Chaince Digital (CD)
Market Price (9/29/2026): $6.38 | Market Cap: $498.0 MilSector: Financials | Industry: Diversified Capital Markets
Chaince Digital (CD)
Market Price (9/29/2026): $6.38Market Cap: $498.0 MilSector: FinancialsIndustry: Diversified Capital Markets
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 65% Megatrend and thematic driversMegatrends include Crypto & Blockchain, and Digital & Alternative Assets. Themes include Blockchain Enterprise Solutions, Cryptocurrency Exchanges, Show more. | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -4.2 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -338% Expensive valuation multiplesP/SPrice/Sales ratio is 414x Weak revenue growthRev Chg QQuarterly Revenue Change % is -30% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 115% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -100%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -101% Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 102% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.9% High stock price volatilityVol 12M is 170% Significant short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 23.54 Key risksCD key risks include [1] negative EBITDA, Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 65% |
| Megatrend and thematic driversMegatrends include Crypto & Blockchain, and Digital & Alternative Assets. Themes include Blockchain Enterprise Solutions, Cryptocurrency Exchanges, Show more. |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -4.2 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -338% |
| Expensive valuation multiplesP/SPrice/Sales ratio is 414x |
| Weak revenue growthRev Chg QQuarterly Revenue Change % is -30% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 115% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -100%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -101% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 102% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.9% |
| High stock price volatilityVol 12M is 170% |
| Significant short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 23.54 |
| Key risksCD key risks include [1] negative EBITDA, Show more. |
Qualitative Assessment
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Chaince Digital (CD) stock has lost about 20% since 5/31/2026 because of the following key factors:
1. Persistent Net Losses and Insufficient Revenue Growth in Fiscal Q1 and Q2 2026.
Chaince Digital reported a widening net loss of US$1.09 million in fiscal Q1 2026 (ended March 31, 2026), with loss per share deteriorating to US$0.015. This trend continued into fiscal Q2 2026 (ended June 30, 2026), where the company reported a US$0.013 loss per share, a further deterioration from the US$0.012 loss in Q2 2025, and a 34% increase in net loss from the prior year. Despite a 275.43% year-over-year revenue increase for the first half of 2026, total revenue of US$0.97 million for this period indicated the company remains substantially pre-revenue and unable to cover operating costs, leading to a net loss of US$2.46 million for the first half of 2026. This fundamental weakness contributed to a market re-evaluation and subsequent decline in the stock price.
2. Share Dilution from a Significant Registered Direct Offering.
In August 2026, Chaince Digital announced and completed an approximately $16.2 million registered direct offering to fund its digital asset and capital markets strategy. This capital raise likely contributed to substantial share dilution for existing shareholders, with the total shares outstanding growing by 80.9% in the past year. Such dilution typically places downward pressure on a stock's price per share.
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Chaince Digital (CD) stock has lost about 20% since 5/31/2026 because of the following key factors:
1. Persistent Net Losses and Insufficient Revenue Growth in Fiscal Q1 and Q2 2026.
Chaince Digital reported a widening net loss of US$1.09 million in fiscal Q1 2026 (ended March 31, 2026), with loss per share deteriorating to US$0.015. This trend continued into fiscal Q2 2026 (ended June 30, 2026), where the company reported a US$0.013 loss per share, a further deterioration from the US$0.012 loss in Q2 2025, and a 34% increase in net loss from the prior year. Despite a 275.43% year-over-year revenue increase for the first half of 2026, total revenue of US$0.97 million for this period indicated the company remains substantially pre-revenue and unable to cover operating costs, leading to a net loss of US$2.46 million for the first half of 2026. This fundamental weakness contributed to a market re-evaluation and subsequent decline in the stock price.
2. Share Dilution from a Significant Registered Direct Offering.
In August 2026, Chaince Digital announced and completed an approximately $16.2 million registered direct offering to fund its digital asset and capital markets strategy. This capital raise likely contributed to substantial share dilution for existing shareholders, with the total shares outstanding growing by 80.9% in the past year. Such dilution typically places downward pressure on a stock's price per share.
3. Correction from Extreme Volatility and Overvaluation.
Prior to the start of the analysis period, Chaince Digital's stock had surged approximately 90% year-to-date by May 21, 2026, creating a highly vulnerable technical setup for a sharp reversal. The subsequent 20% decline since May 31, 2026, was characterized by profit-taking and a market correction, as the stock's high valuation was not fundamentally supported by its financial performance. The stock's 52-week trading range, spanning from a low of $2.10 to a high of $36.77, highlights its inherent volatility and susceptibility to significant price swings.
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Stock Movement Drivers
Fundamental Drivers
The -20.8% change in CD stock from 5/31/2026 to 9/28/2026 was primarily driven by a -45.4% change in the company's P/S Multiple.| (LTM values as of) | 5312026 | 9282026 | Change |
|---|---|---|---|
| Stock Price ($) | 8.23 | 6.52 | -20.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1 | 1 | 78.4% |
| P/S Multiple | 757.6 | 414.0 | -45.4% |
| Shares Outstanding (Mil) | 63 | 78 | -18.7% |
| Cumulative Contribution | -20.8% |
Market Drivers
5/31/2026 to 9/28/2026| Return | Correlation | |
|---|---|---|
| CD | -20.8% | |
| Market (SPY) | 1.5% | 16.4% |
| Sector (XLF) | 5.4% | 2.6% |
Fundamental Drivers
The 11.1% change in CD stock from 2/28/2026 to 9/28/2026 was primarily driven by a 33.2% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 2282026 | 9282026 | Change |
|---|---|---|---|
| Stock Price ($) | 5.87 | 6.52 | 11.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1 | 1 | 33.2% |
| P/S Multiple | 405.2 | 414.0 | 2.2% |
| Shares Outstanding (Mil) | 64 | 78 | -18.4% |
| Cumulative Contribution | 11.1% |
Market Drivers
2/28/2026 to 9/28/2026| Return | Correlation | |
|---|---|---|
| CD | 11.1% | |
| Market (SPY) | 12.2% | 21.4% |
| Sector (XLF) | 6.3% | 12.4% |
Fundamental Drivers
The -6.7% change in CD stock from 8/31/2025 to 9/28/2026 was primarily driven by a -99.1% change in the company's P/S Multiple.| (LTM values as of) | 8312025 | 9282026 | Change |
|---|---|---|---|
| Stock Price ($) | 6.99 | 6.52 | -6.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1 | 1 | 65.0% |
| P/S Multiple | 46,463.4 | 414.0 | -99.1% |
| Shares Outstanding (Mil) | 4,953 | 78 | 6246.0% |
| Cumulative Contribution | -6.7% |
Market Drivers
8/31/2025 to 9/28/2026| Return | Correlation | |
|---|---|---|
| CD | -6.7% | |
| Market (SPY) | 20.0% | 20.7% |
| Sector (XLF) | 1.9% | 14.7% |
Fundamental Drivers
The 343.5% change in CD stock from 8/31/2023 to 9/28/2026 was primarily driven by a 6246.0% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 8312023 | 9282026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.47 | 6.52 | 343.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1 | 1 | 65.0% |
| P/S Multiple | 9,771.3 | 414.0 | -95.8% |
| Shares Outstanding (Mil) | 4,953 | 78 | 6246.0% |
| Cumulative Contribution | 343.5% |
Market Drivers
8/31/2023 to 9/28/2026| Return | Correlation | |
|---|---|---|
| CD | 343.5% | |
| Market (SPY) | 76.5% | 16.6% |
| Sector (XLF) | 65.3% | 15.6% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CD Return | -7% | 0% | -8% | 163% | -27% | 7% | 75% |
| Peers Return | 74% | -87% | 340% | 8% | 18% | 45% | 89% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| CD Win Rate | 25% | 0% | 25% | 42% | 50% | 67% | |
| Peers Win Rate | 47% | 31% | 77% | 46% | 62% | 51% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 56% | |
Max Drawdowns [4] | |||||||
| CD Max Drawdown | -80% | 0% | -70% | -66% | -86% | -75% | |
| Peers Max Drawdown | -68% | -88% | -54% | -56% | -56% | -43% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: COIN, GLXY, RIOT, MARA, HUT.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/28/2026 (YTD)
How Low Can It Go
| Event | CD | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -58.7% | -18.8% |
| % Gain to Breakeven | 142.0% | 23.1% |
| Time to Breakeven | 103 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -12.7% | -7.8% |
| % Gain to Breakeven | 14.5% | 8.5% |
| Time to Breakeven | 46 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -62.7% | -9.5% |
| % Gain to Breakeven | 167.8% | 10.5% |
| Time to Breakeven | 36 days | 24 days |
| 2020 COVID-19 Crash | ||
| % Loss | -38.1% | -33.7% |
| % Gain to Breakeven | 61.5% | 50.9% |
| Time to Breakeven | 41 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -61.0% | -19.2% |
| % Gain to Breakeven | 156.6% | 23.8% |
| Time to Breakeven | 70 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -28.2% | -12.2% |
| % Gain to Breakeven | 39.3% | 13.9% |
| Time to Breakeven | 14 days | 62 days |
In The Past
Chaince Digital's stock fell -58.7% during the 2025 US Tariff Shock. Such a loss loss requires a 142.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
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| Event | CD | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -58.7% | -18.8% |
| % Gain to Breakeven | 142.0% | 23.1% |
| Time to Breakeven | 103 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -62.7% | -9.5% |
| % Gain to Breakeven | 167.8% | 10.5% |
| Time to Breakeven | 36 days | 24 days |
| 2020 COVID-19 Crash | ||
| % Loss | -38.1% | -33.7% |
| % Gain to Breakeven | 61.5% | 50.9% |
| Time to Breakeven | 41 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -61.0% | -19.2% |
| % Gain to Breakeven | 156.6% | 23.8% |
| Time to Breakeven | 70 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -28.2% | -12.2% |
| % Gain to Breakeven | 39.3% | 13.9% |
| Time to Breakeven | 14 days | 62 days |
In The Past
Chaince Digital's stock fell -58.7% during the 2025 US Tariff Shock. Such a loss loss requires a 142.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Chaince Digital (CD)
Chaince Digital (CD) specializes in providing comprehensive digital asset infrastructure solutions built on blockchain technologies. The company is involved in the entire lifecycle of these solutions, from design, development, and testing to installation, configuration, and ongoing customization and integration. Its core mission is to empower the digital asset ecosystem with robust and secure technological frameworks.
The company's primary offerings include digital asset trading infrastructure tailored for various participants such as traders, communities, and liquidity providers. It also operates an asset digitalization platform, which converts traditional assets like fiat currencies, bonds, and precious metals into blockchain-based digital forms. Furthermore, Chaince Digital offers a decentralized finance (DeFi) platform designed to address the needs and challenges of retail traders, alongside cross-border payment services facilitated through its NBpay offering.
Chaince Digital extends its services with crucial supplemental support, including customized software development, system maintenance, and compliance assistance, ensuring its platforms meet operational and regulatory standards. The company primarily serves clients and markets within the British Virgin Islands and across the broader Asia Pacific region, catering to a diverse clientele involved in or transitioning into the digital asset space.
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- It's like **Amazon Web Services (AWS) for blockchain infrastructure and digital asset trading platforms**, providing the underlying technology for other businesses in the crypto space.
- Think of it as a blend of **Coinbase's digital asset trading capabilities, Ripple's cross-border payments, and a platform for tokenizing traditional assets** onto a blockchain.
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Major Products and Services of Chaince Digital (CD)
- Digital Asset Infrastructure Solutions: The company designs, develops, and customizes blockchain-based solutions for digital asset infrastructure.
- Digital Asset Trading Infrastructure: It provides internet and blockchain-based solutions to support trading for traders, communities, and liquidity providers.
- Asset Digitalization Platform: This platform offers blockchain-based solutions for digitizing traditional assets such as fiat currencies, bonds, and precious metals.
- Decentralized Finance (DeFi) Platform: A platform specifically developed to address the problems encountered by retail traders in decentralized finance.
- Cross-Border Payment Services: Through NBpay, the company offers services for international payments.
- Supplemental Platform Services: These include customized software development, maintenance, and compliance support for its various platforms.
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Mercurity Fintech Holding Inc. (which trades as Chaince Digital under the symbol CD) primarily sells its sophisticated blockchain and fintech solutions to other companies and professional entities, although it also serves individual retail traders.
Since specific customer names are not publicly disclosed in the provided information, the major customer categories are:
- Financial Institutions and Asset Holders: This category includes banks, investment funds, wealth management firms, and other entities that seek to digitalize traditional assets (such as fiat currencies, bonds, and precious metals) using blockchain technology, or that require robust digital asset infrastructure solutions.
- Digital Asset Trading Firms and Liquidity Providers: These are companies and professional groups specializing in digital asset trading, market making, and providing liquidity within the cryptocurrency ecosystem, for whom the company develops and installs trading infrastructure solutions.
- Blockchain Projects and Communities: Entities and developers within the blockchain space that require customized software development, integration, maintenance, and compliance support services for their platforms and operations. This also includes businesses needing cross-border payment services through NBpay.
In addition to these business-to-business (B2B) customers, the company also directly serves:
- Retail Traders: Individuals utilizing Mercurity Fintech Holding Inc.'s decentralized finance (DeFi) platform to address their trading needs.
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Shi Qiu, Chief Executive Officer
Shi Qiu serves as the Chief Executive Officer of Mercurity Fintech Holding Inc., which will rebrand to Chaince Digital Holdings Inc. in November 2025. He was previously the director, manager, and legal representative of Newstyle Capital, an entity established in 2015. Mr. Qiu also co-founded and served as a Vice President of Newstyle Media Group and Newstyle Capital. In August 2022, the China Securities Regulatory Commission (CSRC) issued a warning and imposed a fine on Mr. Qiu following an investigation into the "illegal and irregular behaviour" of Newstyle Capital.
Wilfred Daye, Chief Strategy Officer and CEO of Chaince Securities
Wilfred Daye holds the positions of Chief Strategy Officer and a Director at Mercurity Fintech Holding Inc., and also serves as the CEO of Chaince Securities. Appointed to these roles in January 2025, Mr. Daye is responsible for leading the company’s efforts in global expansion and digital asset adoption. He has publicly discussed Mercurity Fintech's digital asset infrastructure and business objectives, including on Bloomberg TV, and has been a featured speaker at prominent blockchain industry events to discuss institutional adoption of digital asset treasury solutions.
Mercurity Fintech Holding Inc. has not publicly announced a current Chief Financial Officer following reports of a previous CFO's arrest in 2022.
Deng Huahui, Director
Deng Huahui was appointed as a Director of Mercurity Fintech Holding Inc. in August 2021. He has over eight years of experience in corporate governance and team management, having served as a technical & sales manager for Fujian Tianma Science and Technology Group Co, Ltd from 2009 to 2017. Mr. Deng is particularly interested in smart contract architecture that integrates with enterprise-level blockchain-as-a-service and real-world Internet of Things (IoT) applications.
Li Minghao, Director
Li Minghao joined Mercurity Fintech Holding Inc. as a Director in August 2021. He is recognized as a blockchain technology expert with extensive experience in research and development and product design. In 2016, Mr. Li served as the product director of Shenzhen Puyin Blockchain Group, overseeing the development of the ACChain asset digitalization platform. The following year, he co-founded Shenzhen Maker Blockchain Technology Co., Ltd., which provides blockchain technology solutions for enterprises. Since 2018, Mr. Li has specialized in designing and implementing blockchain solutions for various business scenarios.
Ding Laibin, Director
Ding Laibin was appointed as a Director of Mercurity Fintech Holding Inc. in August 2021. He is an expert in marketing and development within the emerging internet industry. Mr. Ding joined Yili Group in 2007, where he served as the global head of media. In 2017, he was a senior vice president and head of marketing at INKE. Subsequently, in 2018, Mr. Ding established the Blockchain International Media Group (BIMG) and assumed the role of its chairman.
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The key risks to Chaince Digital's business include its limited revenue and persistent unprofitability, ongoing shareholder dilution, and reputational and operational risks stemming from management's track record.
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Limited Revenue, Persistent Unprofitability, and Highly Speculative Business Model: Chaince Digital (formerly Mercurity Fintech Holding Inc.) has consistently reported limited revenue and ongoing net losses, indicating it remains largely pre-revenue despite its broad ambitions in tokenization, digital assets, institutional financial services, and AI/HPC infrastructure. The company's numerous ventures are often described as speculative, with some new initiatives, such as the AI/HPC "gigafactory," lacking apparent operating infrastructure. In 2024, Mercurity reported just $1 million in revenue and a $4.5 million net loss, with its valuation considered highly speculative. This fundamental lack of revenue generation and profitability poses a significant threat to its long-term viability.
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Shareholder Dilution: The company has engaged in significant stock issuance and follow-on equity offerings to bolster its financial flexibility, resulting in substantial dilution for existing shareholders. For example, a registered direct offering in August 2026 led to a 38% increase in ordinary shares outstanding and a significant drop in the stock price due to the offering price being well below the market price. This ongoing dilution pressures the stock price and erodes shareholder value.
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Reputational and Operational Risk from Questionable Management Track Record: Chaince Digital faces significant reputational and operational risks due to alleged ties of its executives and key shareholders to past problematic financial schemes, including a "billion dollar Ponzi scheme, stock market pump and dumps, and crypto scams". These associations could severely impact investor confidence, hinder the formation of crucial partnerships, and attract increased regulatory scrutiny, thereby undermining the company's ability to execute its business strategy in the digital finance ecosystem.
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Increased Competition from Established Financial Institutions and Large Tech Companies: As blockchain and digital assets gain mainstream acceptance, traditional financial institutions (e.g., banks, asset managers) and major technology firms are increasingly developing or acquiring their own digital asset, tokenization, and decentralized finance solutions. These entities bring vast financial resources, established client bases, and significant regulatory experience, posing a formidable threat to Chaince Digital's market share in digital asset trading infrastructure, asset digitalization, and cross-border payments. This mirrors the dynamic where a well-resourced or innovative new entrant challenges existing players by leveraging scale and established relationships.
Evolving and Restrictive Regulatory Landscape for Digital Assets and DeFi: The global regulatory environment for blockchain, digital assets, and decentralized finance (DeFi) is rapidly evolving and largely uncertain. Governments and regulatory bodies worldwide are considering or implementing stricter rules, including enhanced KYC/AML requirements, specific licensing for digital asset services, and potential bans or severe restrictions on certain types of tokens, DeFi protocols, or cross-border payment methods. Such regulatory changes could significantly increase Chaince Digital's operational costs, limit its market access, or even render aspects of its business model untenable in key jurisdictions, similar to how evolving regulations can disrupt any nascent industry.
Rapid Technological Advancements and Persistent Security Vulnerabilities in Blockchain/DeFi: The underlying blockchain and digital asset technologies are still maturing at a fast pace. There is a continuous threat from the emergence of newer, more efficient, scalable, or user-friendly blockchain protocols or competitor platforms that could quickly render Chaince Digital's existing infrastructure and solutions less competitive or technologically outdated. Furthermore, the digital asset and DeFi space is prone to security exploits and smart contract vulnerabilities. A major security breach (even if affecting a competitor but similar in nature) could erode public trust in the entire ecosystem, impacting user adoption and trading volumes across all platforms, including those offered by Chaince Digital. This mirrors the threat of a technologically superior product (e.g., iPhone) rendering a less agile product (e.g., BlackBerry) obsolete due to innovation and security concerns.
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Chaince Digital (CD), formerly Mercurity Fintech Holding Inc., operates in several key digital asset and fintech markets. The addressable markets for its main products and services, primarily focused on blockchain technologies and financial solutions in the Asia Pacific region and globally, are substantial.
Digital Asset Trading Infrastructure Solutions
The global digital asset trading platform market was valued at approximately USD 12.0 billion in 2023 and is projected to reach around USD 33.5 billion by 2033, demonstrating a Compound Annual Growth Rate (CAGR) of 10.7% from 2024 to 2033. In 2023, North America held a significant share of this market, accounting for over 36.3% or USD 4.3 billion in revenue.
Asset Digitalization Platform (Blockchain-based Digitalization Solutions for Traditional Assets)
The asset tokenization market, which involves converting real-world assets into digital tokens on a blockchain, presents a significant opportunity. The global asset tokenization market was valued at USD 3.00 trillion in 2025 and is projected to reach USD 130.67 trillion by 2035, growing at a CAGR of 45.83% from 2026 to 2035. Other estimates suggest the global market was valued at USD 1.8 trillion in 2025 and is expected to grow to USD 24.5 trillion by 2033, with a CAGR of 42.1% from 2026 to 2033. Citi forecasts the market for tokenized securities could expand to as much as USD 5.5 trillion by 2030.
In the Asia Pacific region, the asset tokenization market is a rapidly expanding segment, with projections of a CAGR of about 48.19%. The Asia Pacific tokenization market is expected to reach a projected revenue of USD 3,022.1 million by 2033. In 2025, the Asia Pacific region represented 18.6% of the global tokenization market.
Decentralized Finance (DeFi) Platform
The decentralized finance (DeFi) market has seen rapid growth. Globally, the DeFi market size was valued at USD 14.35 billion in 2023 and is expected to reach USD 450 billion by 2032, with a CAGR exceeding 46.8% between 2024 and 2032. Another estimate places the global DeFi market size at USD 42.56 billion in 2025, projected to reach USD 256.4 billion by 2030, at a CAGR of 43.3%. Furthermore, the market was valued at USD 32.36 billion in 2025 and is predicted to increase from USD 49.77 billion in 2026 to approximately USD 1976.09 billion by 2035, expanding at a CAGR of 50.86%. The total value locked (TVL) in DeFi protocols was estimated at USD 100-170 billion in mid-March 2026.
For the Asia Pacific region, the decentralized finance market is anticipated to be the fastest-growing region, with a projected CAGR of 31.89% through 2031. The Asia Pacific DeFi market held 23.10% of the global market in 2025, valued at USD 19.99 billion, and is projected to grow to USD 26.2 billion in 2026. By 2030, the Asia Pacific DeFi market is forecast to reach USD 60.89 billion.
Cross-Border Payments Services
Cross-border payments constitute a massive market. The global cross-border payments market, in terms of revenue, was valued at USD 371.59 billion in 2025 and is projected to grow from USD 397.37 billion in 2026 to USD 727.74 billion by 2034, exhibiting a CAGR of 7.90%. In terms of transaction volume, the global cross-border payments market was valued at over USD 194 trillion in 2024 and is projected to exceed USD 290 trillion by 2030. The combined traditional and crypto cross-border payment market approached a value of about one quadrillion dollars in 2024.
The Asia Pacific cross-border payments market is experiencing substantial growth. The transaction value in this region totaled USD 12.8 trillion in 2024 and is set to reach USD 23.8 trillion by 2032. In terms of market revenue, the Asia Pacific cross-border payments market reached USD 33.66 billion in 2025 and is projected to grow to USD 59.74 billion by 2032, registering a CAGR of 8.5% between 2026 and 2032. The region accounted for 46.30% of the global market in 2025, with a valuation of USD 172.12 billion, and is projected to reach USD 185.71 billion in 2026.
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Chaince Digital (symbol: CD) is expected to drive future revenue growth over the next 2-3 years through several key strategic areas:
- Growth in AI and High-Performance Computing (HPC) Infrastructure Solutions: The company has expanded into AI hardware and intelligent manufacturing, with a specific focus on developing liquid cooling solutions for AI data centers. This move positions Chaince Digital to capitalize on the increasing demand for robust infrastructure in the rapidly expanding artificial intelligence sector.
- Expansion of Blockchain and Digital Asset Solutions: As a core business line, the continued development and adoption of its blockchain-based digital asset infrastructure solutions for traders, communities, and liquidity providers are expected to contribute significantly to revenue.
- Increased Demand for Comprehensive Financial Services: Through Chaince Securities, LLC, a FINRA-registered broker-dealer and Registered Investment Advisor (RIA), the company provides capital markets advisory, IPO advisory, and brokerage services. The growth in these services, particularly in bridging Asian companies with U.S. investors, is a vital revenue driver.
- Deepening Presence in the Asia-Pacific Region: Chaince Digital offers professional advisory for business expansion and corporate consulting through its subsidiaries in Hong Kong and China, serving clients primarily in the Asia-Pacific region. This continued focus and expansion within this geographical market are expected to bolster revenue.
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1. Share Repurchases
- In July 2025, Mercurity Fintech Holding Inc. announced a share repurchase program of up to $10 million, valid for 12 months, intended to strengthen its Solana and Bitcoin treasury strategy and enhance shareholder value.
2. Share Issuance
- In November and December 2022, Mercurity Fintech Holding Inc. raised a total of $10 million through private placements of units (ordinary shares and warrants) to develop its Web3 and blockchain infrastructure, expand consultation services, and pursue cryptocurrency licensure.
- In March 2026, Chaince Digital Holdings Inc. completed a private share sale, issuing 6,500,000 ordinary shares for gross proceeds of $5,031,000 to six non-U.S. purchasers.
- The company filed a follow-on equity offering in the amount of $300 million, contributing to an 81% increase in shares outstanding as of September 2026, leading to substantial shareholder dilution.
3. Inbound Investments
- Mercurity Fintech Holding Inc. received $6 million in funding in December 2023.
- In February 2025, the company secured $3.5 million in funding through an unsecured convertible promissory note from a non-U.S. investor.
- In March 2026, Chaince Digital Holdings Inc. raised $5,031,000 through a private share sale to non-U.S. investors.
4. Outbound Investments
- In May 2023, Mercurity Fintech Holding Inc., through its subsidiary Chaince Securities, Inc., acquired all assets and liabilities of J.V. Delaney & Associates, an investment advisory firm and licensed broker-dealer.
- The company launched a $500 million "DeFi Basket" Treasury to diversify its on-chain strategy, allocating capital to digital assets within yield-generating DeFi ecosystems, with a focus on Solana and Bitcoin.
5. Capital Expenditures
- In December 2022, the company acquired Web3 decentralized storage infrastructure, including cryptocurrency mining servers and related equipment, to commence Filecoin mining operations.
- The $10 million raised from private placements in late 2022 was designated for developing Web3 and blockchain infrastructure, expanding consultation services, and seeking cryptocurrency licensure.
- As of December 2025, the company decided to discontinue its Filecoin mining business, indicating a shift in capital allocation priorities.
Peer Outperformance in Diversified Capital Markets
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Reinsurance | 7 | 22.5% | 67.3% | 111.0% | SPNT 166% · RGA 150% · RNR 141% |
| Diversified Banks | 13 | 29.7% | 130.8% | 110.5% | CM 154% · RY 142% · JPM 130% |
| Investment Banking & Brokerage | 13 | -5.3% | 103.8% | 109.6% | IBKR 452% · SNEX 238% · HOOD 170% |
| Life & Health Insurance | 20 | 4.8% | 52.9% | 91.8% | JXN 525% · UNM 323% · FG 187% |
| Multi-Sector Holdings | 4 | 4.7% | 49.4% | 76.7% | JONE 361% · BRK-B 81% · VOYA 72% |
| Property & Casualty Insurance | 42 | 5.5% | 67.9% | 62.3% | ASIC 2656900% · HRTG 409% · UVE 298% |
| Multi-line Insurance | 9 | 3.9% | 68.4% | 58.2% | GNW 151% · L 96% · SLF 90% |
| Regional Banks | 266 | 23.4% | 91.3% | 54.8% | ESQ 333% · BLX 330% · GCBC 302% |
| Financial Exchanges & Data | 15 | -2.7% | 16.8% | 30.6% | VIRT 153% · CBOE 116% · CME 66% |
| Diversified Financial Services | 4 | -5.9% | 21.2% | 20.5% | FRHC 178% · EQH 97% · TMS -56% |
| Consumer Finance | 30 | -2.2% | 78.6% | 15.2% | ENVA 391% · EZPW 301% · FCFS 165% |
| Insurance Brokers | 16 | -22.9% | -9.2% | 13.7% | LIFE 286% · ARX 88% · AJG 60% |
| Commercial & Residential Mortgage Finance | 13 | -53.0% | 13.9% | 8.5% | FNMA 412% · FMCC 388% · ACT 168% |
| Asset Management & Custody Banks | 84 | -8.8% | 16.1% | 8.4% | WT 347% · SII 269% · VCTR 265% |
| Specialized Finance | 3 | 20.0% | 40.9% | -6.8% | EFC 23% · CACC -7% · HASI -15% |
| Mortgage REITs | 33 | -15.6% | 6.6% | -26.1% | NREF 49% · RITM 36% · DX 26% |
| Transaction & Payment Processing Services | 17 | 0.5% | -6.0% | -40.8% | V 68% · MA 66% · CPAY 49% |
| Diversified Capital Markets ← | 24 | -30.7% | 6.5% | -54.4% | OPY 189% · CD 183% · LPLA 101% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 22.46 |
| Mkt Cap | 6.1 |
| Rev LTM | 739 |
| Op Inc LTM | -91 |
| FCF LTM | -1,168 |
| FCF 3Y Avg | -727 |
| CFO LTM | -223 |
| CFO 3Y Avg | -81 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 24.6% |
| Rev Chg 3Y Avg | 42.4% |
| Rev Chg Q | -9.7% |
| QoQ Delta Rev Chg LTM | -2.2% |
| Op Inc Chg LTM | -37.8% |
| Op Inc Chg 3Y Avg | -59.9% |
| Op Mgn LTM | -59.6% |
| Op Mgn 3Y Avg | -59.8% |
| QoQ Delta Op Mgn LTM | -2.2% |
| CFO/Rev LTM | -50.6% |
| CFO/Rev 3Y Avg | -46.8% |
| FCF/Rev LTM | -127.5% |
| FCF/Rev 3Y Avg | -127.0% |
Price Behavior
| Market Price | $6.52 | |
| Market Cap ($ Bil) | 0.5 | |
| First Trading Date | 04/08/2015 | |
| Distance from 52W High | -81.8% | |
| 50 Days | 200 Days | |
| DMA Price | $3.42 | $4.91 |
| DMA Trend | down | down |
| Distance from DMA | 90.8% | 32.7% |
| 3M | 1YR | |
| Volatility | 150.9% | 168.4% |
| Downside Capture | 6.72 | 307.62 |
| Upside Capture | 165.86 | 135.34 |
| Correlation (SPY) | 19.3% | 24.3% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.20 | 2.11 | 1.63 | 2.26 | 2.82 | 1.78 |
| Up Beta | -0.53 | -1.21 | -0.30 | 0.91 | 0.53 | 0.61 |
| Down Beta | 8.43 | 5.63 | 4.33 | 4.22 | 6.26 | 3.54 |
| Up Capture | 116% | 86% | -95% | 113% | 192% | 418% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 10 | 18 | 27 | 61 | 122 | 352 |
| Down Capture | 12% | 373% | 295% | 228% | 179% | 109% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 11 | 22 | 34 | 62 | 124 | 379 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CD | |
|---|---|---|---|---|
| CD | -56.0% | 169.5% | 0.32 | - |
| Sector ETF (XLF) | 2.6% | 14.8% | -0.05 | 18.0% |
| Equity (SPY) | 17.4% | 13.0% | 0.96 | 23.2% |
| Gold (GLD) | 9.7% | 29.6% | 0.31 | 9.7% |
| Commodities (DBC) | 42.7% | 20.7% | 1.60 | -3.3% |
| Real Estate (VNQ) | 4.3% | 13.6% | 0.06 | 10.8% |
| Bitcoin (BTCUSD) | -23.0% | 44.8% | -0.46 | 19.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CD | |
|---|---|---|---|---|
| CD | 51.5% | 160.6% | 1.09 | - |
| Sector ETF (XLF) | 10.0% | 18.4% | 0.40 | 14.5% |
| Equity (SPY) | 13.5% | 17.2% | 0.60 | 15.8% |
| Gold (GLD) | 18.1% | 18.9% | 0.77 | 1.2% |
| Commodities (DBC) | 11.0% | 19.5% | 0.44 | -0.1% |
| Real Estate (VNQ) | 0.9% | 18.9% | -0.06 | 5.6% |
| Bitcoin (BTCUSD) | 14.4% | 52.4% | 0.45 | 12.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CD | |
|---|---|---|---|---|
| CD | -13.9% | 148.7% | 0.52 | - |
| Sector ETF (XLF) | 13.0% | 22.1% | 0.53 | 10.7% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 13.6% |
| Gold (GLD) | 11.7% | 16.4% | 0.58 | 1.9% |
| Commodities (DBC) | 8.5% | 18.1% | 0.38 | 4.6% |
| Real Estate (VNQ) | 4.7% | 20.7% | 0.19 | 6.6% |
| Bitcoin (BTCUSD) | 63.8% | 66.2% | 1.03 | 6.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 6/3/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/14/2026 | 10-Q |
| 03/31/2026 | 05/14/2026 | 10-Q |
| 12/31/2025 | 03/26/2026 | 10-K |
| 06/30/2025 | 12/10/2025 | 6-K |
| 12/31/2024 | 04/30/2025 | 20-F |
| 06/30/2024 | 12/05/2024 | 6-K |
| 12/31/2023 | 04/23/2024 | 20-F |
| 06/30/2023 | 12/28/2023 | 6-K |
| 12/31/2022 | 04/25/2023 | 20-F |
| 06/30/2022 | 12/29/2022 | 6-K |
| 12/31/2021 | 06/15/2022 | 20-F |
| 09/30/2021 | 01/05/2022 | 6-K |
| 06/30/2021 | 12/30/2021 | 6-K |
| 03/31/2021 | 06/04/2021 | 6-K |
| 12/31/2020 | 04/28/2021 | 20-F |
| 09/30/2020 | 11/27/2020 | 6-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/14/2026 | 10-Q |
| 03/31/2026 | 05/14/2026 | 10-Q |
| 12/31/2025 | 03/26/2026 | 10-K |
| 06/30/2025 | 12/10/2025 | 6-K |
| 12/31/2024 | 04/30/2025 | 20-F |
| 06/30/2024 | 12/05/2024 | 6-K |
| 12/31/2023 | 04/23/2024 | 20-F |
| 06/30/2023 | 12/28/2023 | 6-K |
| 12/31/2022 | 04/25/2023 | 20-F |
| 06/30/2022 | 12/29/2022 | 6-K |
| 12/31/2021 | 06/15/2022 | 20-F |
| 09/30/2021 | 01/05/2022 | 6-K |
| 06/30/2021 | 12/30/2021 | 6-K |
| 03/31/2021 | 06/04/2021 | 6-K |
| 12/31/2020 | 04/28/2021 | 20-F |
| 09/30/2020 | 11/27/2020 | 6-K |
| 06/30/2020 | 09/03/2020 | 6-K |
| 12/31/2019 | 06/12/2020 | 20-F |
| 09/30/2019 | 11/20/2019 | 6-K |
| 06/30/2019 | 08/02/2019 | 6-K |
| 12/31/2018 | 06/28/2019 | 20-F |
| 09/30/2018 | 11/30/2018 | 6-K |
| 06/30/2018 | 08/22/2018 | 6-K |
| 03/31/2018 | 05/31/2018 | 6-K |
| 12/31/2017 | 04/24/2018 | 20-F |
| 09/30/2017 | 11/24/2017 | 6-K |
| 06/30/2017 | 08/16/2017 | 6-K |
| 03/31/2017 | 06/20/2017 | 6-K |
Insider Activity
Updated 6/3/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Daye, Wilfred Zhongkei | CSO | Direct | Sell | 6032026 | 9.07 | 2,000 | 18,140 | 632,769 | Form |
| 2 | Daye, Wilfred Zhongkei | CSO | Direct | Sell | 6032026 | 8.53 | 2,000 | 17,060 | 612,155 | Form |
| 3 | Daye, Wilfred Zhongkei | CSO | Direct | Sell | 5212026 | 9.33 | 2,000 | 18,656 | 688,095 | Form |
| 4 | Daye, Wilfred Zhongkei | CSO | Direct | Sell | 5212026 | 9.66 | 4,000 | 38,623 | 731,564 | Form |
| 5 | Daye, Wilfred Zhongkei | CSO | Direct | Sell | 5212026 | 9.36 | 2,000 | 18,720 | 746,600 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Daye, Wilfred Zhongkei | CSO | Direct | Sell | 6032026 | 9.07 | 2,000 | 18,140 | 632,769 | Form |
| 2 | Daye, Wilfred Zhongkei | CSO | Direct | Sell | 6032026 | 8.53 | 2,000 | 17,060 | 612,155 | Form |
| 3 | Daye, Wilfred Zhongkei | CSO | Direct | Sell | 5212026 | 9.33 | 2,000 | 18,656 | 688,095 | Form |
| 4 | Daye, Wilfred Zhongkei | CSO | Direct | Sell | 5212026 | 9.66 | 4,000 | 38,623 | 731,564 | Form |
| 5 | Daye, Wilfred Zhongkei | CSO | Direct | Sell | 5212026 | 9.36 | 2,000 | 18,720 | 746,600 | Form |
| 6 | Daye, Wilfred Zhongkei | CSO | Direct | Sell | 12292025 | 6.13 | 1,500 | 9,195 | 347,951 | Form |
| 7 | Daye, Wilfred Zhongkei | CSO | Direct | Sell | 12292025 | 6.11 | 3,000 | 18,330 | 355,981 | Form |
| 8 | Daye, Wilfred Zhongkei | CSO | Direct | Sell | 11262025 | 13.78 | 4,470 | 61,609 | 905,964 | Form |
| 9 | Daye, Wilfred Zhongkei | CSO | Direct | Sell | 11122025 | 12.19 | 1,000 | 12,190 | 699,694 | Form |
| 10 | Daye, Wilfred Zhongkei | CSO | Direct | Sell | 10292025 | 11.48 | 1,800 | 20,664 | 670,421 | Form |
| 11 | Daye, Wilfred Zhongkei | CSO | Direct | Sell | 10292025 | 11.25 | 100 | 1,125 | 677,239 | Form |
| 12 | Daye, Wilfred Zhongkei | CSO | Direct | Sell | 10242025 | 11.13 | 200 | 2,226 | 392,889 | Form |
| 13 | Daye, Wilfred Zhongkei | CSO | Direct | Sell | 10242025 | 9.52 | 300 | 2,856 | 337,960 | Form |
| 14 | Daye, Wilfred Zhongkei | CSO | Direct | Sell | 10212025 | 12.96 | 1,000 | 12,960 | 463,968 | Form |
| 15 | Daye, Wilfred Zhongkei | CSO | Direct | Sell | 10212025 | 11.98 | 1,000 | 11,980 | 440,864 | Form |
| 16 | Daye, Wilfred Zhongkei | CSO | Direct | Sell | 10212025 | 12.60 | 500 | 6,300 | 476,280 | Form |
| 17 | Daye, Wilfred Zhongkei | CSO | Direct | Sell | 10162025 | 11.37 | 2,170 | 24,673 | 435,471 | Form |
| 18 | Daye, Wilfred Zhongkei | CSO | Direct | Sell | 10162025 | 14.87 | 1,195 | 17,770 | 601,789 | Form |
Industry Resources
| Financials Resources |
| Federal Reserve Economic Data |
| Federal Reserve |
| FDIC Data |
| American Banker |
| The Banker |
| Banking Technology |
| Diversified Capital Markets Resources |
| International Financing Review (IFR) |
| Financial News |
| Global Capital |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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