Mercurity Fintech Holding Inc. (MFH): Business Model Canvas [Dec-2025 Updated]

You're trying to make sense of a company caught between two massive trends, and frankly, the structure is dense. After two decades analyzing firms, including time leading analysis at a place like BlackRock, I see Mercurity Fintech Holding Inc. (MFH) making a bold, dual play: they are running a FINRA-regulated brokerage while aggressively building a digital asset treasury, underpinned by a $200 million Equity Line of Credit from Solana Ventures, plus manufacturing liquid cooling hardware for AI data centers. It's a complex map of regulatory compliance, crypto yield potential, and physical CapEx. Dive in below for the precise breakdown of the nine blocks that define the Mercurity Fintech Holding Inc. Business Model Canvas today.

Mercurity Fintech Holding Inc. (MFH) - Canvas Business Model: Key Partnerships

You're looking at the core relationships Mercurity Fintech Holding Inc. (MFH) has built to execute its dual strategy across digital assets and AI infrastructure. These aren't just handshake deals; they represent significant capital commitments and strategic alignment in key growth areas.

The partnerships are structured to provide capital access, technology integration, and market distribution for MFH's evolving business lines, especially its pivot toward on-chain treasury management and AI hardware support.

Here's a breakdown of the most critical alliances as of late 2025:

The relationship with Solana Ventures is perhaps the most financially significant, directly fueling the company's on-chain treasury ambitions. This credit line is designed to be drawn incrementally to support specific on-chain activities.

• Accumulating a large position in Solana-based (SOL) tokens for treasury building.
• Generating long-term yield through staking and validator node operations.
• Investing in Solana-based projects, including tokenized real-world assets.

The Aifinity Base joint venture with ZJK Industrial targets the AI supply chain, specifically manufacturing advanced liquid cooling panels for high-performance computing and AI data centers, addressing the heat management challenges from systems like Nvidia GPUs. This move diversifies MFH's profile into infrastructure technology.

The collaboration with M2M Capital, involving MFH's broker-dealer subsidiary Chaince Securities, aims to solve private market inefficiencies. The plan is to pilot M2M's proprietary AI valuation technology into MFH's infrastructure, with the goal of introducing a standardized issuer onboarding pipeline within the next twelve months following the proof of concept.

Finance: review the draw-down schedule against the Q4 2025 treasury allocation plan by next Tuesday.

Mercurity Fintech Holding Inc. (MFH) - Canvas Business Model: Key Activities

You're looking at the core engine of Chaince Digital Holdings Inc. (CD), which officially rebranded from Mercurity Fintech Holding Inc. (MFH) in November 2025. This company is juggling a few very different businesses, so the key activities reflect that split focus between digital finance and physical AI infrastructure.

Developing and managing a large-scale, yield-generating digital asset treasury.

This is the big pivot story, fueled by the $200 million equity line of credit secured from Solana Ventures. The activity here is building out that treasury, which involves staking SOL and exploring tokenized real-world assets to generate recurring income, moving away from purely transactional revenue. While the exact treasury size as of late 2025 isn't public, the strategic commitment is backed by that significant financing capacity.

Providing FINRA-regulated financial advisory and broker-dealer services via Chaince Securities.

This is a licensed, regulated operation. Chaince Securities, LLC, a FINRA-registered broker-dealer and RIA, is central to the financial services line. In 2024, the company was focused on launching its Investment Banking business under this subsidiary. You should note that in H1 2024, the company's GAAP revenue was USD$517,177, which reflects the existing fintech and brokerage technology revenue before the full impact of the treasury strategy or expanded investment banking services could materialize in late 2025 figures. The team size supporting these operations is quite lean, with the company reporting only 11 employees as of recent filings.

Research and development of on-chain financial tools and blockchain infrastructure.

This activity supports the treasury strategy, focusing on the technology layer for secure, scalable digital asset management. It's the foundational work that allows the treasury to operate compliantly. The company also announced a joint venture with ZJK Industrial to launch the Aifinity Base, which ties R&D into the physical infrastructure side, suggesting development efforts span both software and hardware integration.

Manufacturing and commercializing liquid cooling solutions for AI/HPC data centers.

This is the physical infrastructure component, a distinct activity from the fintech side. The strategic expansion with ZJK Industrial to launch the Aifinity Base in 2024 was backed by $10 million in growth capital that year, and the company raised an additional $8 million in follow-on financing in 2025 specifically to accelerate AI manufacturing innovations. This shows a clear, funded commitment to this hardware vertical.

Ensuring strict regulatory compliance across all licensed financial services.

Given the FINRA registration and the digital asset focus, compliance is a non-negotiable key activity. The CEO has emphasized commitment to regulatory-compliant blockchain integration. While specific compliance expenditure figures for 2025 aren't available, the acquisition and operation of Chaince Securities inherently mandate significant ongoing investment in regulatory adherence and legal infrastructure. This is the cost of entry for the financial services revenue stream.

Here's a quick look at how the market is valuing this multi-faceted business compared to its peers based on late 2025 metrics, which helps frame the risk/reward of these key activities:

The high multiples suggest investors are paying for the potential of the treasury and AI infrastructure build-out, not the current fundamentals. What this estimate hides is the actual asset value of the digital treasury itself, which is not fully reflected in these standard equity multiples.

The core operational focus areas for the remainder of 2025 and into 2026 are:

• Finalize deployment of the $200 million Solana Ventures credit line.
• Scale advisory services via Chaince Securities, LLC.
• Increase production capacity for liquid cooling units.
• Integrate blockchain tools with AI infrastructure offerings.

Finance: draft 13-week cash view by Friday.

Mercurity Fintech Holding Inc. (MFH) - Canvas Business Model: Key Resources

The Key Resources underpinning Mercurity Fintech Holding Inc.'s (MFH) current business model are a mix of regulated financial licenses, strategic capital agreements, and specialized technology ventures.

FINRA-registered broker-dealer subsidiary, Chaince Securities, LLC

• Chaince Securities, LLC is a wholly owned subsidiary, a U.S.-based broker-dealer.
• The firm was originally established in 1982.
• It received approval for its Continuing Membership Application (CMA) from the Financial Industry Regulatory Authority (FINRA) in March 2025.
• Services offered include:
  • Corporate equity securities brokerage.
  • Underwriting and best-effort offerings.
  • U.S. government securities brokerage.
  • Private placements of securities.
• In November 2025, Chaince Securities, LLC entered into a Memorandum of Understanding with M2M Capital Inc. to pursue strategic collaboration.

Equity Line of Credit and Treasury Growth

Mercurity Fintech Holding Inc. secured a significant financing commitment to fuel its digital asset strategy.

The agreement positions Mercurity Fintech Holding Inc. as a long-term institutional participant in the Solana ecosystem.

Proprietary blockchain and digital asset trading infrastructure solutions

The infrastructure supports the company's pivot into digital asset management, which is now a core focus alongside its financial services.

• The company's business segments include blockchain & digital asset solutions.
• The infrastructure is leveraged to support the accumulation and staking of Solana (SOL) tokens.
• For the fiscal year 2024, the company generated $1.0 million in revenues.
• Business consulting contributed approximately 44.5% of the $1.0 million revenue in 2024.

51% controlling stake in the Aifinity Base joint venture for AI hardware

Mercurity Fintech Holding Inc. controls the Aifinity Base joint venture established to enter the AI supply chain.

The venture was backed by $10 million in growth capital in 2024.

Institutional ownership from firms like BlackRock and Goldman Sachs

The company has seen an increase in institutional interest, as reflected in SEC 13F filings.

• As of November 12, 2025, the stock price was $11.35 / share.
• As of November 12, 2025, there were 99 institutional owners and shareholders filing 13D/G or 13F forms.
• These institutions held a total of 5,538,794 shares as of November 12, 2025.
• Firms noted to have acquired stakes include BlackRock, Inc., Goldman Sachs Group Inc., and UBS Group AG.

Mercurity Fintech Holding Inc. (MFH) - Canvas Business Model: Value Propositions

Bridging traditional finance with regulatory-compliant blockchain technology.

• Entry into institutional-grade, yield-generating DeFi ecosystems.
• Strategy impacted by new NASDAQ oversight on token-funded treasuries.

Institutional-grade security and custody for digital assets via BitGo engagement.

• Access to BitGo's multi-signature wallets and custody services.
• Strengthened position for managing tokenized real-world assets (RWA).

Access to high-performance, on-chain yield generation through the Solana ecosystem.

• Execution of the $500 million DeFi Basket Treasury initiative.
• Initial focus on accumulating Solana (SOL) for staking rewards.

Energy-efficient liquid cooling hardware for high-performance computing (HPC) and AI.

• Commercialization via the Aifinity Base joint venture, launched February 2025.
• Targeting cooling solutions for NVIDIA-based AI and HPC systems.

Expert advisory on Solana-based digital asset treasury management.

• Advisory services are part of a diversified revenue stream.
• Business consulting contributed about 44.5% of the $1.0 million in 2024 revenues. It's a defintely key part of the non-crypto revenue base.

Here's a quick look at some of the hard numbers framing the business as of late 2025:

The company also reported a Q1 2025 period-end revenue of $211.74K. What this estimate hides is the current operational burn rate versus the cash position reported earlier in the year.

Mercurity Fintech Holding Inc. (MFH) - Canvas Business Model: Customer Relationships

You're looking at how Mercurity Fintech Holding Inc. (MFH), which rebranded to Chaince Digital Holdings Inc. in November 2025, structures its connections with its key client base. Honestly, for a firm operating at the intersection of blockchain and finance, the focus is clearly on the institutional side, which demands a different level of service than retail. This isn't about simple self-service portals; it's about dedicated access and high-level advice.

The relationship model leans heavily into high-touch advisory for institutional players. This is evidenced by the growing number of sophisticated entities holding the stock. As of November 17, 2025, 30.82% of Mercurity Fintech Holding Inc.'s stock is held by institutional investors. This suggests that the advisory services, particularly around digital asset treasury management and tokenization through its Digital Asset Treasury Strategy (DATS), are resonating with larger players who need bespoke guidance.

Here's a quick look at the institutional footprint as of late 2025, based on regulatory filings:

Dedicated broker-dealer execution services are channeled through its subsidiary, Chaince Securities, LLC. This isn't just a passive holding relationship; it's active service provision. For instance, in November 2025, Mercurity Fintech Holding Inc. announced a non-binding Memorandum of Understanding involving Chaince Securities to pilot real-time valuation, tokenization, and secondary market liquidity for private-market assets. This shows Chaince Securities is the execution arm for complex, institutional-grade digital asset market activities.

To support these institutional relationships, the firm emphasizes institutional-grade operational procedures for asset security and compliance. You can see this commitment reflected in capital deployment decisions. In July 2025, Mercurity Fintech Holding Inc. raised $43.70 million in a registered direct offering from institutional investors, explicitly stating an intent to use net proceeds to advance its crypto treasury strategy, including building out institutional-grade on-chain financial infrastructure. That kind of capital allocation signals a focus on building the necessary security and compliance backbone for serious institutional custody and trading.

Direct engagement with institutional investors and high-net-worth individuals is further solidified by corporate milestones that increase market access. The uplisting to the Nasdaq Global Market, effective October 9, 2025, was a deliberate move to meet higher financial and corporate governance standards, which the company noted may enhance visibility and access to institutional investors. The very nature of the July 2025 capital raise, involving specific institutional participants like LTP, Syntax Capital, OGBC Group, and Blockstone Capital, underscores this direct engagement channel. The stock price as of November 12, 2025, was $11.35 per share, showing the market valuation tied to these institutional relationships.

The key relationship touchpoints include:

• Advisory on Digital Asset Treasury Strategy (DATS) execution.
• Execution services via Chaince Securities for private market assets.
• Securing capital commitments from digital asset-focused institutions.
• Achieving Nasdaq Global Market listing to signal operational maturity.

Finance: draft the projected 2026 budget for compliance upgrades related to the new institutional infrastructure by end of January.

Mercurity Fintech Holding Inc. (MFH) - Canvas Business Model: Channels

You're looking at how Mercurity Fintech Holding Inc. (MFH), which officially rebranded to Chaince Digital Holdings Inc. (NASDAQ: CD) in November 2025, gets its services and assets to market. The channel strategy is clearly bifurcated between regulated financial services and digital asset infrastructure.

Chaince Securities, LLC: The FINRA-registered broker-dealer subsidiary

This subsidiary is a core channel for regulated financial services distribution. Chaince Securities, LLC successfully received approval for its Continuing Membership Application (CMA) from the Financial Industry Regulatory Authority (FINRA) on March 21, 2025. This regulatory clearance is the channel that allows the firm to engage in specific, compliant securities activities.

The FINRA approval enhances operational capabilities to service clients through several distinct channels:

• Broker or dealer retailing corporate equity securities.
• Underwriting and best-effort offerings.
• U.S. government securities brokerage.
• Private placements of securities.

Global distribution network for tokenized Real-World Assets (RWAs)

A major channel for digital asset distribution was solidified through a strategic partnership announced on June 5, 2025, with SBI Digital Markets (SBIDM). Under this arrangement, Chaince Securities, LLC acts as the distribution arm, targeting institutional investors, high-net-worth individuals, and accredited investors with SBIDM's tokenized RWA offerings. This channel is designed to bridge institutional capital with tokenized assets while maintaining compliance with SEC and FINRA regulations.

This distribution effort targets a rapidly expanding market. The tokenized real-world asset (RWA) market crossed $30 billion in size in Q3 2025. Specifically, the tokenized U.S. Treasury market expanded to $8.8 billion as of October 31, 2025.

Direct sales and advisory agreements with corporate clients

The advisory services channel is executed through the licensed entity. For instance, Chaince Securities has served as a strategic advisor for SKK Holdings regarding their digital asset strategy and tokenization efforts. This represents a direct sales channel for high-touch, bespoke financial and tokenization advisory services to corporate entities.

Digital asset platforms and proprietary trading infrastructure

The company's digital asset solutions are a channel for accessing blockchain and digital assets. While specific proprietary trading volumes or platform Assets Under Management (AUM) for late 2025 aren't public, the commitment to this infrastructure is evidenced by the July 2025 registered direct offering, which aimed to raise capital to enhance its crypto treasury strategy and develop on-chain financial tools. The offering involved issuing approximately 12.5 million ordinary shares and warrants at an offering price of $3.50 per share.

Key channel-related financial and statistical markers for Mercurity Fintech Holding Inc. (MFH) as of late 2025 include:

The institutional validation of the distribution strategy is visible through ownership changes; for example, BlackRock, Inc. added 1,336,492 shares in Q2 2025. Also, the company's inclusion in the MSCI Global Small Cap Indexes effective November 24, 2025, serves as a channel to increase visibility for index-tracking funds.

Finance: draft 13-week cash view by Friday.

Mercurity Fintech Holding Inc. (MFH) - Canvas Business Model: Customer Segments

You're mapping out the core groups Mercurity Fintech Holding Inc. (MFH) serves as of late 2025. Honestly, the customer base is split across two very different worlds: regulated digital finance and high-performance computing infrastructure. We need to look at the hard numbers tied to each group to see where the focus really is.

Institutional investors and asset managers seeking digital asset exposure

This segment is showing clear, measurable interest, especially following the company's inclusion in the Russell 2000 index in August 2025. You've got major players establishing or increasing positions. For instance, recent filings show that during the previous two years, 31 institutional investors and hedge funds held shares of Mercurity Fintech Holding Inc.. As of the latest data, 30.82% of Mercurity Fintech Holding Inc.'s stock is owned by these institutional investors.

We see concrete examples of this capital inflow:

• MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. held an estimated $5.03M stake as of Q4 2024.
• Vanguard Group Inc. held an estimated $4.68M stake in the same period.
• Millennium Management LLC held an estimated $3.34M stake.
• UBS Group AG held an estimated $1.74M stake.

Furthermore, Mercurity Fintech Holding Inc. actively raised capital from this group, completing a private placement financing that secured around $6 million in gross proceeds, and also announced a registered direct offering aiming to raise approximately $43.7 million. So, the segment is both a shareholder base and a source of direct financing.

High-net-worth individuals and accredited investors

While the public filings heavily emphasize institutional ownership, the company's licensed financial services subsidiary, Chaince Securities, LLC, is a FINRA-registered broker-dealer and RIA. This structure inherently targets accredited investors and high-net-worth individuals (HNWIs) for its brokerage and investment advisory services, bridging traditional finance and digital innovation. Though specific AUM or client count for this group isn't explicitly stated in the latest reports, the regulatory licenses confirm this as a core target for bespoke financial products.

Publicly traded companies needing Solana-based digital asset treasury advisory

Mercurity Fintech Holding Inc. is positioning itself as a key player in the Solana ecosystem for institutional clients. The commitment here is substantial, evidenced by the $200 million Equity Line of Credit Agreement signed with Solana Ventures Ltd. in July 2025 to launch its Solana-based digital asset treasury strategy. This strategy involves accumulating Solana (SOL) and generating yield.

The advisory service aspect is demonstrated by specific engagements:

• Chaince Securities, LLC, a subsidiary, was engaged by Classover Holdings for a Solana-based treasury initiative.
• SKK Holdings appointed Chaince Securities as a strategic advisor for tokenization and digital asset strategy.

The company is also building out its own on-chain strategy, having announced the launch of a $500 million DeFi Basket Treasury, initially focusing on Solana.

Data center operators and enterprises requiring AI/HPC liquid cooling solutions

This infrastructure segment is being addressed through a dedicated entity. Mercurity Fintech Holding Inc. established Aifinity Base Limited in February 2025, a majority-owned subsidiary, to manufacture advanced liquid cooling panels for AI infrastructure and High-Performance Computing (HPC) systems, specifically targeting efficiency for Nvidia® chip-powered GPUs. The initial financial commitment to this joint venture was USD $9.8 million, with Mercurity Fintech Holding Inc. holding a 51% stake. This shows a direct, capital-backed focus on data center operators facing critical thermal management challenges.

Here's a quick look at the investment in this segment:

The target customer here is any enterprise or data center operator running high-density computing that needs to reduce electricity costs through improved efficiency hardware, which is a defintely growing niche. Finance: draft 13-week cash view by Friday.

Mercurity Fintech Holding Inc. (MFH) - Canvas Business Model: Cost Structure

You're looking at the cost side of Chaince Digital Holdings Inc. (CD), which is the new name for Mercurity Fintech Holding Inc. (MFH) as of 2025. The cost structure is heavily influenced by its pivot into high-tech infrastructure and regulated financial services, alongside its new on-chain treasury strategy.

High operating expenses from R&D for on-chain financial tools. The push to develop and maintain on-chain financial tools and DeFi strategies necessitates substantial, ongoing Research and Development spending. While the specific 2025 R&D expense is not itemized in the latest public filings, the company's strategic focus on Solana-native DeFi and tokenized asset platforms suggests this line item is a major driver of operating burn. For context on the overall cost pressure, the GAAP net loss for the first half of 2024 was $3,834,465, against revenues of $517,177 for the same period.

Significant capital expenditure on AI/HPC liquid cooling hardware manufacturing. A core component of the CD business now involves AI and High-Performance Computing (HPC) infrastructure, specifically developing liquid cooling solutions for AI data centers. This requires significant upfront capital investment in manufacturing facilities and hardware. The company secured $8 million in follow-on financing in 2025 specifically to accelerate these AI manufacturing innovations, which points directly to CapEx requirements in this area.

Regulatory compliance and legal costs for FINRA-registered operations. The 2025 acquisition of FINRA-registered broker-dealer Chaince Securities means CD must absorb the costs of maintaining compliance within a regulated U.S. environment. These costs include personnel, technology systems for surveillance, and ongoing regulatory fees. For FINRA members generally, projected fee increases between 2025 and 2029 have a Compound Annual Growth Rate (CAGR) estimated between 4.8% or falling to the 3% to 4% range, depending on the fee structure applied. These are recurring, non-negotiable costs for operating the investment banking segment.

General and administrative costs associated with a New York-based, publicly traded company. Being listed on Nasdaq and headquartered in New York City carries inherent, fixed overhead. This includes executive salaries, corporate overhead, public company reporting requirements (like SEC filings), and investor relations expenses. The company maintains a small employee base, listed as 11-50 Employees, which helps control personnel G&A, but public company costs remain fixed regardless of revenue fluctuations.

Interest expense on the $200 million Equity Line of Credit. The July 2025 agreement for a $200 million Equity Line of Credit with 'Solana Ventures Ltd.' is a key financial liability structure. While this is an equity line, meaning draws result in share issuance rather than immediate cash debt, any drawn portion that is not immediately deployed into assets or is subject to specific financing terms could carry an interest component, or the cost is embedded in the discount/warrant structure. The full $200 million is the maximum facility size that influences the potential cost base, though the actual interest expense for 2025 depends on the draw schedule and the specific terms of the credit agreement.

Here's a quick look at the major financial anchors influencing the 2025 cost base:

The company's cost structure is a blend of high-growth technology investment and mandatory regulatory overhead. You'll want to watch the burn rate on the R&D for on-chain tools closely, as that's where the discretionary spending is highest.

• High R&D for on-chain financial tools.
• CapEx for AI/HPC liquid cooling hardware.
• FINRA compliance and legal fees.
• New York public company G&A overhead.
• Potential interest/financing costs on the $200 million line.

Finance: draft 13-week cash view by Friday.

Mercurity Fintech Holding Inc. (MFH) - Canvas Business Model: Revenue Streams

You're looking at the actual money Mercurity Fintech Holding Inc. (MFH) brought in, which is key to understanding its current value proposition. Honestly, the revenue base is still quite small relative to its market aspirations, but the growth rate is notable.

Total annual revenue for 2024 was reported at $1.01 million. This represented a significant jump, showing a 125.92% increase year-over-year from the 2023 total of $445.93 thousand.

For the first half of 2024, GAAP revenues specifically hit USD$517,177, which is a 110.03% increase over the first half of 2023. This shows the momentum building into the full year.

Here's a look at the known components making up that 2024 figure, showing where the money is defintely coming from right now:

The business model relies on several distinct streams, though the consulting piece was the largest confirmed segment for 2024.

• Service fees and commissions from digital asset platforms and brokerage.
• Business consulting revenue, which was $448.9 thousand (44.5%) of 2024 revenue.
• Revenue from the sale of AI/HPC liquid cooling hardware via Aifinity Base JV; this joint venture launched in February 2025 to target liquid-cooling for AI and HPC systems.

Beyond current realized revenue, Mercurity Fintech Holding Inc. has a major potential recurring yield stream tied to its new Solana strategy, announced in July 2025 with a $200 million Equity Line of Credit from Solana Ventures.

This strategy directly feeds into the following projected income:

• Potential recurring yield from staking the Solana (SOL) digital asset treasury (estimated $12 million annually at 6% yield).

If they deploy the full credit line to acquire SOL at an assumed price of $\$25$ per token, they could acquire about 8 million SOL tokens, which would generate that estimated annual yield from staking alone. That potential yield dwarfs the 2024 total revenue of $1.01 million. Finance: draft 13-week cash view by Friday.