AirNet Technology Inc. (ANTE): Business Model Canvas [Dec-2025 Updated]

You are looking at a company that executed one of the most dramatic strategic 180-degree turns I've seen in my two decades analyzing markets: AirNet Technology Inc. (ANTE), which officially became Yueda Digital Holding (YDKG) in September 2025, didn't just explore Web3-it bet the farm on it. This pivot was financed by a landmark $180.0 million registered direct offering paid entirely in digital assets, instantly landing 819.07 Bitcoin and 19,928.91 Ethereum into its treasury to fuel its new focus, including a 130MW mining farm project. Honestly, we need to see the mechanics behind this move, especially since the company reported a $1.955 million net loss in H1 2025, even while pulling in $12.764 million in revenue; let's break down the new Business Model Canvas to see if this is a visionary blueprint or a high-risk gamble.

AirNet Technology Inc. (ANTE) - Canvas Business Model: Key Partnerships

You're mapping out the strategic alliances AirNet Technology Inc. is building to power its pivot into the digital asset space. These partnerships are critical, especially given the company's recent financial structure.

The most significant planned collaboration involves LLP STH Corp for the massive infrastructure build-out in Kazakhstan. This is a non-binding Investment Letter of Intent (LOI) signed on March 17, 2025, targeting a total capacity of 130MW for a liquid-cooled Bitcoin mining farm.

Here's the breakdown of that planned facility:

• - Construction of a 70MW facility powered by the national grid.
• - Development of a 60MW self-generation facility using natural gas.
• - Both facilities mandate the use of liquid-cooling technology to boost efficiency.

LLP STH Corp brings expertise in advanced liquid-cooled solutions and has secured partnerships with local natural gas suppliers to ensure competitive power rates.

For strategic direction, AirNet Technology Inc. has brought in key external expertise. You see the focus on digital assets reflected in these appointments. Professor Yu Xiong joined as Chief Research and Innovation Advisor on August 12, 2025, to guide the Web3 transformation. Also, Raeez Lorgat, a known expert in fintech and blockchain, has been engaged as a strategic advisor to optimize the company's digital-asset framework. Honestly, these moves signal a serious intent to operate in this new sector, even as the company reported negative EBITDA and gross profit margins below 11% as of August 12, 2025, with a market valuation around $11 million.

The financing structure itself highlights a key partnership with institutional investors willing to transact in digital assets. AirNet Technology Inc. completed a registered direct offering on August 28, 2025, raising gross proceeds of approximately US$180.0 million. What's unique is that the proceeds were paid entirely in digital assets: roughly 819.07 Bitcoin and 19,928.91 Ethereum. This is a landmark move for a Nasdaq-listed firm. Furthermore, investor support continued with mentions of an 'Additional SOL Influx' on September 9, 2025, following a warrant exercise that brought in Solana on September 4, 2025.

When it comes to the actual mining technology and hosting, AirNet Technology Inc. relies on existing agreements for its current operations. For the servers hosted at BTC KZ's Almaty data center, the company pays a primary fee of $0.07 per kWh of electricity consumed, plus a $0.002 per kWh maintenance fee. A refundable deposit of $1.5 million was paid to BTC KZ for this Hosting Services Agreement signed in December 2024. This contrasts with local regulatory data, which noted that Kazakhstan mining fees could be around $0.050 per kWh as of March 2025. The company's current operational output from these hosted servers stands at an aggregate of 45 units of BTC mined as of the reporting date.

Here's a quick look at the financial scale of some of these relationships and transactions:

Also, looking back at Q4 2024 activity, institutional investors like UBS GROUP AG removed 65,086 shares (-56.5%), and MORGAN STANLEY removed 49,300 shares (-63.2%).

Finance: draft the due diligence timeline for LLP STH Corp by next Wednesday.

AirNet Technology Inc. (ANTE) - Canvas Business Model: Key Activities

You're looking at the core actions of AirNet Technology Inc., which, as of September 2025, is officially operating as Yueda Digital Holding (YDKG), signaling a full pivot from its historical focus. The key activities now revolve around building a digital asset treasury and the infrastructure to support it.

Active treasury management of mainstream digital assets like Bitcoin and Ethereum.

The company's treasury management is now central, funded by a landmark capital raise. In August 2025, Yueda Digital Holding completed a registered direct offering for gross proceeds of approximately US$180.0 million. This was unique because the proceeds were paid entirely in digital assets: 819.07 Bitcoin and 19,928.91 Ethereum. This move fundamentally transformed the balance sheet. As of a recent listing, the company's Bitcoin holdings were reported at 819 units, valued at $71.49M.

Developing and constructing large-scale, low-cost crypto mining operations.

To support the digital asset strategy, Yueda Digital Holding is actively building out mining capacity. In March 2025, the company executed a non-binding Investment Letter of Intent to invest in a 130MW liquid-cooled Bitcoin mining farm project in Kazakhstan. This planned project involves two parts: a 70MW facility powered by the national grid and a 60MW facility using self-generated natural gas. This follows an earlier commitment in May 2024 to purchase 6,218 Bitcoin Miner S21 units for approximately RMB177.2 million (about $25 million USD at the time of purchase).

Exploring compliant, risk-managed yield opportunities, such as staking.

Beyond holding assets, the company is increasing its digital asset base through warrant exercises, demonstrating investor confidence in the new direction. Yueda Digital Holding received a total of 749,965 Solana (SOL) from investors exercising warrants, which significantly strengthened its digital asset holdings. The core economic engine is now the spread between the cost of capital and the yield generated from this digital asset treasury.

Providing advisory services for enterprises entering the digital-asset economy.

The company is also providing advisory services as part of its repositioning as a Web3 and digital-economy focused entity. Here's a quick look at the latest reported financials before the full impact of the August 2025 capital raise is reflected:

Managing the legacy Air Travel Media Network segment in China.

The legacy business remains a component, generating revenue from selling advertising time slots on its in-flight network. For context, the digital revenue from this segment in FY2021 was $9.2 million. The company raised capital in October 2025, which provides capital for its new investment activities, separate from the legacy business operations. Still, the company's overall revenue for the first half of 2025 was $12.764 million, which includes the legacy segment's contribution.

Finance: draft 13-week cash view by Friday.

AirNet Technology Inc. (ANTE) - Canvas Business Model: Key Resources

You're looking at the core assets AirNet Technology Inc. (which is now Yueda Digital Holding as of September 19, 2025) is using to power its pivot into the digital asset economy. These aren't just line items; they are the foundation of the new strategy.

The digital asset treasury is now the most significant resource following the August 2025 financing event. This treasury is comprised of:

• - 819.07 Bitcoin
• - 19,928.91 Ethereum

This capital injection was massive for the company's new direction. Here's the quick math on the financing that brought these assets onto the balance sheet, which was a registered direct offering completed around August 28, 2025.

The expertise to manage this new focus is another critical resource. The company formalized this by appointing key personnel to guide the transformation toward Web3 and cryptocurrency initiatives. Professor Yu Xiong's appointment as Chief Research & Innovation Advisor on August 12, 2025, is a prime example of securing specialized human capital.

Professor Yu Xiong's credentials include:

• - Associate Vice President (External Engagement) at the University of Surrey.
• - Chair of Business Analytics at Surrey Business School.
• - Director of the Surrey Academy for Blockchain and Metaverse Applications.
• - Chair of the Advisory Board for the UK All-Party Parliamentary Group on Metaverse and Web 3.0.

Finally, the physical infrastructure supporting the digital asset strategy is being established. This includes access to a large, low-cost power supply for the planned mining operations. The commitment is to a new facility designed for efficiency, defintely a major operational asset.

The planned infrastructure commitment involves:

• - Total planned capacity of 130MW.
• - Project structure includes a 70MW national grid-powered facility.
• - Project structure includes a 60MW self-generation facility using natural gas.
• - Both components employ advanced liquid-cooling technology.

Finance: draft 13-week cash view by Friday.

AirNet Technology Inc. (ANTE) - Canvas Business Model: Value Propositions

You're looking at the core value AirNet Technology Inc. (now Yueda Digital Holding) offers clients and the market as of late 2025, built on a foundation of digital asset transformation.

Institutional-grade exposure to the Web3 and digital-asset economy.

The company's value proposition centers on providing a direct, substantial, and professionally managed gateway into the digital asset space. This is evidenced by the significant capital raise completed in August 2025, which was structured to immediately bolster its digital treasury. The firm completed a registered direct offering for gross proceeds of approximately US$180.0 million, with the unique feature that the entire amount was paid in digital assets. This move signals a commitment to operating within the digital economy's native payment rails. The resulting treasury holdings are concrete proof of this exposure.

The scale of the digital asset holdings and the recent financing provides the basis for institutional-grade exposure:

• The August 2025 offering proceeds included approximately 819.07 Bitcoin and 19,928.91 Ethereum.
• As of August 29, 2025, the reported Bitcoin balance stood at 819.1 BTC, valued at $71.89M.
• The company issued 80,826,225 ordinary shares and accompanying warrants in the August 2025 offering.

Compliance-first mindset for digital asset management.

Maintaining a public listing on the Nasdaq exchange while pivoting to digital assets requires a demonstrable commitment to regulatory adherence. AirNet Technology Inc. has actively managed its public company status to support this transition. The company received formal notification from Nasdaq on July 24, 2025, confirming it had regained compliance with Listing Rule 5550(a)(2). This was achieved after the closing bid price of its Ordinary Shares remained at $1.00 per share or greater for 10 consecutive business days from July 10, 2025, to July 23, 2025. Furthermore, the September 18, 2025, announcement of the name change to Yueda Digital Holding, Ticker Symbol Change to YDKG, and Share Re-designation, emphasizes a strategic repositioning toward the digital economy under a new structure.

Operational efficiency through liquid-cooled Bitcoin mining technology.

A key operational value is derived from the planned expansion into high-efficiency Bitcoin mining. The company is moving beyond prior hardware acquisitions to large-scale infrastructure deployment designed for cost reduction and longevity. This focus on advanced cooling technology is central to maximizing mining profitability.

Key figures related to the mining infrastructure strategy include:

Advisory expertise for complex enterprise digital asset strategies.

The strategic pivot announced in September 2025 explicitly includes emphasizing advisory services for the digital economy. This is supported by the engagement of experienced cryptocurrency professionals to develop and execute the company's strategy, following the August 2025 financing. While specific revenue or client count data for this segment isn't public, the value proposition is the direct application of the expertise gained from managing a multi-hundred-million-dollar digital asset treasury and large-scale mining operations to guide enterprise clients.

The firm's Chief Research & Innovation Advisor, Professor Yu Xiong, was elected Fellow of the Academy of Social Sciences as of September 11, 2025, lending academic credibility to the advisory component.

AirNet Technology Inc. (ANTE) - Canvas Business Model: Customer Relationships

You're looking at a company that has completely rewired its customer base in 2025, moving from in-flight advertising to a digital asset focus. The relationships now center on capital providers and infrastructure partners, not just media buyers.

Dedicated investor relations for digital asset-focused institutional capital.

The relationship with institutional capital is now cemented through large, crypto-denominated funding rounds. AirNet Technology Inc. completed a registered direct offering in August 2025, raising gross proceeds of approximately US$180.0 million. This capital was unique because the proceeds were paid entirely in digital assets: 819.07 Bitcoin and 19,928.91 Ethereum. This transaction involved the issuance of 80,826,225 ordinary shares and accompanying warrants to these investors.

Direct advisory contracts with enterprise clients for Web3 services.

The high-touch nature of the new Web3 strategy is evidenced by the engagement of specialized, high-level talent, suggesting advisory relationships are key to unlocking enterprise-level Web3 integration. The company appointed Vikram Seth, formerly the Head of Web3 Innovation at Shell, as its Fractional Chief Investment Officer. Furthermore, Raeez Lorgat, a fintech and blockchain expert, was engaged as a Strategic Advisor in August 2025 to optimize the digital-asset framework.

Transactional relationship with energy and hardware suppliers.

The move into blockchain infrastructure creates a direct transactional relationship with energy and hardware providers, particularly for its mining operations. AirNet Technology executed a non-binding Investment Letter of Intent for a planned investment in a 130MW liquid-cooled Bitcoin mining farm in Kazakhstan. This project is segmented into a 70MW national grid-powered facility and a 60MW natural gas self-generation facility, indicating significant, ongoing transactional volumes with power suppliers.

High-touch, expert-led engagement for complex financial products.

The engagement around complex financial instruments, like the warrants issued in the August 2025 offering, requires expert management. The warrants issued carried an exercise price of $3.3405 per share and a five-year expiration. As of October 21, 2025, holders had exercised warrants for 236,392,000 shares, showing active engagement with this financial product. The company's overall market capitalization stood around $385.29 million as of November 2025.

Here's a quick look at the key figures defining these relationships:

The company's customer base is now heavily weighted toward sophisticated capital allocators and infrastructure partners, a stark contrast to its previous model. The focus is on managing the digital asset treasury and scaling the mining footprint.

• Fractional CIO Vikram Seth's prior role was Head of Web3 Innovation at Shell.
• Warrants are exercisable at $3.3405 per share.
• The mining project involves a 60MW natural gas self-generation component.
• The company completed a one-for-one hundred reverse share split in November 2025 to meet listing requirements.

Finance: review the cash flow impact of the warrant exercises versus the initial crypto proceeds by next Tuesday.

AirNet Technology Inc. (ANTE) - Canvas Business Model: Channels

You're looking at how AirNet Technology Inc., which is now Yueda Digital Holding (YDKG), gets its offerings-from stock access to new digital economy advisory-out to the world as of late 2025. The channels reflect a significant pivot, moving from traditional in-flight media to a Web3 focus.

The primary channel for public investment remains the stock exchange, though the ticker has recently changed. AirNet Technology Inc. (NASDAQ: ANTE) officially became Yueda Digital Holding (NASDAQ: YDKG) effective September 19, 2025. This change followed shareholder approval furnished to the SEC on Form 6-K on September 5, 2025. The company had to actively manage its listing, having received formal notification from Nasdaq on July 24, 2025, that it had regained compliance with the minimum bid price rule ($1.00 per share) for the period of July 10 to July 23, 2025.

For public investors, the trading environment is captured by these recent figures:

Direct institutional sales channels were heavily utilized for recent capital formation. The company completed a substantial US$180.0 MILLION registered direct offering on August 28, 2025. This was a unique channel, as the proceeds were paid entirely in digital assets, specifically 819.07 Bitcoin and 19,928.91 Ethereum. The offering involved selling 80,826,225 ordinary shares at $2.227 per share, with accompanying warrants exercisable at $3.3405 per share and a five-year expiration.

Transparency and ongoing communication with stakeholders are managed through regulatory filings and the corporate website. You can track the company's post-pivot activities via recent SEC filings. For instance, Form 6-K reports were filed on November 14, 2025, and November 10, 2025. The company's shift in focus is documented across these public disclosures.

For the newly emphasized enterprise advisory services-focused on the digital-asset economy-the channel involves direct engagement. While the company is pivoting, the last reported revenue for the legacy business segments (in-flight connectivity/advertising) was US$0.4 million in 2024. For advisory compensation, historical data shows 1.2 million shares were issued for advisory services in April 2024. The new advisory channel is expected to drive future revenue streams under the Yueda Digital Holding structure. The company's principal business activities now include:

• - Active treasury management of mainstream digital assets.
• - Exploration of compliant, risk-managed yield opportunities.
• - Selective investments and partnerships in Web3 infrastructure.
• - Advisory services for enterprises entering the digital-asset economy.

Finance: draft 13-week cash view by Friday.

AirNet Technology Inc. (ANTE) - Canvas Business Model: Customer Segments

You're looking at AirNet Technology Inc.'s customer base as of late 2025, and honestly, it's a tale of two companies: the legacy media player and the newly minted digital asset accumulator. The customer segments reflect this sharp pivot, moving away from traditional media contracts toward a base interested in digital asset exposure.

The segment of sophisticated investors participating in warrant exercises has become highly visible due to recent capital raises. These investors are executing on warrants from prior financing rounds, bringing in significant digital assets. For instance, a recent exercise on September 4, 2025, resulted in an influx of approximately 296,367 Solana (SOL) tokens. This activity signals a clear appetite from a specific investor class for AirNet Technology Inc.'s evolving structure.

This shift is underpinned by the massive capital event in August 2025, which directly involved these sophisticated capital providers. Here's the quick math on that transaction, which highlights the scale of the new investor base:

The second key segment is institutional investors seeking exposure to a digital asset treasury. While AirNet Technology Inc. is now repositioning itself as a Web3 and digital-economy focused entity, this implies that the capital raised-paid in Bitcoin and Ethereum-is being held, effectively creating a digital asset treasury. This treasury structure is the value proposition for institutions looking for indirect exposure through a listed vehicle, rather than direct crypto custody.

Following the pivot, a new segment is emerging: enterprise clients needing Web3 infrastructure and digital asset advisory. The company is emphasizing digital asset management and Web3 infrastructure investments. This suggests a move to service corporate clients who require guidance or infrastructure support in the digital asset space, a stark contrast to the previous media focus. What this estimate hides is the current revenue contribution from this nascent advisory segment, as the focus is clearly on asset accumulation for now.

Finally, the airlines and advertisers (legacy segment, defintely smaller focus) are being actively shed. Management planned the disposal of the loss-making air-travel media network segment for a nominal US$1 consideration, with closing expected by the end of August 2025. To be fair, this segment was significant previously, supplying content to more than 12 airlines and holding in-flight rights to 65% of domestic theatrical releases as of March 31, 2024, but its current role is to be exited.

You should track the filings for the final disposition of the legacy VIEs, as that will confirm the complete shift in the customer base composition. Finance: draft 13-week cash view by Friday.

AirNet Technology Inc. (ANTE) - Canvas Business Model: Cost Structure

You're looking at the core expenses driving AirNet Technology Inc.'s (ANTE) strategic pivot into digital asset infrastructure, which is heavily concentrated on the cost side right now. Honestly, the transition means shifting from traditional media network overhead to the capital and operational intensity of large-scale Bitcoin mining. Here's the quick math on what's hitting the bottom line.

The major cost drivers are directly linked to the planned 130MW liquid-cooled Bitcoin mining farm project in Kazakhstan, which is structured to use both national grid power and self-generation via natural gas. This setup immediately exposes the company to volatile external markets.

• - High energy costs for the new 130MW Bitcoin mining operations.
• - Significant commodity price risk tied to electricity and natural gas.
• - Transaction and custody fees for digital asset management.
• - Operating expenses for infrastructure build-out, contributing to the $1.955 million H1 2025 net loss.

The energy component is the most critical variable cost. For context in 2025, electricity typically accounts for 60-80% of a miner's ongoing operational expenditures (OPEX). AirNet Technology Inc.'s move to Kazakhstan suggests an attempt to secure better rates than the US industrial average, which can exceed $0.10/kWh. The structure of the planned facility-partially grid-powered and partially natural gas self-generation-is a direct attempt to mitigate this, but it locks the company into commodity price risk for both power sources.

Infrastructure build-out costs are substantial, covering the capital expenditure (CAPEX) for the liquid-cooling systems and the initial ASIC purchases. These upfront and ongoing operational expenses are reflected in the reported financial performance, such as the $1.955 million net loss recorded for the first half of 2025.

As AirNet Technology Inc. builds its digital asset treasury, transaction and custody fees become a new, necessary expense line. While specific figures for AirNet Technology Inc. aren't public, the broader digital asset custody market is seeing increased institutional focus on features like multi-signature authorization and compliance, which are managed through these fee structures. Custody solutions generally involve fees tied to asset value or transaction volume, and the need for secure, institutional-grade storage is paramount for managing the digital assets raised in recent capital activities.

Here is a breakdown of the key cost structure elements:

The company is actively shedding its legacy Air Travel Media Network segment, which historically carried concession fees, to focus solely on the mining business, thereby simplifying the cost base to these core infrastructure and energy expenses. Finance: draft 13-week cash view by Friday.

AirNet Technology Inc. (ANTE) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of AirNet Technology Inc. (ANTE), now operating as Yueda Digital Holding, and it's clear the focus has shifted dramatically from its prior operations. The revenue streams reflect a company in the middle of a complete strategic pivot toward the digital asset ecosystem.

The most concrete top-line figure we have for the new strategy's immediate impact is the H1 2025 reported revenue of $12.764 million, showing initial sales under the new direction. This is a significant change from the legacy business performance.

Here's how the revenue generation is currently structured, based on the latest available data and strategic announcements:

• - Revenue from digital asset treasury management and yield generation.
• - Income from Bitcoin mining operations and block rewards.
• - Fees from Web3 infrastructure investments and advisory services.
• - Legacy revenue from the Air Travel Media Network, though much reduced.

The legacy Air Travel Media Network, which provided in-flight entertainment and advertising, is now a minor contributor. To give you a sense of scale, the company reported net revenue of US$0.4 million in 2024 from this segment, which was a 59.4% year-over-year decline from the prior period. Honestly, that segment is barely a rounding error now.

The core of the new revenue story is the digital asset strategy, which was capitalized by a landmark financing event in August 2025. The company raised gross proceeds of approximately US$180.0 million in a registered direct offering. What's key here is the form of payment: it was entirely in digital assets.

This capital infusion directly feeds the new revenue-generating activities. Here's a quick look at the digital asset holdings that underpin the treasury management and mining income streams:

The income from Bitcoin mining operations and block rewards is now a direct function of the company's physical mining assets, which they have been acquiring, alongside the yield generated from actively managing the substantial treasury. The fees from Web3 infrastructure investments and advisory services represent the monetization of the expertise they recruited to execute this pivot, led by CEO Dan Shao and the new team of cryptocurrency professionals. If onboarding takes 14+ days, churn risk rises for advisory clients, so speed in deployment is defintely key to capturing those fees.

Finance: draft 13-week cash view by Friday, focusing on projected yield generation against operational crypto costs.