Abits Group is a Hong Kong-headquartered, Nasdaq-listed bitcoin miner that runs about 4,775 machines across Tennessee - one self-owned site in Duff and a hosted facility in Memphis - that grew revenue 36% to $9.1 million in fiscal 2025, its strongest top line since transforming out of the defunct Moxian social-media business. The operating story genuinely improved: a second site came online, hash power roughly doubled to ~760 PH/s, and the company began holding rather than immediately selling its mined bitcoin. Yet the investor story is not about the ledger. Fiscal 2025 still ended in a $2.87 million loss, cash on hand fell to a hair above $83,000, and the company funded a $3 million miner purchase with its first-ever debt, at 12%.
Two weeks before this report, that tension resolved itself in the most consequential way a small company can: the founder-CEO, the largest holder of Abits voting power, sold out. On August 5, 2026, Conglin Deng transferred all of his beneficial interests - roughly 47% of the company's voting power - to ARC Group International Ltd. for $5.0 million in cash plus a $3.5 million promissory note. Deng went from controlling influence to zero voting power overnight, ARC Group became the de facto controlling shareholder, and a 180-day escape hatch in the deal now puts a question to the entire shareholder base: does the company complete a business acquisition (worth $5 million in shares to Deng) or does ARC simply pay him cash? The operating quarter barely matters to the price anymore. The price of Abits is now a bet on what ARC Group does with the shell - not on bitcoin mining margins.