What The9 does

The9 Limited (Nasdaq: NCTY) is a Shanghai-headquartered, Hong Kong–domiciled publicly traded internet company founded in 1999 and listed on Nasdaq since 2004. It operates three business segments: online games (legacy operations and the the9bit GameFi platform), cryptocurrency mining (a 20MW carbon-neutral facility in Calgary, Canada, operated via the Montcrypto subsidiary), and a newly announced AI-powered short drama and interactive movie game initiative built on licensed TVB IP 'The Greed of Man' and co-developed with Chengdu Lumosi Network Technology.

The the9bit platform, launched in July/August 2025, integrates Web3/blockchain features into a Web2-accessible interface and has reached more than 7 million users by February 2026. The company receives 950 million 9BIT tokens as treasury holdings (listed on KuCoin, MEXC, and BingX), and partners with Yield Guild Games (YGG) for community-driven distribution across Southeast Asia, Latin America, and India. Cryptocurrency mining uses natural gas flared by local oil producers in Calgary, reducing 53 million cubic meters of gas flaring and 128,000 tons of CO2-equivalent emissions annually.

The business model is mixed: usage-based revenue from Bitcoin mining (US$5.6M in H1 2025), subscription/recurring-style revenue from online game services (US$3.0M in H1 2025), and emerging transaction-fee/token-economics upside via 9BIT trading activity (US$6M 24-hour exchange volume). The company is unprofitable, reporting a US$9.5M net loss for H1 2025 on US$8.7M revenue, with US$5.0M cash and US$34.3M total liabilities as of June 30, 2025. Funding since 2023 has come via private placements from Bripheno Pte. Ltd. (US$12M, November 2023), Fine Vision Fund (US$3.5M, May 2024), and undisclosed cryptocurrency investment funds (March 2025).

Name

The9

Legal name

The9 Limited

Website

https://the9.com

Company type

Public

Founded year

2004

Operating status

Operating

Headcount range

101–250 employees

Short description

The9 Limited (Nasdaq: NCTY) is a Shanghai-based, Hong Kong–domiciled internet company operating a Web3.5 GameFi platform (the9bit), a carbon-neutral Bitcoin mining facility in Calgary, and an AI-powered short drama / interactive game initiative built on licensed TVB IP.

Ownership category

akta.pro rank

Product category

Online Gaming and Blockchain Services

NAICS

Amusement Arcades (71312)

SIC

Services-Computer Programming Services (7371), Services-Computer Programming, Data Processing, Etc. (7370)

akta.pro primary industry

Blockchain Game Studios & Game Development (FSAPAGAC)

akta.pro secondary industries

Web3/Blockchain Game Studios (MPAFAAAO), On-Chain Game Engines & Developer Tooling (SDKs, APIs, Unity/Unreal plugins) (FSAPAGAB), Play-to-Earn & Reward Platforms (questing, loyalty, airdrop mechanics) (FSAPAGAH), In-Game Asset Standards & Infrastructure (NFT items, marketplaces, royalties, asset registries) (FSAPAGAE)

Keywords

• Online gaming platforms
• Web3 gaming
• Cryptocurrency mining
• Gamefi platform
• Ai content development

Headquarters

HQ city

Shanghai

HQ country

China

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Operations, Infrastructure, Technology or R&D, Personnel, Marketing or Sales

Revenue model

1. Cryptocurrency Mining: Bitcoin mining operations generating revenue through cryptocurrency mining. The company operates a 20MW carbon-neutral mining facility in Calgary, Canada. Revenue was $5.6 million for H1 2025.
2. Online Game Services: Revenue from operating online games and the the9bit GameFi platform. This includes game operations, partnerships, and token-related services. Revenue was $3.0 million for H1 2025.
3. Token Holdings: The9 holds 950 million 9BIT tokens with market price of US$0.02 per token as of February 2026, representing a sevenfold increase since listing. Tokens are listed on KuCoin, MEXC, and BingX exchanges with 24-hour trading volume of US$6 million.

Go-to-market motion3 records

Distribution channels3 records

Marketing channels5 records

Core offering

The9 Limited operates an integrated gaming and blockchain business: it develops and operates online games (including the the9bit GameFi platform that combines web2 accessibility with web3/blockchain features and a native 9BIT token), runs a 20MW carbon-neutral cryptocurrency mining facility in Calgary through its Montcrypto subsidiary, and produces AI-powered short dramas and interactive movie games using generative AI video technology and licensed TVB IP.

Product overview

The9 is a diversified Internet company operating across three core business segments: (1) Next-generation gaming through the the9bit platform which integrates Web3 features into a Web2 interface, offering traditional, Web3, and blockchain-integrated games with real financial rewards; (2) Cryptocurrency mining including the carbon-neutral Montcrypto facility in Calgary; and (3) AI-powered content development leveraging generative AI video technologies. The company holds 950 million 9BIT tokens as the native currency for its gaming ecosystem, with tokens traded on KuCoin, MEXC, and BingX exchanges. The platform has grown to over 7 million users since its August 2025 launch.

Differentiator

Problem solved

Functional benefit

Brands

• the9bit: A next-generation gaming platform that integrates web3 features into a web2 interface, providing accessible gaming with real financial rewards to players and creators.

Products and services

• the9bit Gaming Platform A next-generation gaming platform that integrates Web3 features into a Web2 interface, combining traditional and blockchain technologies to provide accessible gaming with real financial rewards via 9BIT tokens to players and creators. Targeted at global gamers, particularly in Southeast Asia, Latin America, and India through the YGG partnership.
• Cryptocurrency Mining Operations Carbon-neutral Bitcoin mining operations running a 20MW facility in Calgary, Canada through the acquired Montcrypto subsidiary, utilizing stranded natural gas from local oil companies. Generated $5.6M in revenue in H1 2025.
• 9BIT Token Native token for the the9bit gaming platform ecosystem. The9 Limited holds 950 million 9BIT tokens with market price of US$0.02 per token, listed on KuCoin, MEXC, and BingX exchanges with 24-hour trading volume of US$6 million.
• AI-Powered Short Drama and Interactive Movie Game AI-powered short drama content development and AI-assisted interactive movie game development using generative AI video technologies based on licensed TVB classic IP 'The Greed of Man'. Developed in cooperation with Chengdu Lumosi Network Technology Co., Ltd.
• Online Gaming Operations Online game development and operations business, including traditional and proprietary mobile games such as Ultraman: Hero Beyond Time (奥特曼:超时空英雄) and Glory All Stars (荣耀全明星) operated through a joint venture acquisition announced in September 2025. Generated $3.0M in revenue in H1 2025.

Quantifiable outcome

• Reduced natural gas usage by 53 million cubic meters annually
• +4 more outcomes

Named customers2 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability3 records

Feature3 records

Partnerships

Five partnerships are on record, tiered core and major.

• 9BIT FoundationcoreTechnology or Integration · 24 February 20269BIT Foundation (a private foundation established in Panama) serves as the token issuer for 9BIT tokens. The9 Limited holds 950 million 9BIT tokens. Tokens are listed on KuCoin, MEXC, and BingX exchanges.
• Chengdu Lumosi Network Technology Co., Ltd.coreStrategic or Co-development Partner · 11 February 2026The9's wholly-owned subsidiary Shanghai The9 entered into a cooperation agreement with Chengdu Lumosi Network Technology Co., Ltd. to develop AI-powered short drama and AI-assisted interactive movie game content based on licensed TVB classic IP 'The Greed of Man'.
• Nvidia, HP, EquinixcoreStrategic or Co-development Partner · 1 October 2025The9's Singapore investee NYB partnered with Nvidia, HP and Equinix to build the world's largest natural compound library for AI drug discovery, with plans to go Nasdaq via US$1.5 billion business combination with SPAC RF Acquisition Corp II.
• Yield Guild Games (YGG)coreStrategic or Co-development Partner · 15 July 2025Yield Guild Games (YGG), a global web3 gaming collective, announced a strategic partnership with the9bit. Beta access began July 15, 2025 with full operations launching August 1, 2025. The collaboration combines YGG's community infrastructure and regional guild network across Southeast Asia, Latin America, and India with the9bit's accessible gaming platform.
• MontcryptomajorStrategic or Co-development Partner · 4 June 2021The9 signed an agreement to acquire Montcrypto, a Canadian company, for CAD7.6 million to build a 20MW carbon-neutral cryptocurrency mining facility in Calgary using natural gas from local oil companies.

Scale indicators11 records

Recent moves6 records

Expansion highlights6 records

Market position

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/The9NCTY
• Facebookfacebook.com/profile.php
• LinkedInlinkedin.com/company/1198199

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries3 records

Funding overview

Funding rounds4 records

Investors4 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments11 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about The9