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CD, Chaince Digital Holdings Inc.
A balance-sheet business, read on book value, net interest margin and credit losses rather than an earnings multiple.
History and Development of the Company Prior to 2021, the Company explored various technology-related business opportunities, including blockchain-related services.
Beginning in October 2021, the Company initiated digital asset mining activities as part of its exploration of blockchain infrastructure and computing services.
The business
What it sells, where the money comes from, the kind of company it is.
Next report By 11/13 · the 10-Q for the quarter ended late September · due within 45 days of period end · has filed ~45 days after · the wire records it on arrival
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- Situation
- Unprofitable. No meaningful revenue yet; the record is the cash on hand against the burn.
- What moves the needle
- Net interest margin, loan losses, and book value. A lender is read on the quality of its balance sheet, not an earnings multiple, and the worst year of credit losses matters more than the best. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
Every line is arithmetic on the company's filings, shown in full in the sections below.
The record
Ten years of arithmetic, read across the cycle.
Revenue up 98.4% year over year
figures computed from the filing's XBRL
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
Is it a good business?
- Return on equity -12%Loss on equityNet income ($5M) ÷ equity $44MIndustry peers: median -50%
What this means
The bank's north star, what it earns on shareholders' capital. Cost of equity is roughly 10%, so a return durably above that builds value and below it destroys it. One year is noisy; the durability across a full credit cycle is what counts.
- LossNet income ÷ (equity − goodwill $0 − intangibles $120K)Industry peers: median -50%
What this means
The cleaner return, stripping out the goodwill paid for past acquisitions. This is the number a buyer of the whole bank actually earns on the hard capital.
- Not enough data
What this means
Noninterest expense or revenue missing.
Is it sound?
- Capital (equity / assets) 94.5%Well capitalizedEquity $44M ÷ assets $47M
What this means
A plain-English leverage read: how much of the balance sheet is the owners' own money. This is a rough proxy; the regulatory figure is the CET1 ratio, which is risk-weighted and reported in the filing. The point is the same, how much loss the bank can absorb before depositors are at risk.
- Funding —Not enough data
What this means
Deposits or total assets missing.
- Credit cost —Not enough data
What this means
Provision or net interest income missing.
The franchise and the credit cycle
- Not enough data
What this means
The deposit mix isn't cleanly tagged in the filings' structured data; the funding read above carries what is.
- Not enough data
What this means
Not derivable from the filings' structured data — some filers carry recoveries only on segment axes, and a gross figure dressed as net would be a wrong number.
All figures as filed; the source filing is linked above.
Current Position
as of the latest quarter, Jun 30, 2026Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
- Cash & short-term investments$44M
- Receivables$109K
- Other current assets$4M
- Accounts payable$271K
- Other current liabilities$1M
From the company's latest filing.
Management, ownership & pay
From the proxy: how much of the business the people running it own, and how they are paid.
- Stock-based compensation$1M
The slice of the business handed to employees in shares in fiscal 2025, 75.0% of revenue. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.
Peers, Capital Markets & Asset Management
The same industry, side by side on the bank lens. Each column names the period it is read over, and a median resting on fewer than three years carries that count beside it; the group median at the foot is the line to read each figure against.
| Company | Revenuelatest FY, USD | ROEmedian over the record | ROTCEmedian over the record | NII / assetsmedian over the record |
|---|---|---|---|---|
| KEELKeel Infrastructure Corp. | $229M | -17% | -17% | 0.7%2y |
| VELVelocity Financial Inc. | $186M | — | — | 2.5%1y |
| NCTYThe9 Limited American Depository Shares | $16M | -54% | -54% | 0.6%1y |
| LDIloanDepot Inc. | $10M | — | — | 0.1%1y |
| TRONTron Inc. | $5M | -50% | -50% | -0.0%2y |
| CDChaince Digital Holdings Inc. | $2M | -15%2y | -15%2y | 0.8%2y |
| MTCMMTec Inc. | $808K | -89% | — | — |
| AUREAurelion Inc. | $143K | 4% | 4% | — |
| Group median | — | -33% | -17% | 0.6% |
The price
What a price has to assume.
What the price implies
reverse-DCFA bank / financial isn't read on an owner-earnings DCF; its economics live on the balance sheet (book value, the return earned on it, and the cash the assets throw off).
Manual order: ← CCZ its page in the Manual CDE →
Industry order: ← CBOE the Capital Markets & Asset Management chapter CG →