15.93 million) drove net income to HK$78.7 million (US$10.12 million). Total assets jumped to HK$4.04 billion (US$518.9 million), mainly from a US$500.0 million private placement.
The report highlights extensive risks: concentration of assets in digital holdings, volatility and custody issues around cryptocurrencies (especially Bitcoin Cash), potential reclassification of crypto as securities under U.S. law, PRC and Hong Kong regulatory uncertainty, HFCAA-related delisting risk, and dependence on cash upstreaming from Hong Kong subsidiaries.
mF International Limited reported a change in its independent auditor. The Audit Committee dismissed Summit Group CPAs, P.C. and appointed Enrome LLP as the new independent registered public accounting firm for the fiscal year ending December 31, 2025, effective May 22, 2026. Summit’s audit report on the 2024 financial statements contained no adverse opinion, disclaimer, or qualifications. The company states there were no disagreements with Summit and no reportable events, apart from previously disclosed material weaknesses in internal control reported in its 2024 Form 20-F. Summit provided a letter to the SEC confirming its agreement with the company’s description of the relationship and its termination.
mF International Limited reported that Nasdaq has notified the company it is not in compliance with Nasdaq Listing Rule 5250(c)(1) because it has not yet filed its Form 20-F for the year ended December 31, 2025. The company had previously filed a Form 12b-25, extending the deadline to May 15, 2026, but still missed that date.
The notice does not immediately affect the listing or trading of its class A ordinary shares on the Nasdaq Capital Market. mF International has until July 17, 2026 to submit a plan to regain compliance, and Nasdaq may grant an extension to November 11, 2026 if the plan is accepted. The company is working with its accounting, audit and legal professionals to complete the plan and the overdue Form 20-F.
mF International Ltd director Hu Yahong has filed an initial insider ownership report on Form 3. The filing lists Hu Yahong as a director of the company and shows no reportable insider transactions, with all buy, sell, acquire, and dispose counts recorded as zero in the summary data.
mF International Ltd Chief Executive Officer Yuan Dawei reported indirect beneficial ownership of Class B Ordinary Shares through Fire Lucky Investment Co., Ltd. Fire Lucky holds 1,130,862 Class B shares of record, and Yuan is its sole director, officer, and shareholder with sole voting and dispositive power.
Each Class B Ordinary Share is convertible at Yuan’s option into one Class A Ordinary Share and has no expiration date. This Form 3 records his existing ownership position rather than a new market transaction.
mF International Limited filed a Form 6-K highlighting two new digital asset initiatives. The company plans to build in-house Bitcoin Cash self-mining capacity to support its existing digital asset treasury strategy and potentially lower BCH acquisition costs through hardware and energy efficiency.
mF International also intends to apply for a Bermuda Class IILT Insurance License, after first operating in the Bermuda Monetary Authority’s Sandbox under a Class ILT license. If approvals are granted and the business gains market traction, the company aims to offer digital asset-denominated direct life insurance and eventually generate sustainable cash flows.
mF International Limited reported that two former executives, Mr. Chi Weng Tam and Mr. Tai Wai Stephen Lam, resigned as directors effective January 12, 2026. Both had already stepped down from their executive roles on June 2, 2025 and were not serving on the audit, compensation, or nominating and corporate governance committees. They stated their resignations were for personal reasons and not due to any disagreement with the Company over its operations, policies, or practices. After these changes, the board is composed of two executive directors, the current chief executive officer and chief financial officer, and three independent directors.
mF International Limited entered into a PIPE financing with institutional investors, agreeing to sell 50 million Class A ordinary shares and pre-funded warrants, raising expected aggregate gross proceeds of $500.0 million before expenses. The shares are priced at $10.00 each, while the pre-funded warrants are priced at $9.99999 with a nominal exercise price of $0.00001 per underlying share and are immediately exercisable with beneficial ownership limits and cashless exercise features.
The company plans to use the net proceeds primarily to acquire bitcoin cash, build its digital asset treasury operations, and for working capital and general corporate purposes. The securities are being sold in a private placement under Section 4(a)(2) of the Securities Act, with a commitment to file a resale registration statement after closing. The filing also references a press release announcing the appointment of a new chief executive officer and director as part of its broader digital asset strategy.