Mercurity Fintech Holding Inc. (MFH): History, Ownership, Mission, How It Works & Makes Money

How does a company with a trailing twelve-month revenue of only $1.01 million as of April 2025 command a market capitalization of $784.02 million and secure an $800 million financing plan for a Bitcoin treasury reserve? Mercurity Fintech Holding Inc. (MFH), which just rebranded to Chaince Digital Holdings Inc. on November 13, 2025, is a compelling case study in the high-stakes pivot from traditional fintech to a blockchain-powered digital asset and AI infrastructure play, a move that has seen its institutional ownership, including BlackRock, expand in recent 13F filings. You need to understand the mechanics of this transformation, especially with insiders holding 62.80% of the stock, so let's defintely look at how their mission and business model are changing the game.

Mercurity Fintech Holding Inc. (MFH) History

You're looking for the origin story of Mercurity Fintech Holding Inc., and honestly, it's less a straight line and more a series of strategic pivots. The company you know today as a digital asset and AI infrastructure player is a far cry from its 2011 beginnings, which were rooted in the Chinese internet boom.

The core takeaway is this: MFH is an old entity that has completely transformed its business model, with its most aggressive and capital-intensive shift happening in 2025, culminating in a major rebrand to signal its new focus on tokenization and on-chain innovation.

Given Company's Founding Timeline

Year established

The company was incorporated on July 13, 2011.

Original location

The original business was based in China, where it operated as the developer of the first online collective marketplace platform, often called the 'Chinese Groupon'. The holding company was incorporated in the Cayman Islands, but its current headquarters are in New York City, New York.

Founding team members

The original founders of the 2011 entity, Wowo Limited, are not publicly cited in the recent filings, but the current Chief Executive Officer who drove the 2025 transformation is Shi Qiu. He's the one who has steered the ship toward its current focus on blockchain and AI infrastructure.

Initial capital/funding

While the original 2011 capital isn't detailed, the company's transition to a high-growth fintech model was significantly fueled by 2025 financing. For example, in January 2025, MFH completed a Private Investment in Public Equity (PIPE) financing, generating approximately $8,041,900 in gross proceeds. More importantly, the company announced plans in June 2025 to raise $800 million to establish a long-term Bitcoin treasury reserve, showing a massive capital commitment to its new digital asset strategy.

Given Company's Evolution Milestones

Given Company's Transformative Moments

The company's history is a story of radical reinvention, not linear growth. The most transformative decisions center on shedding its Chinese internet roots and aggressively moving into the US-regulated digital finance and AI sector.

Here's the quick math: the company went from a small-scale blockchain service provider to a firm planning to deploy hundreds of millions in digital assets in a single year. That's a huge shift.

• The Broker-Dealer Acquisition: Acquiring a US broker-dealer in late 2024, which received FINRA approval in March 2025, was the defintely the most critical move. This gave Mercurity Fintech Holding Inc. a licensed, regulated platform, Chaince Securities, LLC, to bridge traditional capital markets with its digital asset and blockchain services. You need a license to play in the big leagues, and this was it.
• The Capital Pivot to Digital Assets: The June 2025 announcement to raise $800 million for a Bitcoin treasury reserve and the subsequent launch of the $500 million 'DeFi Basket' Treasury in July 2025 fundamentally changed the company's balance sheet strategy. This aggressive move positioned the company alongside pioneers like MicroStrategy in leveraging Bitcoin as a core treasury asset.
• Institutional Validation and Rebrand: The inclusion in the Russell 2000® Index and the increased institutional ownership from giants like BlackRock and State Street in 2025 confirmed the market was watching the pivot. The final move, rebranding to Chaince Digital Holdings Inc. in November 2025, effectively closed the chapter on the old Mercurity Fintech Holding Inc. name, signaling a new era focused on tokenization and on-chain innovation.

To be fair, this aggressive strategy comes with risks, like negative margins and profitability issues, but the market capitalization was still approximately $763.99 million as of November 2025, showing investor belief in the new direction. If you want to dive deeper into who is buying into this new vision, check out Exploring Mercurity Fintech Holding Inc. (MFH) Investor Profile: Who's Buying and Why?

Mercurity Fintech Holding Inc. (MFH) Ownership Structure

Mercurity Fintech Holding Inc. (MFH) is a publicly traded company on the Nasdaq Stock Exchange, but its ownership structure is actually dominated by a small group of insiders and a handful of large institutional investors, leaving a significant, though not majority, stake for the general public.

Mercurity Fintech Holding Inc.'s Current Status

As of November 2025, Mercurity Fintech Holding Inc. is a public entity, trading under the ticker MFH on the NasdaqGM, though this is a transitional period. The company completed a rebrand to Chaince Digital Holdings Inc., with a formal ticker change to CD effective November 13, 2025. This move is part of the company's strategic shift to emphasize its focus on AI-powered infrastructure, blockchain, and digital asset solutions. The stock price was around $11.06 per share on November 11, 2025, reflecting a significant increase of 227.22% from a year prior. That's a serious return for long-term holders.

The company's visibility is also increasing, evidenced by its inclusion in major small-cap indices like the Russell 2000® Index and the MSCI Global Small Cap Indexes as of November 2025. This index inclusion is defintely expected to boost liquidity by attracting more passive, index-tracking institutional capital.

Mercurity Fintech Holding Inc.'s Ownership Breakdown

You need to look beyond the surface to understand who controls the company's direction. The top five shareholders hold over half of the business, meaning this concentrated group has considerable sway over major decisions. Here's the quick math on the breakdown, using the most recent available 2025 data:

What this estimate hides is the power of the largest institutional holders. For instance, BlackRock, Inc. is a major institutional owner. When you see a firm like BlackRock on the shareholder list, it often signals a degree of institutional credibility, even if their position is primarily passive or index-related. For a deeper dive into the capital flow, check out Exploring Mercurity Fintech Holding Inc. (MFH) Investor Profile: Who's Buying and Why?

Mercurity Fintech Holding Inc.'s Leadership

The strategic direction is steered by a lean, focused leadership team, particularly as the company pivots toward digital assets and AI infrastructure. The key figures driving the company's strategy in late 2025 are:

• Shi Qiu: Chief Executive Officer (CEO). He is the principal executive guiding the company's focus on bridging digital assets and capital markets.
• Wilfred Daye: Chief Strategy Officer (CSO) and Director. Mr. Daye is highly visible, often representing the company's strategic vision on digital asset treasury solutions at major industry events in late 2025.

The leadership's primary action right now is integrating blockchain technology into global financial systems, with a heavy emphasis on security and regulatory compliance. You can see this focus in the work of their subsidiary, Chaince Securities, LLC, which provides advisory services in digital asset treasury management.

Mercurity Fintech Holding Inc. (MFH) Mission and Values

Mercurity Fintech Holding Inc.'s core purpose is to bridge traditional financial services with the digital asset economy, focusing on the infrastructure that powers artificial intelligence (AI) and blockchain technology. Their cultural DNA is built on a commitment to regulatory compliance and operational excellence in a rapidly evolving sector.

Mercurity Fintech Holding Inc.'s Core Purpose

You're looking for what truly drives Mercurity Fintech Holding Inc. (MFH) beyond the balance sheet. Honestly, their purpose is a blend of technology infrastructure and licensed financial services, which is defintely a high-growth, high-risk area right now.

Official Mission Statement

The company's mission is consistently defined by its dual focus on technology and finance. It is not a single, pithy sentence, but a clear mandate to build and secure the next generation of digital finance. This is about providing the foundational technology and the regulated financial pathways for the digital asset ecosystem.

• Provide secure and innovative financial solutions to individuals and businesses.
• Bridge traditional finance and digital innovation through blockchain-powered infrastructure.
• Deliver technology and financial services across three core business lines: blockchain solutions, AI/HPC infrastructure (like liquid cooling for data centers), and comprehensive financial services.

Vision Statement

The vision is focused on becoming a key, compliant player in the digital financial ecosystem, especially through its strategic pivot to tokenization, which is what the November 2025 rebrand to Chaince Digital Holdings Inc. is all about. This is a clear move to capture institutional flows into on-chain finance.

• Position the company as a key player in the evolving digital financial ecosystem.
• Lead in tokenization and on-chain innovation.
• Prioritize regulatory-compliant blockchain integration and licensed financial services for scalable growth.
• Elevate governance practices and operational efficiencies to support an expanding client base.

This commitment to a digital future is backed by concrete plans, like the announced $800 million fundraising to establish a long-term Bitcoin treasury reserve and the $500 million DeFi Basket Treasury launched in 2025. You can read more about this strategic direction here: Mission Statement, Vision, & Core Values of Mercurity Fintech Holding Inc. (MFH).

Mercurity Fintech Holding Inc. Slogan/Tagline

Mercurity Fintech Holding Inc. does not currently use an official, publicly-marketed slogan or tagline. The company's communication focuses on the functional description of its role as a 'digital fintech group powered by blockchain infrastructure.' The message is the product: compliance and technology convergence.

What this estimate hides is the high volatility; the stock's volatility measure was 576.22 in 2025, so the focus on compliance is not just a talking point, but a necessity. Their trailing twelve-month revenue as of late 2024 was only $1.01 million, which tells you their value is almost entirely based on the future execution of this bold vision, not current earnings.

Mercurity Fintech Holding Inc. (MFH) How It Works

Mercurity Fintech Holding Inc. operates as a digital fintech group that is defintely focused on bridging traditional finance with the burgeoning digital asset and AI sectors, primarily by building and deploying blockchain-powered infrastructure. They make money by charging transaction fees, offering subscription services for their platforms, and earning commissions on their financial advisory and asset management services through their regulated broker-dealer subsidiary, Chaince Securities, LLC.

You need to see this company not just as a financial services firm, but as an infrastructure play. They are selling the digital plumbing-blockchain and high-performance computing (HPC) solutions-alongside regulated financial products like asset tokenization, which is the real near-term opportunity.

Given Company's Product/Service Portfolio

Given Company's Operational Framework

The operational framework is built on a dual-pillar strategy: a regulated financial services arm and a technology infrastructure arm. The core value driver is the vertical integration of these two, which allows them to control the entire process from asset tokenization to distribution.

• Regulated Brokerage: Their subsidiary, Chaince Securities, LLC, is a FINRA-registered broker-dealer, which is crucial. This license allows them to distribute securities-including tokenized assets-to US institutional and accredited investors, a key differentiator in the crowded crypto space.
• Institutional Custody: Mercurity Fintech Holding Inc. secured a strategic engagement with BitGo in March 2025 to use institutional-grade custody services. This provides the multi-signature wallets and security framework required to manage client and treasury assets securely, which builds investor confidence.
• Treasury Diversification: A significant operational focus in 2025 is their digital asset treasury strategy. The company announced plans in June 2025 to raise $800 million to establish a long-term Bitcoin treasury reserve, and in July 2025, they launched a $500 million 'DeFi Basket' Treasury. Here's the quick math: that's a planned commitment of $1.3 billion to digital assets, positioning the company's balance sheet for yield generation.

They are pivoting fast; the rebranding to Chaince Digital Holdings Inc. in November 2025 signals a clear focus on tokenization and on-chain innovation. Mission Statement, Vision, & Core Values of Mercurity Fintech Holding Inc. (MFH).

Given Company's Strategic Advantages

Mercurity Fintech Holding Inc.'s strategic advantages center on regulatory compliance, institutional partnerships, and a clear move into high-growth, infrastructure-heavy sectors like AI and tokenization.

• Regulatory Compliance and Licensing: Operating a FINRA-registered broker-dealer (Chaince Securities, LLC) gives them a massive advantage over unregulated crypto platforms, allowing them to handle tokenized securities legally. This focus was reinforced by their October 2025 transition to the Nasdaq Global Market, which requires higher financial and governance standards.
• Tokenization Technology Access: The June 2025 partnership with SBI Digital Markets grants them immediate access to advanced tokenization technology and infrastructure, bypassing the substantial R&D costs of developing it internally. This is a smart way to scale quickly.
• AI/HPC Infrastructure Exposure: By integrating AI and HPC infrastructure, including liquid cooling solutions for data centers, they tap into the explosive growth of the Artificial Intelligence sector. This provides a diversified revenue stream outside of pure financial services.
• Institutional Investor Confidence: Increased institutional ownership from firms like BlackRock and Goldman Sachs in 2025 highlights growing confidence in their strategy of 'regulatory-compliant blockchain integration.' As of October 2025, the company's market capitalization was approximately $2.09 billion.

The main risk here is profitability; the company's operating margin was still deeply negative at -276.96% as of October 2025, meaning they spend far more to operate than they earn from core business revenue. Still, their liquidity is strong with a current ratio of 2.59.

Mercurity Fintech Holding Inc. (MFH) How It Makes Money

Mercurity Fintech Holding Inc. makes money by providing technology infrastructure and services across three distinct, but converging, sectors: digital assets, high-performance computing (HPC) for AI, and traditional financial services. Essentially, they earn revenue from service fees for their distributed computing power and from commissions and interest income generated by their financial brokerage and digital asset treasury operations.

The company is currently in a major transition, pivoting from legacy distributed storage services toward a high-growth model centered on a large-scale digital asset treasury and AI infrastructure. This pivot is the single most important factor when evaluating their near-term revenue profile, and it's why the company recently rebranded to Chaince Digital Holdings Inc. (CD) in November 2025.

Mercurity Fintech Holding Inc.'s Revenue Breakdown

The latest available financial data, covering the first four months of 2025, shows a business model still heavily weighted toward legacy services, but the announced strategic shift to a digital asset treasury is designed to dramatically change this mix by the end of the fiscal year. Total revenue for the four months ended April 30, 2025, was only $211,743, a drop of 18% from the same period in 2024.

Here's the quick math on that breakdown: Distributed Storage and Computing Services brought in $146,743, while Business Consultation Services accounted for $50,000 of the total revenue in that four-month period. The remaining revenue comes from other sources, including interest income on short-term investments, which is a small but defintely growing component.

The real story isn't the historical numbers, though. It's the planned shift to a yield-generating digital asset treasury, which includes a $500 million 'DeFi Basket' announced in July 2025 and a plan to establish an $800 million Bitcoin treasury reserve announced in June 2025. [cite: 10, 15 from step 1, 14 from step 1] If executed, the revenue mix will flip, with staking and yield-generation becoming the dominant stream. You can dive deeper into the institutional interest in this new direction at Exploring Mercurity Fintech Holding Inc. (MFH) Investor Profile: Who's Buying and Why?

Business Economics

Mercurity Fintech Holding's core economic model is moving from a low-margin, service-fee-based structure to a hybrid model that blends high-potential, yield-generating digital asset management with technology sales. The shift is high-risk, but the potential returns are significantly higher than their legacy business.

• Pricing Strategy: The company's traditional services, like business consultation and distributed computing, are priced on a fee-for-service or subscription basis. However, the new digital asset strategy relies on staking yield-earning rewards by locking up crypto assets like Solana (SOL)-and capital appreciation on their treasury holdings.
• Cost Structure: The business is currently burdened by a high cost of revenue, particularly in the Distributed Storage and Computing segment, which contributed to a gross loss of roughly $208,634 in the first four months of 2025. This suggests operational inefficiencies or a need for greater scale to cover fixed costs.
• Scalability: The AI and HPC infrastructure segment, which focuses on liquid cooling solutions for data centers, is highly scalable. Selling specialized hardware and software (like the Aifinity Base joint venture) offers higher potential margins than their legacy consulting work.

The fundamental challenge is bridging the gap between their current, small-scale revenue base and the massive capital commitments for their digital asset treasury. This is a classic growth-stock scenario where valuation is based on future potential, not present-day earnings.

Mercurity Fintech Holding Inc.'s Financial Performance

As of November 2025, the company's financial metrics reflect a small-cap firm undertaking a massive, capital-intensive strategic pivot. The numbers show a business struggling with profitability but valued highly on the promise of its digital asset and AI strategy.

• Net Loss: The net loss for the first four months of 2025 widened to $1.694 million, up from a $1.169 million net loss in the same period a year prior. This widening loss is a direct result of increased operating expenses as the company invests in its new infrastructure and strategic initiatives.
• Profitability Margins: The company's profitability metrics are deeply negative, a clear red flag for traditional investors. As of October 2025, the Operating Margin stood at -276.96% and the Net Margin was -450.25%. [cite: 4 from step 1] You need to see a clear path to positive gross margin to justify the current burn rate.
• Valuation Multiples: Despite the negligible revenue, the market capitalization remains high, around $784.02 million as of November 2025. [cite: 8, 10, 11 from step 1] This results in an extremely stretched Price-to-Sales (P/S) ratio of over 3558.58 (based on 2024 TTM revenue). [cite: 4 from step 1] This valuation is purely a bet on the successful execution of the pivot into high-value digital assets and AI infrastructure.

What this estimate hides is the potential for non-operating income from the digital asset treasury to completely overshadow the operating revenue from services. If their $500 million DeFi Basket generates even a modest 5% annual yield, that's $25 million in new, high-margin income, which would be a 25x increase over their entire $1.01 million annual revenue from 2024. [cite: 6 from step 1, 14 from step 1] That's the high-risk, high-reward equation you're buying into here.

Mercurity Fintech Holding Inc. (MFH) Market Position & Future Outlook

Mercurity Fintech Holding Inc. is strategically pivoting from a low-revenue, blockchain-focused firm to a diversified digital asset and High-Performance Computing (HPC) infrastructure player, a move reflected in its substantial $2.09 billion market capitalization as of October 2025 despite trailing twelve-month (TTM) revenue of only $1.01 million as of late 2024. The company's future hinges on its ability to execute its aggressive $800 million Bitcoin treasury plan and monetize its new AI-focused liquid cooling technology joint venture.

Competitive Landscape

In the digital asset and blockchain infrastructure market, Mercurity Fintech Holding Inc. (MFH) competes against both specialized crypto-miners and broader financial technology firms. The company's market share is currently negligible compared to larger, established players, but its core competitive advantage lies in its unique three-pronged strategy: digital asset treasury, AI/HPC infrastructure, and licensed financial services.

Opportunities & Challenges

The company's strategic initiatives in 2025 create clear opportunities, but they are coupled with significant financial and regulatory risks, a common theme in high-growth, volatile sectors like digital assets and AI infrastructure.

Industry Position

Mercurity Fintech Holding Inc. is positioned as a small, high-risk, high-reward player in the convergence of fintech and digital infrastructure. Its market position is defintely not earned through traditional revenue scale yet, but through strategic asset accumulation and infrastructure development.

• Diversified Revenue Streams: The company is moving beyond basic blockchain services into three distinct, high-growth areas: digital asset management, AI/HPC liquid cooling, and comprehensive financial services through subsidiaries like Chaince Securities, LLC.
• Institutional Recognition: Inclusion in the Russell 2000 Index and the S&P Global Broad Market Index in 2025 signals growing legitimacy and mandates passive fund buying, which can stabilize the stock.
• Valuation Disparity: The combination of a <$2.09 billion market cap and a low <$1.01 million TTM revenue results in an extremely high Price-to-Sales (P/S) ratio of <3703.15, indicating the market is valuing future, unproven growth in the AI and crypto treasury segments, not current financial performance.

To understand the foundation of this strategy, you should review the Mission Statement, Vision, & Core Values of Mercurity Fintech Holding Inc. (MFH).