HK$2.1B crypto loss hits mF International (MFI); what remains on its balance sheet stands out

000194094112/31June 30, 2026Q2false11http://xbrl.sec.gov/country/2025#HKiso4217:HKDiso4217:USDiso4217:HKDxbrli:sharesxbrli:sharesiso4217:USDxbrli:sharesxbrli:puremfi:contractmfi:bitcoinmfi:votemfi:segmentmfi:stable_coinmfi:votes_iso4217:HKDmfi:unitsiso4217:USDmfi:Unitmfi:subsidiary00019409412026-01-012026-06-3000019409412025-12-3100019409412026-06-300001940941mfi:StableCoinsMember2025-12-310001940941mfi:StableCoinsMember2026-06-300001940941mfi:DigitalAssetsMember2025-12-310001940941mfi:DigitalAssetsMember2026-06-300001940941us-gaap:NonrelatedPartyMember2025-12-310001940941us-gaap:NonrelatedPartyMember2026-06-300001940941us-gaap:RelatedPartyMember2025-12-310001940941us-gaap:RelatedPartyMember2026-06-3000019409412025-01-012025-12-310001940941us-gaap:CommonClassAMember2026-06-300001940941us-gaap:CommonClassAMember2025-12-310001940941us-gaap:CommonClassBMember2025-12-310001940941us-gaap:CommonClassBMember2026-06-3000019409412025-01-012025-06-300001940941us-gaap:CommonClassAMember2025-01-012025-06-300001940941us-gaap:CommonClassAMember2026-01-012026-06-300001940941us-gaap:CommonClassBMember2025-01-012025-06-300001940941us-gaap:CommonClassBMember2026-01-012026-06-3000019409412025-07-102025-07-100001940941us-gaap:CommonStockMember2024-12-310001940941us-gaap:AdditionalPaidInCapitalMember2024-12-310001940941us-gaap:RetainedEarningsMember2024-12-310001940941us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-12-3100019409412024-12-310001940941us-gaap:RetainedEarningsMember2025-01-012025-06-300001940941us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-01-012025-06-300001940941us-gaap:CommonStockMember2025-06-300001940941us-gaap:AdditionalPaidInCapitalMember2025-06-300001940941us-gaap:RetainedEarningsMember2025-06-300001940941us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-06-3000019409412025-06-300001940941us-gaap:CommonStockMember2025-12-310001940941us-gaap:AdditionalPaidInCapitalMember2025-12-310001940941us-gaap:RetainedEarningsMember2025-12-310001940941us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-12-310001940941us-gaap:RetainedEarningsMember2026-01-012026-06-300001940941us-gaap:AccumulatedOtherComprehensiveIncomeMember2026-01-012026-06-300001940941us-gaap:CommonStockMember2026-06-300001940941us-gaap:AdditionalPaidInCapitalMember2026-06-300001940941us-gaap:RetainedEarningsMember2026-06-300001940941us-gaap:AccumulatedOtherComprehensiveIncomeMember2026-06-300001940941us-gaap:NonrelatedPartyMember2025-01-012025-06-300001940941us-gaap:NonrelatedPartyMember2026-01-012026-06-300001940941us-gaap:RelatedPartyMember2025-01-012025-06-300001940941us-gaap:RelatedPartyMember2026-01-012026-06-300001940941mfi:StableCoinsMember2025-01-012025-06-300001940941mfi:StableCoinsMember2026-01-012026-06-300001940941mfi:DigitalAssetsMember2025-01-012025-06-300001940941mfi:DigitalAssetsMember2026-01-012026-06-300001940941mfi:MFinanceLimitedMember2026-06-300001940941mfi:MFinanceTradingTechnologiesLimitedMember2026-06-300001940941mfi:OmegatradersSystemsLimitedOTXMember2026-06-300001940941mfi:IBCHInc.FormerlyKnownAsMasterInfoLimitedMember2026-06-300001940941mfi:CATStrategyLimitedCATMember2026-06-300001940941mfi:BitBrosInc.BBIMember2026-06-300001940941mfi:MFIHoldingsLimitedMHLMember2026-06-300001940941mfi:MFIBermudaLimitedMBLMember2026-06-300001940941mfi:StableCoinsMemberus-gaap:FairValueInputsLevel1Member2025-12-310001940941mfi:StableCoinsMemberus-gaap:FairValueInputsLevel2Member2025-12-310001940941mfi:StableCoinsMemberus-gaap:FairValueInputsLevel3Member2025-12-310001940941mfi:DigitalAssetsMemberus-gaap:FairValueInputsLevel1Member2025-12-310001940941mfi:DigitalAssetsMemberus-gaap:FairValueInputsLevel2Member2025-12-310001940941mfi:DigitalAssetsMemberus-gaap:FairValueInputsLevel3Member2025-12-310001940941us-gaap:FairValueInputsLevel1Member2025-12-310001940941us-gaap:FairValueInputsLevel2Member2025-12-310001940941us-gaap:FairValueInputsLevel3Member2025-12-310001940941mfi:StableCoinsMemberus-gaap:FairValueInputsLevel1Member2026-06-300001940941mfi:StableCoinsMemberus-gaap:FairValueInputsLevel2Member2026-06-300001940941mfi:StableCoinsMemberus-gaap:FairValueInputsLevel3Member2026-06-300001940941mfi:DigitalAssetsMemberus-gaap:FairValueInputsLevel1Member2026-06-300001940941mfi:DigitalAssetsMemberus-gaap:FairValueInputsLevel2Member2026-06-300001940941mfi:DigitalAssetsMemberus-gaap:FairValueInputsLevel3Member2026-06-300001940941us-gaap:FairValueInputsLevel1Member2026-06-300001940941us-gaap:FairValueInputsLevel2Member2026-06-300001940941us-gaap:FairValueInputsLevel3Member2026-06-300001940941us-gaap:ComputerEquipmentMember2026-06-300001940941us-gaap:FurnitureAndFixturesMember2026-06-300001940941us-gaap:OfficeEquipmentMember2026-06-300001940941us-gaap:LeaseholdImprovementsMember2026-06-300001940941us-gaap:SoftwareAndSoftwareDevelopmentCostsMember2026-06-300001940941us-gaap:ComputerSoftwareIntangibleAssetMember2026-06-300001940941us-gaap:PutOptionMember2025-11-012025-12-310001940941us-gaap:CallOptionMember2025-11-012025-12-310001940941mfi:BitcoinCashMember2025-12-310001940941us-gaap:PutOptionMember2025-12-262025-12-260001940941us-gaap:CallOptionMember2025-12-310001940941us-gaap:CallOptionMember2026-01-302026-01-300001940941us-gaap:PutOptionMember2026-01-012026-06-300001940941mfi:BitcoinCashMember2026-06-300001940941us-gaap:PutOptionMember2026-01-222026-02-220001940941us-gaap:PutOptionMember2026-02-262026-03-270001940941us-gaap:PutOptionMember2026-01-222026-02-220001940941mfi:BitcoinCashMember2026-03-270001940941us-gaap:ServiceOtherMember2025-01-012025-06-300001940941us-gaap:ServiceOtherMember2026-01-012026-06-300001940941mfi:SubscriptionsMember2025-01-012025-06-300001940941mfi:SubscriptionsMember2026-01-012026-06-300001940941mfi:HostingSupportAndMaintenanceServicesMember2025-01-012025-06-300001940941mfi:HostingSupportAndMaintenanceServicesMember2026-01-012026-06-300001940941mfi:LiquidityServicesMember2025-01-012025-06-300001940941mfi:LiquidityServicesMember2026-01-012026-06-300001940941mfi:WhitelLabelServicesMember2025-01-012025-06-300001940941mfi:WhitelLabelServicesMember2026-01-012026-06-300001940941mfi:SubscriptionServicesMember2025-01-012025-06-300001940941mfi:SubscriptionServicesMember2026-01-012026-06-300001940941us-gaap:TransferredAtPointInTimeMember2025-01-012025-06-300001940941us-gaap:TransferredAtPointInTimeMember2026-01-012026-06-300001940941us-gaap:TransferredOverTimeMember2025-01-012025-06-300001940941us-gaap:TransferredOverTimeMember2026-01-012026-06-300001940941us-gaap:CommonClassAMember2025-05-300001940941us-gaap:CommonClassBMember2025-05-300001940941mfi:ConversionOfClassBIntoClassAMember2026-01-012026-06-300001940941mfi:PreFundedWarrantsMembermfi:PrivateInvestmentInPublicEquityPIPEMembermfi:PrivatePlacementOfferingMember2025-11-210001940941mfi:CustomerOneMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:SalesRevenueNetMember2025-01-012025-06-300001940941mfi:CustomerOneMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:SalesRevenueNetMember2026-01-012026-06-300001940941mfi:CustomerTwoMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:SalesRevenueNetMember2026-01-012026-06-300001940941mfi:CustomerOneMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:AccountsReceivableMember2025-01-012025-12-310001940941mfi:CustomerTwoMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:AccountsReceivableMember2025-01-012025-12-310001940941mfi:CustomerThreeMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:AccountsReceivableMember2025-01-012025-12-310001940941mfi:CustomerFourMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:AccountsReceivableMember2025-01-012025-12-310001940941mfi:CustomerOneMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:AccountsReceivableMember2026-01-012026-06-300001940941mfi:CustomerTwoMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:AccountsReceivableMember2026-01-012026-06-300001940941mfi:VendorOneMemberus-gaap:SupplierConcentrationRiskMemberus-gaap:AccountsPayableMember2026-01-012026-06-300001940941mfi:BitcoinMember2025-12-310001940941mfi:BitcoinMember2026-06-300001940941mfi:BinanceCoinMember2025-12-310001940941mfi:BinanceCoinMember2026-06-300001940941mfi:TetherMember2025-12-310001940941mfi:TetherMember2026-06-300001940941srt:CryptoAssetOtherMember2025-12-310001940941srt:CryptoAssetOtherMember2026-06-300001940941mfi:BitcoinMember2026-01-012026-06-300001940941mfi:BitcoinCashMember2026-01-012026-06-300001940941mfi:BinanceCoinMember2026-01-012026-06-300001940941mfi:TetherMember2026-01-012026-06-300001940941srt:CryptoAssetOtherMember2026-01-012026-06-300001940941us-gaap:ComputerEquipmentMember2025-12-310001940941us-gaap:FurnitureAndFixturesMember2025-12-310001940941us-gaap:OfficeEquipmentMember2025-12-310001940941us-gaap:ComputerSoftwareIntangibleAssetMember2025-12-310001940941us-gaap:InternetDomainNamesMember2025-12-310001940941us-gaap:InternetDomainNamesMember2026-06-300001940941us-gaap:SoftwareAndSoftwareDevelopmentCostsMember2025-12-3100019409412024-01-012024-12-310001940941mfi:WanchaiHongKongMember2026-06-300001940941mfi:CentralHongKongMember2026-06-300001940941mfi:StandardCharteredBankLimitedLoan1Memberus-gaap:SecuredDebtMember2025-12-310001940941mfi:StandardCharteredBankLimitedLoan1Memberus-gaap:SecuredDebtMember2026-06-300001940941mfi:StandardCharteredBankLimitedLoan2Memberus-gaap:SecuredDebtMember2025-12-310001940941mfi:StandardCharteredBankLimitedLoan2Memberus-gaap:SecuredDebtMember2026-06-300001940941mfi:StandardCharteredBankLimitedLoan3Memberus-gaap:SecuredDebtMember2025-12-310001940941mfi:StandardCharteredBankLimitedLoan3Memberus-gaap:SecuredDebtMember2026-06-300001940941us-gaap:SecuredDebtMember2025-12-310001940941us-gaap:SecuredDebtMember2026-06-300001940941mfi:StandardCharteredBankLimitedLoan1Member2020-12-220001940941mfi:StandardCharteredBankLimitedLoan1Member2020-12-222020-12-220001940941mfi:StandardCharteredBankLimitedLoan1Memberus-gaap:SecuredDebtMember2020-12-220001940941mfi:StandardCharteredBankLimitedLoan2Member2021-11-020001940941mfi:StandardCharteredBankLimitedLoan2Member2021-11-022021-11-020001940941mfi:StandardCharteredBankLimitedLoan2Memberus-gaap:SecuredDebtMember2021-11-020001940941mfi:StandardCharteredBankLimitedLoan3Member2021-05-310001940941mfi:StandardCharteredBankLimitedLoan3Member2021-05-312021-05-310001940941mfi:StandardCharteredBankLimitedLoan3Memberus-gaap:SecuredDebtMember2021-05-310001940941mfi:TrendUpInvestmentHKLimitedMemberus-gaap:RelatedPartyMember2025-12-310001940941mfi:TrendUpInvestmentHKLimitedMemberus-gaap:RelatedPartyMember2026-06-3000019409412025-05-302025-05-300001940941us-gaap:CommonClassAMember2025-05-290001940941us-gaap:CommonClassBMember2025-05-290001940941mfi:ConversionOfClassBIntoClassAMember2025-05-302025-05-300001940941mfi:A2025IncentivePlanMember2025-11-042025-11-040001940941mfi:A2025IncentivePlanMember2025-11-040001940941mfi:PrivateInvestmentInPublicEquityPIPEMember2025-11-210001940941us-gaap:CommonStockMembermfi:PrivateInvestmentInPublicEquityPIPEMember2025-11-210001940941mfi:PreFundedWarrantsMembermfi:PrivateInvestmentInPublicEquityPIPEMember2025-11-210001940941mfi:PreFundedWarrantsMembermfi:PrivateInvestmentInPublicEquityPIPEMember2025-11-212025-11-210001940941mfi:PreFundedWarrantsMembermfi:PrivateInvestmentInPublicEquityPIPEMemberus-gaap:CashAndCashEquivalentsMember2025-11-212025-11-210001940941mfi:PreFundedWarrantsMembermfi:PrivateInvestmentInPublicEquityPIPEMembermfi:StableCoinsMember2025-11-212025-11-210001940941us-gaap:CommonClassAMembermfi:PrivateInvestmentInPublicEquityPIPEMember2025-12-012025-12-010001940941us-gaap:CommonClassAMembermfi:PrivateInvestmentInPublicEquityPIPEMemberus-gaap:CashAndCashEquivalentsMember2025-12-012025-12-010001940941us-gaap:CommonClassAMembermfi:PrivateInvestmentInPublicEquityPIPEMembermfi:StableCoinsMember2025-12-012025-12-010001940941mfi:PrivateInvestmentInPublicEquityPIPEMember2025-12-310001940941mfi:PrivateInvestmentInPublicEquityPIPEMember2026-01-012026-06-300001940941mfi:PrivateInvestmentInPublicEquityPIPEMember2026-06-300001940941mfi:PreFundedWarrantsMembermfi:PrivateInvestmentInPublicEquityPIPEMembermfi:PrivatePlacementOfferingMember2026-01-010001940941mfi:BitcoinCashMemberus-gaap:SubsequentEventMember2026-08-310001940941mfi:BitcoinCashMemberus-gaap:SubsequentEventMember2026-07-012026-08-310001940941mfi:DigitalAssetsMemberus-gaap:SubsequentEventMember2026-08-310001940941country:BMus-gaap:SubsequentEventMember2026-08-010001940941us-gaap:SubsequentEventMember2026-07-310001940941us-gaap:SubsequentEventMember2026-08-01