The9 reports $32.4M net income, $13.4M operating loss, driven by 9BIT token gains

The9 reported a net income of 32.4 million dollars for the quarter ended June 30, up from 22.6 million dollars in the first quarter. The company recorded only 712,000 dollars in revenue, no cryptocurrency-mining revenue, and an operating loss of 13.4 million dollars. A significant fair-value gain of 47.2 million dollars on 9BIT tokens and an additional 11.1 million dollars in cryptocurrency rewards contributed to the net income, totaling 58.3 million dollars, which exceeded the quarter's net income. Compared to the first quarter, the combined token income rose from 37.6 million dollars to 58.3 million dollars, while the operating loss narrowed by less than 1 million dollars. The9's management incentive plan allows senior management to become eligible for equity awards representing up to 12% of outstanding shares, contingent on net income exceeding first-quarter results in future quarters. The9 held 1.9 billion 9BIT tokens valued at 96.6 million dollars as of June 30, with total crypto holdings estimated at about 120 million dollars. 9BIT has active markets on BingX, MEXC, and KuCoin, with a reported trading volume of approximately 5.7 million dollars on August 25.

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