The9 Posts $13 M Operating Loss but Token Gains Unlock Management Bonus Eligibility

The Nasdaq‑listed crypto firm The9 posted a $13.4 million operating loss for the quarter ended June 30, but a large fair‑value gain on its own 9BIT token and a cryptocurrency reward more than offset the loss, driving net income to $32.4 million.

Revenue and operating performance

The company recorded only $712,000 of revenue and no cryptocurrency‑mining revenue. Operating expenses resulted in a $13.4 million loss.

Token‑related gains

The9 recognized a $47.2 million fair‑value increase on its 1.9 billion 9BIT tokens and an $11.1 million cryptocurrency reward. Together, these items contributed $58.3 million, exceeding the quarter’s net income.

Impact on management incentives

The higher net‑income figure satisfied the growth condition in the company’s long‑term incentive plan, making senior management eligible for equity awards up to 12 % of outstanding shares, subject to multi‑year vesting and a three‑year lock‑up.

Token holdings and market context

As of June 30, The9 held 1.9 billion 9BIT tokens valued at $96.6 million; total crypto holdings were reported at about $120 million, including 347 Bitcoin. The 9BIT token trades on BingX, MEXC and KuCoin, with a 24‑hour volume of roughly $5.7 million on August 25.