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6-KPRESS-RELEASE ·Filed Jun 29, 2026

BTOG

BIT ORIGIN Ltd
BEARISH
Impact 6/10
Horizonmonths Processed4mo ago SEC0001104659-26-078558
Actionable Insight ▼ Bearish

Massive dilution risk dominates: the pre-funded warrant covers 6.5M shares vs 2.7M currently outstanding — a 240% overhang with near-zero exercise price. Near-term revenue projection ($360K/month) is contingent on Q3 2026 server delivery and customer deployment. With $2M market cap and no disclosed prior revenue, the stock is a story-driven micro-cap. Monitor for delivery milestones and any registration statement for the warrant shares — that would signal imminent selling.

DirectionBearish
Confidencehigh
Horizonmonths
Latest settled — T+20d ⚠ clustered
BTOG ▼ -32.68% at T+20d
SHORT call ✓ call won +32.68% · α vs SPY +32.40% · entry $1.23 → $0.8280
Next anchor: T+60d due 5w ago
Entry = T+0 close
Jun 29, 2026
via day close
T+1d
+1.63%
call -1.63% · α -0.85%
$1.25
settled 4mo ago
T+5d
-5.69%
call +5.69% · α +7.08%
$1.16
settled 4mo ago
T+20d
-32.68%
call +32.68% · α +32.40%
$0.8280
settled 3mo ago
T+60d
Pending
due 5w ago

Price Chart

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Executive Summary

Bit Origin Ltd (BTOG) acquired ~$11M of NVIDIA Blackwell B300 AI servers from PT Mitra Manunggal Sangkara for $1M cash + $10M in pre-funded warrants (6,457,863 shares). The 16 servers are expected in Q3 2026 and to generate ~$360K/month revenue before OpEx. Massive dilution: warrants are ~240% of current 2.7M shares outstanding, with near-zero exercise price. Critical pre-revenue execution risk — the tiny $2M market cap faces overhang from 6.5M potentially issuable shares.

Key Facts

  • Acquired 16 NVIDIA Blackwell B300 AI servers and related customer/hosting agreements from PT Mitra Manunggal Sangkara
  • Total purchase price ~$11M: $1,000,000 cash + $10,000,000 in pre-funded warrants exercisable for 6,457,863 Class A ordinary shares
  • Pre-funded warrants have a nominal exercise price of $0.00006 per share; aggregate exercise price was pre-funded
  • Company expects Q3 2026 delivery and deployment in Malaysia; projected ~$360,000/month revenue before OpEx
  • Current issued and outstanding shares: 2,695,155 (2,682,355 Class A + 12,800 Class B) per the filing's Section 4.02
  • Warrant shares (6,457,863) are ~240% of current outstanding shares, creating massive potential dilution
  • Warrant beneficial ownership limitation set at 4.99%, can be increased to 9.99% on 61 days' notice
  • Market cap ~$2M — the $11M nominal deal value is ~5.5× market cap
  • Company is a former crypto miner pivoting to AI infrastructure; no revenue or earnings figures from prior quarters disclosed in the filing

Financial Impact

~$11M nominal for AI servers; ~$360K/month projected revenue (before OpEx) starting Q3 2026; warrants represent ~240% dilution vs current shares outstanding

dilutionfuture_revenuecash

Risk Factors

  • Massive dilution: 6,457,863 warrant shares vs 2,695,155 currently outstanding — warrants are 240% of float
  • Execution risk: servers in transit, expected Q3 2026 delivery and deployment — no confirmed timeline
  • Pre-revenue pivot from crypto mining to AI — no disclosed financials or prior comparable revenue
  • Cash consideration of $1M is material vs $2M market cap — further strain on balance sheet
  • Customer/hosting agreements may require third-party consents not yet obtained per Section 1.04 of the APA

Market Snapshot

Exchange
Nasdaq
Sector
Finance Services

Investment Themes

Traditional Finance

Documents Analyzed

This report is based on 8 SEC documents filed with EDGAR.

DocumentAccession Number
6-K Filing (BTOG) — Batch item 10001104659-26-078558
Document: tm2619272d2_ex10-2.htmpress-3318991
Document: tm2619272d2_6k.htm0001104659-26-078558
Document: tm2619272d2_ex99-1.htm0001104659-26-078558
Document: 0001104659-26-078558-index-headers.html0001104659-26-078558
Document: 0001104659-26-078558-index.html0001104659-26-078558
Document: 0001104659-26-078558.txt0001104659-26-078558
PRESS-RELEASE Data (Synthetic)0001104659-26-078558
5 reports for BTOG
Performance horizon

Track record builds as more directional reports settle.

Filters
Rows
Reports for BTOG — sortable, filterable
TypeNow
Sep 3, 2026
7w ago
6-K
NEUTRAL ★ 3/10
$2.21awaiting T+20——
Jun 30, 2026
16w ago
6-K
MIXED ★ 8/10
$1.24 $0.8151▼ −34.27%▼ −32.08%—
Jun 29, 2026
17w ago
6-K / PRESS-RELEASE
BEARISH ★ 6/10
$1.23 $0.8280▲ +32.68%▲ +32.40%—
Jun 29, 2026
17w ago
6-K
BEARISH ★ 8/10
$1.23 $0.8280▲ +32.68%▲ +32.40%—
Apr 16, 2026
27w ago
6-K
NEUTRAL ★ 5/10
$2.60 $1.71▼ −34.23%▼ −40.05%—
Showing 5 of 5

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Report published Jun 29, 2026