BTC Digital (BTCT) 10-Q14 Nov 242024 Q3 Quarterly reportFinancial data

Company Profile

Cover

Cover	9 Months Ended
Cover	Sep. 30, 2024 shares
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Amendment Flag	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Information [Line Items]
Entity Registrant Name	BTC Digital Ltd.
Entity Central Index Key	0001796514
Entity File Number	001-39258
Entity Tax Identification Number	00-0000000
Entity Incorporation, State or Country Code	E9
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	No
Entity Shell Company	false
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Contact Personnel [Line Items]
Entity Address, Address Line One	1306, 13th Floor
Entity Address, Address Line Two	Xuesong Dasha Building B
Entity Address, Address Line Three	No. 52 Tairan 6th Road, Futian District
Entity Address, City or Town	Shenzhen
Entity Address, Country	CN
Entity Address, Postal Zip Code	518000
Entity Phone Fax Numbers [Line Items]
City Area Code	+86
Local Phone Number	86 755 8255 5262
Entity Listings [Line Items]
Entity Common Stock, Shares Outstanding	3,297,452
Ordinary Shares, par value $0.06 per share
Entity Listings [Line Items]
Title of 12(b) Security	Ordinary Shares, par value $0.06 per share
Trading Symbol	BTCT
Security Exchange Name	NASDAQ
Warrants, each exercisable for 1/600 ordinary shares
Entity Listings [Line Items]
Title of 12(b) Security	Warrants, each exercisable for 1/600 ordinary shares
Trading Symbol	BTCTW
Security Exchange Name	NASDAQ

Unaudited Consolidated Balance

Unaudited Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 27	$ 43
Accounts receivable	1,692	5,485
Prepayments and other current assets	7,440	2,980
Digital assets	736	436
Total current assets	9,895	8,944
Non-current assets
Equity method investments	4,023	2,897
Property and equipment, net	11,145	12,702
Total non-current assets	15,168	15,599
Total assets	25,063	24,543
Current liabilities
Accounts payable		128
Short term loans	544	125
Deferred revenue	289	792
Total current liabilities	4,632	5,101
Total liabilities	4,632	5,101
Shareholders’ equity
Ordinary shares (US$0.06 par value; 25,000,000 shares authorized; 2,097,535 and 3,297,452 shares issued outstanding as of December 31, 2023 and September 30, 2024)	180	121
Additional paid-in capital	208,856	205,920
Accumulated deficit	(188,605)	(186,599)
Total equity attributable to shareholders of the Company	20,431	19,442
Total shareholders’ equity	20,431	19,442
Total liabilities and shareholders’ equity	25,063	24,543
Related Party
Current liabilities
Amounts due to related parties	$ 3,799	$ 4,056

Unaudited Consolidated Balanc_2

Unaudited Consolidated Balance Sheets (Parentheticals) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Ordinary shares, par value (in Dollars per share)	$ 0.06	$ 0.06
Ordinary shares, authorized	25,000,000	25,000,000
Ordinary shares, issued	3,297,452	2,097,535
Ordinary shares, outstanding	3,297,452	2,097,535

Unaudited Consolidated Statemen

Unaudited Consolidated Statements of Operations Loss - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Revenues	$ 2,559	$ 845	$ 7,538	$ 8,129
Cost of revenues	(2,820)	(1,386)	(8,141)	(8,780)
Gross loss	(261)	(541)	(603)	(651)
Operating expenses:
Selling and marketing expenses	(63)		(159)	(198)
General and administrative expenses	(218)	(153)	(1,477)	(944)
Loss from operations	(542)	(694)	(2,239)	(1,793)
Other income (expenses):
Realized gain on exchange of digital assets	(75)	(2)	181	32
Interest income				1
Interest expenses	(2)	(11)	(17)	(61)
Equity in income on equity method investments	50	5	75	6
Other expenses, net	(2)	(305)	(6)	(307)
Loss before income tax	(571)	(1,007)	(2,006)	(2,122)
Income tax expense
Net loss	$ (571)	$ (1,007)	$ (2,006)	$ (2,122)
Net loss per share-Basic (in Dollars per share)	$ (0.21)	$ (0.63)	$ (0.76)	$ (1.57)
Net loss per share- Diluted (in Dollars per share)	$ (0.21)	$ (0.63)	$ (0.76)	$ (1.57)
Weighted average shares used in calculating net loss per share
- Basic (in Shares)	2,695,568	1,593,789	2,654,319	1,352,539
- Diluted (in Shares)	2,695,568	1,593,789	2,654,319	1,352,539

Unaudited Consolidated Statem_2

Unaudited Consolidated Statements of Changes in Equity - USD ($) $ in Thousands		Ordinary shares		Additional paid-in capital	Accumulated deficit	Total equity attributable to shareholders of the Company	Total
Balance at Dec. 31, 2022		$ 63		$ 202,992	$ (183,775)	$ 19,280	$ 19,280
Balance (in Shares) at Dec. 31, 2022	[1]	1,044,009
Net loss for the period					(2,122)	(2,122)	(2,122)
Issuance of ordinary shares		$ 41		1,840		1,881	1,881
Issuance of ordinary shares (in Shares)	[1]	776,954
Share-based compensation				138		138	138
Balance at Sep. 30, 2023		$ 104		204,970	(185,897)	19,177	19,177
Balance (in Shares) at Sep. 30, 2023	[1]	1,820,963
Balance at Jun. 30, 2023		$ 78		203,115	(184,890)	18,303	18,303
Balance (in Shares) at Jun. 30, 2023	[1]	1,301,629
Net loss for the period					(1,007)	(1,007)	(1,007)
Issuance of ordinary shares		$ 26		1,855		1,881	1,881
Issuance of ordinary shares (in Shares)	[1]	519,334
Balance at Sep. 30, 2023		$ 104		204,970	(185,897)	19,177	19,177
Balance (in Shares) at Sep. 30, 2023	[1]	1,820,963
Balance at Dec. 31, 2023		$ 121		205,920	(186,599)	19,442	$ 19,442
Balance (in Shares) at Dec. 31, 2023		2,097,535					2,097,535
Net loss for the period					(2,006)	(2,006)	$ (2,006)
Issuance of ordinary shares		$ 59		2,365		2,424	2,424
Issuance of ordinary shares (in Shares)		1,199,917
Share-based compensation				571		571	571
Balance at Sep. 30, 2024		$ 180		208,856	(188,605)	20,431	$ 20,431
Balance (in Shares) at Sep. 30, 2024		3,297,452	[1]				3,297,452
Balance at Jun. 30, 2024		$ 139		207,487	(188,034)	19,592	$ 19,592
Balance (in Shares) at Jun. 30, 2024	[1]	2,610,785
Net loss for the period					(571)	(571)	(571)
Issuance of ordinary shares		$ 41		1,369		1,410	1,410
Issuance of ordinary shares (in Shares)	[1]	686,667
Balance at Sep. 30, 2024		$ 180		$ 208,856	$ (188,605)	$ 20,431	$ 20,431
Balance (in Shares) at Sep. 30, 2024		3,297,452	[1]				3,297,452

[1] Retrospectively restated due to twenty for one reverse stock split, see Note 13

Unaudited Consolidated Statem_3

Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net loss	$ (2,006)	$ (2,122)
Adjustments to reconcile net income/(loss) to net cash generated from operating activities:
Depreciation	2,700	2,305
Realized gain on exchange of digital assets	(181)	(32)
Equity income on equity method investments	(75)	(6)
Share-based compensation expenses	571	138
Decrease in accounts receivable	3,793	3,417
(Increase)/decrease in prepayments and other current assets	(1,209)	1,118
Change of Digital assets	(119)	87
Net loss on disposal of property and equipment		316
Decrease in accounts payable	(128)	(3,173)
Increase in deferred revenue	39
Net cash flow generated from operating activities	3,385	2,048
Cash flows from investing activities:
Purchases of property and equipment	(4,035)	(1,827)
Repayment of advances from related parties	(657)	(1,255)
Advances from related parties	400
Net cash used in investing activities	(4,292)	(3,082)
Cash flows from financing activities:
Proceeds from Short term loans	755	57
Repayment of Short term loans	(336)	(585)
Proceeds from issuance of ordinary shares for private placement	472	1,881
Net cash generated from financing activities	891	1,353
Net increase/(decrease) in cash and cash equivalents and restricted cash	(16)	319
Cash and cash equivalents and restricted cash at the beginning of the period	43	48
Cash and cash equivalents and restricted cash at the end of the period	27	367
Supplemental disclosure of cash flow information:
Interest paid	17	50
Supplemental disclosure of non-cash investing activities:
Issuance of common shares for the purchase of equity in a joint venture	1,051
Issuance of common shares for the payment of mining facility acquisition	$ 360

Organization and Principal Acti

Organization and Principal Activities	9 Months Ended
Organization and Principal Activities	Sep. 30, 2024
Organization and Principal Activities [Abstract]
Organization and Principal Activities	1. Organization and Principal Activities (a) Principal activities Meten EdtechX Education Group Ltd (the “Company”) was incorporated on September 27, 2019 under the law of Cayman Islands as an exempted company with limited liability. Meten EdtechX Education Group Ltd changed its name to “Meten Holding Group Ltd.” on August 11, 2021. On August 11, 2023, the Company changed its name to “BTC Digital Ltd.” The Company and its subsidiaries (the “Group”) are primarily engaged in the bitcoin mining business, and also generates revenue through mining machines resale and rental business operations. As of September 30, 2024, the details of the Company’s subsidiaries were as follows: Entity Date of Place of Percentage of Principal activities Major subsidiaries: Meten International Education Group July 10, 2018 Cayman Islands 100% Investment holding Meten Education Investment Limited (“Meten BVI”) July 18, 2018 British Virgin 100% Investment holding Likeshuo Education Investment Limited (“Likeshuo BVI”) July 18, 2018 BVI 100% Investment holding Meten Education (Hong Kong) Limited (“Meten HK”) August 22, 2018 Hong Kong 100% Investment holding Likeshuo Education (Hong Kong) Limited (“Likeshuo HK”) August 22, 2018 Hong Kong 100% Investment holding Meta Path investing holding company December 3, 2021 Cayman Islands 100% Investment holding Met Chain investing holding company Ltd January 5, 2022 BVI 100% Investment holding METEN BLOCK CHAIN LLC March 8, 2022 United States 100% Investment holding Meten Service USA Corp. March 3, 2016 United States 100% Investment holding BTC DIGITAL SINGAPORE PTE. LTD. March 14, 2024 Singapore 100% Investment holding (b) History of the Group and reorganization Organization and General The Company is authorized to issue 500,000,000 ordinary shares with a par value of $0.06 per share. On September 27, 2019, the Company issued one ordinary share to its sole director Richard Fear for a purchase price of $0.0001. On the same day, the one ordinary share owned by Richard Fear was transferred to Guo Yupeng. Reverse recapitalization On December 12, 2019, the Company entered into an Agreement and Plan of Reorganization (the “Merger Agreement”) by and among the Company, EdtechX Holdings Acquisition Corp., a Delaware corporation (“EdtechX”), Meten Education Inc., a Delaware corporation and wholly owned subsidiary of the Company (“EdtechX Merger Sub”), Meten Education Group Ltd.(“Meten International”), a Cayman Islands exempted company which incorporated on July 10, 2018 and wholly owned subsidiary of the Company (“Meten Merger Sub”, and together with EdtechX Merger Sub, the “Merger Subs”). EdtechX was a blank check company incorporated in Delaware on May 15, 2018 for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses or entities. On March 30, 2020, the Company consummated its acquisition of Meten International and EdtechX, pursuant to the Merger Agreement, where the Company acquired 100% of the issued and outstanding ordinary shares of Meten International and EdtechX, i.e., 318,601,222 ordinary shares of Meten International and 1,971,505 ordinary shares of EdtechX for 1,613,054 and 65,717 ordinary shares of the Company, respectively (the “SPAC Transaction”). Meten International was determined to be the accounting acquirer given the controller of Meten International effectively controlled the combined entity Meten EdtechX Education Group Ltd after the SPAC Transaction. The transaction is not a business combination because EdtechX was not a business. The transaction is accounted for as a reverse recapitalization, which is equivalent to the issuance of shares by Meten International for the net monetary assets of EdtechX, accompanied by a recapitalization. Meten International is determined as the predecessor and the historical financial statements of Meten International became the Company’s historical financial statements, with retrospective adjustments to give effect of the reverse recapitalization. The equity is restated using the exchange ratio of 0.1519 established in the reverse recapitalization transaction, which is 48,391,607 divided by 318,601,222, to reflect the equity structure of the Company. Loss (income) per share is retrospectively restated using the historical weighted-average number of ordinary shares outstanding multiplied by the exchange ratio. The share and per share data is retrospectively restated using the exchange ratio in the share-based compensation footnote, see Note 12. Immediately prior to the merger transaction, Azimut Enterprises Holdings S.r.l. invested $20,000 in EdtechX to purchase 2,000,000 units of EdtechX, which were converted into same number of units of the Company upon closing of the merger transaction. In connection with merger transaction, on February 28, 2020, March 19, 2020 and March 26, 2020, three unrelated investors agreed to invest USD 6,000, USD 4,000 and USD 6,000 to purchase shares of the Company. The financing of the USD 12,000 was completed on March 30, 2020, and the USD 4,000 financing was terminated on April 14, 2020 as the investor failed to pay the purchase price by the agreed deadline. Reorganization of Meten International Prior to the SPAC Transaction, Meten International undertook a series of steps to restructure its business. Meten International’s history began in April 2006 with the commencement of operations of Shenzhen Meten International Education Co., Ltd. (“Shenzhen Meten”), a limited liability company incorporated in the PRC by Mr. Jishuang Zhao, Mr. Siguang Peng and Mr. Yupeng Guo (collectively, the “Founders”). On December 18, 2017, Shenzhen Meten was converted into a joint stock limited liability company and 30,000,000 shares of RMB1 each were issued. From March 2012 to August 2018, Mr. Yun Feng, Shenzhen Daoge Growth No.3 Investment Fund Partnership (Limited Partnership), Shenzhen Daoge Growth No.5 Investment Fund Partnership (Limited Partnership), Shenzhen Daoge Growth No.6 Investment Fund Partnership (Limited Partnership), Shenzhen Daoge Growth No.11 Investment Fund Partnership (Limited Partnership), Shenzhen Daoge Growth No.21 Investment Fund Partnership (Limited Partnership), Zhihan (Shanghai) Investment Center (Limited Partnership), Hangzhou Muhua Equity Investment Fund Partnership (Limited Partnership) (collectively known as the “Pre-listing Investors”) each acquired certain equity interests in Shenzhen Meten. In preparation of the listing in capital markets of Shenzhen Meten’s general adult English training, overseas training services, online English training and other English language-related services businesses (the “Business”), Shenzhen Meten underwent a series of reorganization transactions (“Reorganization”) in 2018. The main purpose of the Reorganization is to establish a Cayman Islands holding company for the Business in preparation for its overseas listing. The Reorganization was executed in the following steps: 1) Meten International was incorporated as an exempted company with limited liability in the Cayman Islands on September 27, 2019 and as offshore holding company of the Group. In July and August 2018, the Founders and Pre-listing Investors subscribed for ordinary shares of Meten International at par value, all in the same proportions as the percentage of the then equity interest they held in Shenzhen Meten. Upon the issuance of ordinary shares to the Founders and Pre-listing Investors, the equity structure of the Meten International is identical to that of Shenzhen Meten. 2) In July 2018, Meten International further established two wholly-owned subsidiaries in the British Virgin Islands, Meten BVI and Likeshuo BVI. 3) In August 2018, Meten BVI and Likeshuo BVI established two wholly-owned subsidiaries in Hong Kong, Meten HK and Likeshuo HK, respectively. 4) In September 2018, Meten HK and Likeshuo HK established two wholly-owned subsidiaries in China, named Zhuhai Meizhilian Education Technology Co., Ltd.(“Zhuhai Meizhilian”) and Zhuhai Likeshuo Education Technology Co., Ltd. (“Zhuhai Likeshuo”), respectively. 5) In October 2018, Shenzhen Meten was split into three separate legal entities, namely Shenzhen Meten, Shenzhen Likeshuo Education Co., Ltd. (“Shenzhen Likeshuo”) and Shenzhen Yilian Education Investment Co. Ltd. (“Shenzhen Yilian Investment”). 6) In November 2018, Zhuhai Meten and Zhuhai Likeshuo (collectively the “WFOEs”) entered into a series of contractual arrangements, including a business cooperation agreement, exclusive technical service and management consultancy agreement, exclusive call option agreement, equity pledge agreement and shareholders’ rights entrustment agreement (collectively referred to as the “Contractual Arrangements” as further described below) with Shenzhen Meten, Shenzhen Likeshuo and their shareholders, respectively. Consequently, Shenzhen Meten and Shenzhen Likeshuo became consolidated VIEs of Meten International upon the completion of the relevant reorganization steps. 7) As part of the Reorganization, Shenzhen Meten transferred its equity interests in certain operations that are not a part of the Business to Shenzhen Yilian Investment and made a net cash distribution of approximately RMB148,270. Such net payment is recorded as distributions in connection with Reorganization in the accompanying consolidated statements of changes in shareholders’ deficit for the year ended December 31, 2018. The Reorganization involved the restructuring of the legal structure of the Business, which was under common control and did not result in any changes in the economic substance of the ownership and the Business. The accompanying consolidated financial statements have been prepared as if the VIE structure had been in existence throughout the periods presented and prior to the VIE structure was unwound. Upon completion of the Reorganization, Meten International’s shares and per share information including the basic and diluted income/(loss) per share have been presented retrospectively as if the number of ordinary shares outstanding immediately after the completion of the Reorganization had been outstanding from the beginning of the earliest period presented, except for the ordinary shares issued in connection with the exchange of Redeemable Owner’s Investment held by the Pre-listing investors during the Reorganization have been weighted for the portion of the period that they were outstanding. (c) Unwinding of the VIE Structure The Company has previously conducted the ELT services in China through a series of contractual arrangements with Shenzhen Meten and Shenzhen Likeshuo and their respective subsidiaries, and consolidated the financial results of Shenzhen Meten and Shenzhen Likeshuo and their subsidiaries in the Company’s consolidated financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”). (d) Basis of presentation The accompanying consolidated financial statements have been prepared in accordance with GAAP’. The consolidated financial statements are presented in dollars (“US$”), rounded to the nearest thousands except share data and per share data, or otherwise noted. (e) Principles of consolidation The consolidated financial statements of the Group include the financial statements of the Company, its subsidiaries, and the VIEs before the VIE structure was unwound, in which it had a controlling financial interest. The results of the subsidiaries and the VIEs are consolidated from the date on which the Group obtained control and continue to be consolidated until the date that such control ceases. A controlling financial interest is typically determined when a company holds a majority of the voting equity interest in an entity. All significant intercompany balances and transactions among the Company, its subsidiaries and the VIEs have been eliminated on consolidation.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2024
Summary of Significant Accounting Policies [Abstract]
Summary of significant accounting policies	2. Summary of significant accounting policies (a) Use of estimates The preparation of the Company’s consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the balance sheet date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include, but are not limited to, estimate of standalone selling prices of each unit of accounting in multiple elements arrangements, estimate of breakage, the fair value of identifiable assets acquired, liabilities assumed and non-controlling interests in business combinations, the useful lives of long-lived assets including intangible assets, the fair value of the reporting unit for the goodwill impairment test, the allowance for doubtful accounts receivable and other receivables, the realization of deferred tax assets, the fair value of share-based compensation awards, lease liabilities, right-of-use assets and the recoverability of long-lived assets. Changes in facts and circumstances may result in revised estimates. Actual results could differ from those estimates, and as such, differences may be material to the consolidated financial statements. (b) Functional currency The Group use United States dollar (“US$”) as its reporting currency. The functional currency of the Company and its subsidiaries incorporated outside of the PRC is United States dollar (“US$”). (c) Cash and cash equivalents Cash and cash equivalents represent cash on hand and time deposits, which have original maturities of three months or less when purchased and which are unrestricted as to withdrawal and use. In addition, highly liquid investments which have original maturities of three months or less when purchased are classified as cash and cash equivalents. (d) Accounts receivable Accounts receivable are presented net of allowance for doubtful accounts. The Group uses specific identification in providing for bad debts when facts and circumstances indicate that collection is doubtful and based on factors listed in the following paragraph. If the financial conditions of its franchisee were to deteriorate, resulting in an impairment of their ability to make payments, additional allowance may be required. The Group maintains an allowance for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments. In establishing the required allowance, management considers historical losses adjusted to take into account current market conditions and customers’ financial condition, the amount of receivables in dispute, and the current receivables aging and current payment patterns. Accounts receivable are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. (e) Digital assets Digital asset (including bitcoin) is included in current assets in the accompanying consolidated balance sheets. Digital assets purchased are recorded at cost and digital assets awarded to the Group through its mining activities are accounted for in connection with the Group’s revenue recognition policy disclosed below. Digital assets held are accounted for as intangible assets with indefinite useful lives. An intangible asset with an indefinite useful life is not amortized but assessed for impairment annually, or more frequently, when events or changes in circumstances occur indicating that it is more likely than not that the indefinite-lived asset is impaired. Impairment exists when the carrying amount exceeds its fair value, which is measured using the quoted price of the digital assets at the time its fair value is being measured. In testing for impairment, the Group has the option to first perform a qualitative assessment to determine whether it is more likely than not that an impairment exists. If it is determined that it is not more likely than not that an impairment exists, a quantitative impairment test is not necessary. If the Group concludes otherwise, it is required to perform a quantitative impairment test. To the extent an impairment loss is recognized, the loss establishes the new cost basis of the asset. Subsequent reversal of impairment losses is not permitted. Purchases of digital assets by the Group, if any, will be included within investing activities in the accompanying consolidated statements of cash flows, while digital assets awarded to the Group through its mining activities are included within operating activities on the accompanying consolidated statements of cash flows. The sales of digital assets are included within investing activities in the accompanying consolidated statements of cash flows and any realized gains or losses from such sales are included in “realized gain (loss) on exchange of digital assets” in the consolidated statements of operations and comprehensive income (loss). The Group accounts for its gains or losses in accordance with the first-in first-out method of accounting. (f) Equity method investments Investee companies over which the Group has the ability to exercise significant influence, but does not have a controlling interest through investment in common shares or in-substance common shares, are accounted for using the equity method. Significant influence is generally considered to exist when the Group has an ownership interest in the voting stock of the investee between 20% and 50%, and other factors, such as representation on the investee’s board of directors, voting rights and the impact of commercial arrangements, are also considered in determining whether the equity method of accounting is appropriate. Under the equity method, the Group initially records its investment at cost and subsequently recognizes the Group’s proportionate share of each equity investee’s net income or loss after the date of investment into earnings and accordingly adjusts the carrying amount of the investment. The Group reviews its equity method investments for impairment whenever an event or circumstance indicates that an other-than-temporary impairment has occurred. The Group considers available quantitative and qualitative evidence in evaluating potential impairment of its equity method investments. An impairment charge is recorded when the carrying amount of the investment exceeds its fair value and this condition is determined to be other-than-temporary. (g) Property and equipment, net Property and equipment are stated at cost less accumulated depreciation and any recorded impairment. Gains or losses arising from the disposal of an item of property and equipment are determined as the difference between the net disposal proceeds and the carrying amount of the item and are recognized in profit or loss on the date of disposal. The estimated useful lives are presented below. Miners 5 years Depreciation on property and equipment is calculated on the straight-line method over the estimated useful lives of the assets. (h) Impairment of long-lived assets Long-lived assets, such as property and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or asset group be tested for possible impairment, the Group first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying amount. If the carrying amount of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying amount exceeds its fair value. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary. No impairment losses were recorded for the years December 31, 2023 and for the nine months ended September 30, 2024. (i) Operating leases The Group determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, current and non-current lease liabilities on the Group’s consolidated balance sheets. ROU lease assets represent the Group’s right to use an underlying asset for the lease term and lease obligations represent the Group’s obligation to make lease payments arising from the lease. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most of the Group’s leases do not provide an implicit rate, the Group use its incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. The Group’s incremental borrowing rate for a lease is the rate of interest it would have to pay to borrow an amount equal to the lease payments under similar terms. The operating lease ROU assets also include initial direct costs incurred and any lease payments made to the lessor or before the commencement date, minus any lease incentives received. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. (j) Revenue recognition The Group adopted ASC 606, “Revenue from Contracts with Customers” for all periods presented. Consistent with the criteria of ASC 606, the Group follows five steps for its revenue recognition: (i) identify the contract(s) with a customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract, and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The primary sources of the Group’s revenue is as follows: (1) Digital asset mining The Group has entered into digital asset mining pools by executing contracts with the mining pool operators to provide computing power to the mining pool. The contracts are terminable at any time by either party and the Group’s enforceable right to compensation only begins when the Group provides computing power to the mining pool operator. In exchange for providing computing power, the Group is entitled to a fractional share of the fixed digital assets award the mining pool operator receives, for successfully adding a block to the blockchain. The Group’s fractional share is based on the proportion of computing power the Group contributed to the mining pool operator to the total computing power contributed by all mining pool participants in solving the current algorithm. Providing computing power in digital asset transaction verification services is an output of the Group’s ordinary activities. The provision of such computing power is the only performance obligation in the Group’s contracts with mining pool operators. The transaction consideration the Group receives, if any, is noncash consideration, which the Group measures at fair value on the date received, which is not materially different than the fair value at contract inception or the time the Group has earned the award from the pools. The consideration is all variable. Because it is not probable that a significant reversal of cumulative revenue will not occur, the consideration is constrained until the mining pool operator successfully places a block (by being the first to solve an algorithm) and the Group receives confirmation of the consideration it will receive, at which time revenue is recognized. There is no significant financing component in these transactions. Fair value of the digital assets award received is determined using the quoted price of the related digital assets at the time of receipt. There is currently no specific definitive guidance under GAAP or alternative accounting framework for the accounting for digital assets recognized as revenue or held, and management has exercised significant judgment in determining the appropriate accounting treatment. In the event authoritative guidance is enacted by the FASB, the Group may be required to change its policies, which could have an effect on the Group’s consolidated financial position and results from operations. (k) Income taxes Income taxes are accounted for under the asset and liability method. Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, as well as operating loss and tax credit carryforwards, if any. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the periods in which those temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in tax rates or tax laws is recognized in the consolidated statements of comprehensive income in the period the change in tax rates or tax laws is enacted. The Group reduces the carrying amounts of deferred tax assets by a valuation allowance, if based on the available evidence, it is “more-likely-than-not’’ that such assets will not be realized. Accordingly, the need to establish valuation allowances for deferred tax assets is assessed at each reporting period based on a “more-likely-than-not’’ realization threshold. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability, the duration of statutory carryforward periods, and the Group’s experience with operating loss and tax credit carryforwards, if any, not expiring. The Group recognizes in its financial statements the impact of a tax position if that position is “more-likely-than-not’’ to prevail based on the facts and technical merits of the position. Tax positions that meet the “more-likely-than-not’’ recognition threshold are measured at the largest amount of tax benefit that has a greater than fifty percent likelihood of being realized upon settlement. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. Interest and penalties recognized related to unrecognized tax benefits are classified as income tax expense in the consolidated statements of comprehensive income. (l) Share based compensation Share-based awards granted to the employees in the form of share options are subject to service and non-market performance conditions. They are measured at the grant date fair value of the awards. The compensation expense in connection with the shares awarded to employees is recognized using the straight-line method over the requisite service period. Forfeitures are estimated at the time of grant, with such estimate updated periodically and with actual forfeitures recognized currently to the extent they differ from the estimate. In determining the fair value of the shares awarded to employees, the discounted cash flow pricing model has been applied. Estimation of the fair value involves significant assumptions that might not be observable in the market, and a number of complex and subjective variables, including the expected share price volatility (approximated by the volatility of comparable companies), discount rate, risk-free interest rate and subjective judgments regarding the Group’s projected financial and operating results, its unique business risks and its operating history and prospects at the time the grants are made. (m) Contingencies In the normal course of business, the Group is subject to loss contingencies, such as legal proceedings and claims arising out of its business, that cover a wide range of matters, including, among others, government investigations, shareholder lawsuits, and non-income tax matters. An accrual for a loss contingency is recognized when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. If a potential material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss if determinable and material, is disclosed. (ac) Fair value measurements The Group applies ASC 820, Fair Value measurements and Disclosures, for fair value measurements financial assets and financial liabilities and for fair value measurements of non-financial items that are recognized or disclosed at fair value in the financial statements on a recurring and non-recurring basis. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability. ASC 820 also establishes a framework for measuring fair value and expands disclosures about fair value measurements. ASC 820 establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 establishes three levels of inputs that may be used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows: ● Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Group has the ability to access at the measurement date. ● Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. ● Level 3 inputs are unobservable inputs for the asset or liability. The level in the fair value hierarchy within which a fair value measurement in its entirety falls is based on the lowest level input that is significant to the fair value measurement in its entirety. In situations where there is little, if any, market activity for the asset or liability at the measurement date, the fair value measurement reflects management’s own judgments about the assumptions that market participants would use in pricing the asset or liability. Those judgments are developed by management based on the best information available in the circumstances. The carrying amounts of cash and cash equivalents, accounts receivable, amounts due from related parties, accounts payable, amounts due to related parties, income taxes payable, accrued expenses and other payables as of December 31, 2023 and September 30, 2024 approximate their fair values because of short maturity of these instruments. (ad) Net income/(loss) per share Basic net income/(loss) per share is computed by dividing net income/(loss) attributable to shareholders of the Group by the weighted average number of ordinary shares outstanding during the year. Diluted net income/(loss) per share reflects the potential dilution that could occur if securities or other contracts to issue ordinary shares were exercised into common shares. Ordinary share equivalents are excluded from the computation of the diluted net income/(loss) per share in years when their effect would be anti-dilutive. The Group has non-vested shares which could potentially dilute basic income/(loss) per share in the future. To calculate the number of shares for diluted net income/(loss) per share, the effect of the non-vested shares is computed using the treasury stock method. (ae) Recently issued accounting pronouncements In September 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The FASB is issuing the amendments to enhance the transparency and decision usefulness of income tax disclosures. Investors currently rely on the rate reconciliation table and other disclosures, including total income taxes paid, to evaluate income tax risks and opportunities. While investors find these disclosures helpful, they suggested possible enhancements to better (1) understand an entity’s exposure to potential changes in jurisdictional tax legislation and the ensuing risks and opportunities, (2) assess income tax information that affects cash flow forecasts and capital allocation decisions, and (3) identify potential opportunities to increase future cash flows. The FASB decided that the amendments should be effective for public business entities for annual periods beginning after December 15, 2024. Early adoption is permitted. The adoption of this guidance did not have a material impact on its financial position, results of operations and cash flows. In July 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments in ASU 2023-07 improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments in ASU 2023-07 improve financial reporting by requiring disclosure of incremental segment information on an annual and interim basis for all public entities to enable investors to develop more decision-useful financial analyses. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The adoption of this guidance did not have a material impact on its financial position, results of operations and cash flows. In December 2023, the FASB issued ASU No. 2023-08, Accounting for and Disclosure of Crypto Assets (Subtopic 350-60). This ASU requires certain crypto assets to be measured at fair value separately in the balance sheet and income statement each reporting period. This ASU also enhances the other intangible asset disclosure requirements by requiring the name, cost basis, fair value, and number of units for each significant crypto holding. The ASU is effective for annual periods beginning after December 15, 2024, including interim periods within those fiscal years. Adoption of the ASU requires a cumulative-effect adjustment to the opening balance of retained earnings as of the beginning of the annual reporting period in which an entity adopts the amendments. Early adoption is also permitted, including adoption in an interim period. However, if the ASU is early adopted in an interim period, an entity must adopt the ASU as of the beginning of the fiscal year that includes the interim period. This ASU will result in gains and losses recorded in the consolidated financial statements of operations and additional disclosures when adopted. We are currently evaluating the adoption of this ASU and it will affect the carrying value of our crypto assets held and the gains and losses relating thereto, once adopted. Other accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption. The Group does not discuss recent pronouncements that are not anticipated to have an impact on or are unrelated to its consolidated financial condition, results of operations, cash flows or disclosures.

Risks and Concentration

Risks and Concentration	9 Months Ended
Risks and Concentration	Sep. 30, 2024
Risks and Concentration [Abstract]
Risks and Concentration	3. Risks and Concentration Credit and concentration risk Assets that potentially subject the Group to significant concentration of credit risk primarily consist of cash and cash equivalents and restricted cash. As of September 30, 2024, substantially all of the Group’s cash and cash equivalents and restricted cash were deposited in financial institutions located in the United States, Hong Kong and the PRC, which management believes are of high credit quality.

Accounts Receivables

Accounts Receivables	9 Months Ended
Accounts Receivables	Sep. 30, 2024
Accounts Receivables [Abstract]
Accounts receivables	4. Accounts receivables The following table provides information about contract assets, accounts receivable, deferred revenue and financial liabilities from contracts with customers. As of As of 2023 2024 US$’000 US$’000 Accounts receivable 5,485 1,692

Prepayments and Other Current A

Prepayments and Other Current Assets	9 Months Ended
Prepayments and Other Current Assets	Sep. 30, 2024
Prepayments and Other Current Assets [Abstract]
Prepayments and other current assets	5. Prepayments and other current assets The prepayments and other assets consist of the following: As of As of 2023 2024 US$’000 US$’000 Prepayments and other current assets Prepayment for equipment 2,285 6,279 Deposits 328 827 Others 367 334 Total 2,980 7,440 * The others mainly include prepaid consulting service fees and other sundry receivables.

Digital Assets

Digital Assets	9 Months Ended
Digital Assets	Sep. 30, 2024
Digital Assets [Abstract]
Digital assets	6. Digital assets As of As of 2023 2024 US$’000 US$’000 BTC 436 736 Total 436 736 Additional information about bitcoin: For the nine months ended September 30, 2024, the Group generated bitcoins primarily through mining services. The following table presents additional information about bitcoins for the years ended December 31, 2023 and for the nine months ended September 30, 2024, respectively: As of As of 2023 2024 US$’000 US$’000 Opening balance 91 436 Receipt of bitcoins from mining services 2,882 1,049 Exchange of BTC into USDT (2,537 ) (749 ) Ending balance 436 736 For the nine months ended September 30, 2024 and for the years ended December 31, 2023, the Group recognized impairment of Nil

Equity Method Investments

Equity Method Investments	9 Months Ended
Equity Method Investments	Sep. 30, 2024
Equity Method Investments [Abstract]
Equity method investments	7. Equity method investments In December 2021, the Group had entered into an agreement with industry experts to establish a joint venture, Met Chain Co Limited under the laws of Hong Kong (the “2021 Joint Venture”), specializing in the research and development (“R&D”), production, and sales of cryptocurrency mining equipment. Upon the formation of the 2021 joint venture, the Group held 21% of the equity interests in the 2021 joint venture, with the option to acquire the equity interests held by the other parties to the Joint Venture Agreement under certain conditions as set forth in the Joint Venture Agreement. In November 2022, the Group had entered into an equity transfer agreement with each of the four other equity holders of Met Chain Co Limited to acquire a total of 3.3% of the equity interests in Met Chain Co Limited from the four equity holders, in consideration for such number of ordinary shares of the Company, par value $0.06 per share, valued at RMB7,120,478. In September 2024, the Group had entered into an equity transfer agreement with each of the four other equity holders of Met Chain Co Limited to acquire a total of 5.23% of the equity interests in Met Chain Co Limited from the four equity holders, in consideration for such number of ordinary shares of the Company, par value $0.06 per share, valued at US$ 1,050,400. As of December 31, 2023 and September 30, 2024, the Group held 24.3% and 29.53% of the equity interests in Met Chain Co Limited, respectively. The Group recognized gain on equity method investments of $6,000 and $75,000 for the nine months ended September 30, 2023 and 2024, respectively.

Property and Equipment, Net

Property and Equipment, Net	9 Months Ended
Property and Equipment, Net	Sep. 30, 2024
Property and Equipment, Net [Abstract]
Property and equipment, net	8. Property and equipment, net Property and equipment consists of the following: As of As of 2023 2024 US$’000 US$’000 Cost: Miners for Bitcoin 17,241 18,384 Total cost 17,241 18,384 Less: Accumulated depreciation 4,539 7,239 Property and equipment, net 12,702 11,145 Depreciation expense recognized for the nine months ended September 30, 2023 and 2024 were $2,305, and $2,700, respectively.

Income Tax

Income Tax	9 Months Ended
Income Tax	Sep. 30, 2024
Income Tax [Abstract]
Income tax	9. Income tax (a) Cayman Islands Under the current tax laws of Cayman Islands, the Company is not subject to tax on income, corporation or capital gain, and no withholding tax is imposed upon the payment of dividends to shareholders. (b) BVI Under the current tax laws of the BVI, the Company’s BVI subsidiaries are not subject to any income taxes in the BVI. (c) Hong Kong Profits Tax Under the current Hong Kong Inland Revenue Ordinance, the Group’s Hong Kong subsidiaries are subject to Hong Kong profits tax on its taxable income generated from the operations in Hong Kong. A Two-tiered Profits Tax rates regime was introduced since year 2018 where the first HK$2,000 of assessable profits earned by a company will be taxed at half the current tax rate (8.25%) whilst the remaining profits will continue to be taxed at 16.5%. There is an anti-fragmentation measure where each group will have to nominate only one company in the group to benefit from the progressive rates. Payments of dividends by the subsidiaries to the Company are not subject to withholding tax in Hong Kong.

Short Term Loans

Short Term Loans	9 Months Ended
Short Term Loans	Sep. 30, 2024
Short Term Loans [Abstract]
Short term loans	10. Short term loans On October 1, 2022, the Group entered into a loan agreement with JM Digital., INC., with a maturity date of October 1, 2023. The Group had drawn down USDT $1,000 (RMB 6,897.2) under the agreement, which is subject to a fixed interest rate of 12% and an origination fee rate of 2%. The loan was guaranteed by 147 units of Ant Miner (S19 series machines) that are hosted at Exponential Digital, LLC’s facilities as collateral. The loan was fully repaid upon maturity as of December 31, 2023. In 2023, the Group used BTC as collateral on Binance and applied for a collateralized loan of 181,500 USDT. These loans have no fixed term and can be repaid at any time. As of December 31, 2023, the Group had 4.09 BTC pledged as collateral, with an outstanding loan balance of 125,000 USDT. As of September 30, 2024, the Group had 11.62 BTC pledged as collateral, with an outstanding loan balance of 544,000 USDT.

Loss Per Share

Loss Per Share	9 Months Ended
Loss Per Share	Sep. 30, 2024
Loss Per Share [Abstract]
Loss Per Share	11. Loss per share Basic and diluted net loss per share for each of the years presented are calculated as follow: For the Three Months Ended For the Nine Months Ended 2023 2024 2023 2024 (in thousands of US$, (in thousands of US$, Losses per share—basic Numerator: Net loss available to shareholders of the Company - basic and diluted (1,007 ) (571 ) (2,122 ) (2,006 ) Denominator Weighted average number of ordinary shares - basic 1,593,789 2,695,568 1,352,539 2,654,319 Effect of dilutive securities - - - - Dilutive effect of non-vested shares 1,593,789 2,695,568 1,352,539 2,654,319 Denominator for diluted net loss per share Losses per share— basic (0.63 ) (0.21 ) (1.57 ) (0.76 ) Losses per share—diluted (0.63 ) (0.21 ) (1.57 ) (0.76 )

Share-Based Compensation

Share-Based Compensation	9 Months Ended
Share-Based Compensation	Sep. 30, 2024
Share-Based Compensation [Abstract]
Share-based compensation	12. Share-based compensation The Group adopted the 2020 employee equity incentive plan (“2020 Plan”) for the granting of share-based awards to executive management, key employees and directors of the Group in exchange for their services. According to the term of the 2020 Plan, the awarded share units would be contingently redeemable upon the occurrence of certain events. The repurchase price is determined based on a number of factors, including but not limited to the original subscription price of the share units and the business performance of the Group. The Group has made an assessment of the cash settlement feature in the award and the probability of the contingent event’s occurrence. Based on the assessment, the Group concluded that the cash settlement feature could be exercised only on the occurrence of a contingent event that is outside the employee’s control, and is not probable of occurring. Accordingly, the Group classified the award as equity. The Group accounts for the compensation cost based on the fair value of the awarded share units on the grant-date, on which all criteria for establishing the grant dates are satisfied. The grant-date fair value of the awarded share units is recognized as compensation expense, net of estimated forfeitures, over the period during which an employee is required to provide service in exchange for the award, which is generally the vesting period. The share-based compensation expenses of $138,000 and $571,000 were charged to general and administrative expenses for the nine months ended September 30, 2023 and 2024, respectively.

Equity

Equity	9 Months Ended
Equity	Sep. 30, 2024
Equity [Abstract]
Equity	13. Equity Ordinary shares On September 27, 2019, the Company was authorized to issue 500,000,000 ordinary shares with a par value of $0.0001 per share. Holder of the Company’s ordinary shares are entitled to one vote for each share. On July 10, 2018, Meten International was incorporated as limited liability company with authorized share capital of 380,000 Hong Kong dollar (“HK$”) divided into 38,000,000 shares with par value HK $0.01 each. After the incorporation of Meten International, the Founder and Pre-listing Investors subscribed 47,035 ordinary shares of Meten International at par value of HK $0.01. In December 2018, Meten International increased its authorized share capital by creation of 500,000,000 shares with par value of US$0.0001 and issued 318,601,222 ordinary shares of US$0.0001 each, and repurchased the 47,035 existing issued ordinary shares of HK $0.01 par value each and decreased the authorized share capital by cancellation of all unissued shares of HK$0.01 each. On March 30, 2020, the Company consummated its acquisition of Meten International and EdtechX, pursuant to the Merger Agreement. A total of 318,601,222 ordinary shares of Meten International were converted to 48,391,607 ordinary shares of the Company. A total of 1,971,505 ordinary share of EdtechX were converted to the equal shares of the Company. Immediately prior to the Business Combination, Azimut Enterprises Holdings S.r.l. invested $20,000 in EdtechX to purchase 2,000,000 units of EdtechX, which were converted into same number of units of the Company upon closing of the Business Combination. In connection with the Business Combination, on February 28, 2020, March 19, 2020 and March 26, 2020, three unrelated investors agreed to invest US$6,000, US$4,000 and US$6,000, respectively, to purchase shares of the Company. The two $6,000 financings were completed on March 30, 2020, and the US$4,000 financing was terminated on April 14, 2020 as the investor failed to pay the purchase price by the agreed deadline. In connection with the Business Combination, the Company adopted a new incentive plan to replace the 2018 Plan. The Company rolled over awards granted under the 2013 Plan and 2018 Plan with the same amount and terms. As a result, options to purchase 3,050,701 of the Company’s ordinary shares were issued and outstanding on March 30, 2020. Additionally, the Company reserved for issuance pursuant to the plan one percent (1%) of the total issued and outstanding ordinary shares on the closing date (being 531,005 ordinary shares), and will reserve an additional 1% of then-outstanding shares each year for a period of four years following the first anniversary of the closing date of the Business Combination. On January 4, 2021, the Company issued 1,327,514 Ordinary Shares under the Company’s 2020 share incentive plan to Pan Yanqiong, the Chief Marketing Officer of Likshuo. The Company offered 40,000,000 ordinary shares, par value US$0.0001 per share, pursuant to the prospectus supplement and the accompanying prospectus, at a purchase price of US$1.00 per share on May 21, 2021. On September 1, 2021, the Company offered 22,500,000 ordinary shares, par value US$0.0001 per share at a purchase price of US$0.30 per share. On November 9, 2021, the Company entered into a securities purchase agreement with certain investors, to sell an aggregate of 33,333,334 ordinary shares, par value $0.0001 per share, of the Company, at an offering price of $0.60 per share. On May 4, 2022, the Company completed a thirty for one reverse stock split (the “Reverse Split”) of its issued and outstanding ordinary shares, par value $0.003 per share. On June 29, 2022, the Company approved the proposal to increase their authorized share capital from US$50,000 divided into 16,666,667 ordinary shares of par value of US$0.003 each to US$1,500,000 divided into 500,000,000 ordinary shares of par value of US$0.003 each. On August 4, 2022, the Company offered 1,470,475 ordinary shares, par value US$0.0001 per share at a purchase price of US$0.30 per share. On November 10, 2022, the Company issued 3,532,841 ordinary shares of the Company, par value $0.003 per share, valued at RMB7,120,478, to the four equity holders to acquire 3.3% of the equity interests in the Joint Venture. On June 7, 2023 and July 10, 2023, the Company has entered into an asset purchase agreement with two unaffiliated third parties to acquire 200 units of Antminer S19j Pro (110 TH/s), Bitcoin mining machines, and has issued to the sellers 227,456 ordinary shares of the Company. On August 1, 2023, the Company has entered into subscription agreements with two foreign investors, including an institutional investor, Future Satoshi Ltd, and an individual investor, for the issue and sale of 200,000 ordinary shares of the Company, with a par value of $0.06 per share, for total gross proceeds of $1,000,000, or $5 per share. On August 23, 2023, the Company completed a twenty for one share consolidation (the “2023 Share Consolidation”, together with the 2022 Share Consolidation, the “Share Consolidations”) of its issued and outstanding ordinary shares, par value $0.06 per share. On October 5, 2023, the Company has entered into an asset purchase agreement with two unaffiliated third parties to acquire 220 units of Antminer S19j Pro, Bitcoin mining machines, and has issued to the sellers 276,572 ordinary shares of the Company. On December 14, 2023, the Company has entered into subscription agreements with three individual investors, for the issue and sale of 303,497 ordinary shares of the Company, par value US$0.06 per share (the “Ordinary Shares”), for total gross proceeds of $1,014,286, or US$3.342 per share. On January 5, 2024 the Company offered 303,497 ordinary shares, par value US$0.06 per share (the “Ordinary Shares”), under the subscription agreements on December 14, 2023. On March 19, 2024, the Company issued 209,753 ordinary shares, under the Company’s share incentive plan, par value of $0.06 per share. On July 23, 2024 the Company offered 166,667 ordinary shares, par value US$0.06 per share (the “Ordinary Shares”), under the acquisition agreement on June 28, 2024. On September 16, 2024, the Company issued 520,000 ordinary shares of the Company, par value US$0.06 per share, to the four equity holders to acquire 5.23% of the equity interests in the Joint Venture. As of December 31, 2023 and September 30, 2024, there were 2,097,535 and 3,297,452 ordinary shares issued and outstanding, respectively. From the legal perspective, the Reverse Split applied to the issued shares of the Company on the date of the Reverse Split and does not have any retroactive effect on the Company’s shares prior that date. However, for accounting purposes only, references to our ordinary shares in this annual report are stated as having been retroactively adjusted and restated to give effect to the Reverse Split, as if the Reverse Split had occurred by the relevant earlier date. Warrants As of December 31, 2020, there were 12,705,000 warrants outstanding. the warrants have been trading on the Nasdaq Market under the symbol “METXW” since May 27, 2020. On January 8, 2021, the Company successfully completed a tender offer for its warrants to purchase ordinary shares at a reduced exercise price of $1.40. The offer expired at 11:59 p.m. Eastern time on January 5, 2021. The Company raised $6,192,286.80 in gross proceeds from the cash exercise of 4,423,062 warrants of the Company as part of the tender offer. In addition, 2,629,812 warrants to purchase ordinary shares of the Company were validly tendered for cashless exercise, resulting in the issuance of 1,364,512 ordinary shares of the Company. The Company offered its existing loyal warrant holders the opportunity to exercise their warrants at $1.40 from the initial warrant exercise price at $11.50. Approximately 55.5% of the Company’s outstanding warrants were exercised in the tender offer. Net proceeds are anticipated to be approximately $5,730,000 after deducting information agent fees, placement agent fees and other offering expenses and are expected to primarily be used for potential acquisitions and working capital and for general corporate purposes. On February 19, 2021, 336,001 warrants to purchase ordinary shares were validly tendered for cashless exercise, resulting in the issuance of 336,001 ordinary shares. The exercise price of the warrants was $2.50 per share. The Company offered 40,000,000 ordinary shares, par value US$0.0001 per share, pursuant to the prospectus supplement and the accompanying prospectus, at a purchase price of US$1.00 per share on May 21, 2021. Since the offering price per share of this offering was $1.00 per share, which was lower than $2.50 per share, the exercise price for outstanding warrants was reduced to $1.00 upon closing of the offering on May 21, 2021. On September 1, 2021, the Company offered 22,500,000 ordinary shares, par value US$0.0001 per share at a purchase price of US$0.30 per share. The Company also offered 177,500,000 pre-funded warrants to purchase 177,500,000 ordinary shares, exercisable at an exercise price of $0.0001 per share (the “Pre-funded Warrants”, each a “Pre-funded Warrant”), to those purchasers whose purchase of ordinary shares in the offering would otherwise result in the purchaser, together with its affiliates and certain related parties, beneficially owning more than 4.99% (or, at the election of the holder, 9.99%) of the Company’s outstanding ordinary shares immediately following the consummation of the offering. The purchase price of each Pre-funded Warrant is $0.2999, which equals the price per ordinary share being sold to the public in that offering, minus $0.0001. The Pre-funded Warrants became immediately exercisable upon issuance and may be exercised at any time until all of the Pre-funded Warrants are exercised in full. Upon effectiveness of the Reverse Split, each outstanding warrant of the Company became exercisable for 1/30 ordinary share of the Company, and the exercise price of Company’s outstanding warrants was increased to US$9.00, adjusted from $0.30 prior to the Reverse Split and representing the temporarily reduced price based on the Company’s Tender Offer Statement on Schedule TO, as amended and supplemented, originally filed by the Company with the U.S. Securities and Exchange Commission on December 7, 2020 (the “Tender Offer”). Based on the terms of the Tender Offer, following the date on which the closing price of the Company’s ordinary shares has been equal to or greater than $90.00 per share for at least twenty (20) trading days during the preceding thirty (30) trading day period, the exercise price of the Company’s outstanding warrants would be increased to US$345.00. On August 4, 2022, the Company offered 22,899,047 ordinary shares, par value US$0.003 per share, consisting of (a) 1,470,475 ordinary shares issuable upon the exercise of pre-funded warrants (the “Pre-Funded Warrants”) and (b) 21,428,572 ordinary shares issuable upon the exercise of investor warrants (the “Investor Warrants”). Each Pre-Funded Warrant is exercisable for $0.001 per ordinary share and may be exercised at any time until all the Pre-Funded Warrants are exercised in full; and each Investor Warrant has an exercise price of $0.70 per share, is exercisable on or after August 8, 2022 and will expire on August 9, 2027. As a result of the August 2022 offering, the exercise price of the Company’s public warrants was reduced to $0.70 per warrant. The exercise price of the Company’s outstanding warrants will be reset to $345.00 per share on the date following which the closing price of its ordinary shares has been equal to or greater than $90.00 per share for at least twenty (20) trading days during the preceding thirty (30) trading day period, and such exercise price will no longer be subject to the “full-ratchet” anti-dilution protection.

Related Party Transactions

Related Party Transactions	9 Months Ended
Related Party Transactions	Sep. 30, 2024
Related Party Transactions [Abstract]
Related party transactions	14. Related party transactions In addition to the related party information disclosed elsewhere in the consolidated financial statements, the Group entered into the following material related party transactions. Name of party Relationship Mr. Zhao Jishuang A major shareholder of the Company Mr. Guo Yupeng A major shareholder of the Company Mr. Peng Siguang A major shareholder of the Company Met Chain Co.,Limited An associate company of the company (a) Major transactions with related parties For the Nine Months Ended 2023 2024 USD’000 USD’000 Advances from related parties - Mr. Zhao Jishuang - 390 - Mr. Peng Siguang 10 Total - 400 For the Nine Months Ended 2023 2024 USD’000 USD’000 Repayment of advances from related parties - Mr. Zhao Jishuang 1,255 644 - Mr. Peng Siguang 10 - Met Chain Co.,Limited - 3 Total 1,255 657 (b) Balances with related parties As of As of 2023 2024 USD’000 USD’000 Amounts due to related parties Current - Mr. Guo Yupeng 290 290 - Mr. Zhao Jishuang 1,952 1,698 - Met Chain Co.,Limited 1,814 1,811 Total 4,056 3,799 (i) Advances from/to these related parties are unsecured, interest free and repayable on demand.

Restricted Net Assets

Restricted Net Assets	9 Months Ended
Restricted Net Assets	Sep. 30, 2024
Restricted Net Assets [Abstract]
Restricted net assets	15. Restricted net assets There is no other restriction on use of proceeds generated by the Group’s subsidiaries to satisfy any obligations of the Company.

Commitments

Commitments	9 Months Ended
Commitments	Sep. 30, 2024
Commitments [Abstract]
Commitments	16. Commitments Capital commitments The Group has commitment for capital expenditure totaling $3.83 million as of September 30, 2024. The commitment is related to purchase miners and acquire a BTC mining facility.

Subsequent Events

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent events	17. Subsequent events The Group has assessed all subsequent events from September 30, 2024, up through November 14, 2024, which is the date that these consolidated financial statements were available to be issued. No subsequent event which had a material impact on the Group was identified through the date of issuance of the financial statements.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (571)	$ (1,007)	$ (2,006)	$ (2,122)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Accounting Policies, by Policy

Accounting Policies, by Policy (Policies)	9 Months Ended
Accounting Policies, by Policy (Policies)	Sep. 30, 2024
Summary of Significant Accounting Policies [Abstract]
Use of estimates	(a) Use of estimates The preparation of the Company’s consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the balance sheet date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include, but are not limited to, estimate of standalone selling prices of each unit of accounting in multiple elements arrangements, estimate of breakage, the fair value of identifiable assets acquired, liabilities assumed and non-controlling interests in business combinations, the useful lives of long-lived assets including intangible assets, the fair value of the reporting unit for the goodwill impairment test, the allowance for doubtful accounts receivable and other receivables, the realization of deferred tax assets, the fair value of share-based compensation awards, lease liabilities, right-of-use assets and the recoverability of long-lived assets. Changes in facts and circumstances may result in revised estimates. Actual results could differ from those estimates, and as such, differences may be material to the consolidated financial statements.
Functional currency	(b) Functional currency The Group use United States dollar (“US$”) as its reporting currency. The functional currency of the Company and its subsidiaries incorporated outside of the PRC is United States dollar (“US$”).
Cash and cash equivalents	(c) Cash and cash equivalents Cash and cash equivalents represent cash on hand and time deposits, which have original maturities of three months or less when purchased and which are unrestricted as to withdrawal and use. In addition, highly liquid investments which have original maturities of three months or less when purchased are classified as cash and cash equivalents.
Accounts receivable	(d) Accounts receivable Accounts receivable are presented net of allowance for doubtful accounts. The Group uses specific identification in providing for bad debts when facts and circumstances indicate that collection is doubtful and based on factors listed in the following paragraph. If the financial conditions of its franchisee were to deteriorate, resulting in an impairment of their ability to make payments, additional allowance may be required. The Group maintains an allowance for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments. In establishing the required allowance, management considers historical losses adjusted to take into account current market conditions and customers’ financial condition, the amount of receivables in dispute, and the current receivables aging and current payment patterns. Accounts receivable are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote.
Digital assets	(e) Digital assets Digital asset (including bitcoin) is included in current assets in the accompanying consolidated balance sheets. Digital assets purchased are recorded at cost and digital assets awarded to the Group through its mining activities are accounted for in connection with the Group’s revenue recognition policy disclosed below. Digital assets held are accounted for as intangible assets with indefinite useful lives. An intangible asset with an indefinite useful life is not amortized but assessed for impairment annually, or more frequently, when events or changes in circumstances occur indicating that it is more likely than not that the indefinite-lived asset is impaired. Impairment exists when the carrying amount exceeds its fair value, which is measured using the quoted price of the digital assets at the time its fair value is being measured. In testing for impairment, the Group has the option to first perform a qualitative assessment to determine whether it is more likely than not that an impairment exists. If it is determined that it is not more likely than not that an impairment exists, a quantitative impairment test is not necessary. If the Group concludes otherwise, it is required to perform a quantitative impairment test. To the extent an impairment loss is recognized, the loss establishes the new cost basis of the asset. Subsequent reversal of impairment losses is not permitted. Purchases of digital assets by the Group, if any, will be included within investing activities in the accompanying consolidated statements of cash flows, while digital assets awarded to the Group through its mining activities are included within operating activities on the accompanying consolidated statements of cash flows. The sales of digital assets are included within investing activities in the accompanying consolidated statements of cash flows and any realized gains or losses from such sales are included in “realized gain (loss) on exchange of digital assets” in the consolidated statements of operations and comprehensive income (loss). The Group accounts for its gains or losses in accordance with the first-in first-out method of accounting.
Equity method investments	(f) Equity method investments Investee companies over which the Group has the ability to exercise significant influence, but does not have a controlling interest through investment in common shares or in-substance common shares, are accounted for using the equity method. Significant influence is generally considered to exist when the Group has an ownership interest in the voting stock of the investee between 20% and 50%, and other factors, such as representation on the investee’s board of directors, voting rights and the impact of commercial arrangements, are also considered in determining whether the equity method of accounting is appropriate. Under the equity method, the Group initially records its investment at cost and subsequently recognizes the Group’s proportionate share of each equity investee’s net income or loss after the date of investment into earnings and accordingly adjusts the carrying amount of the investment. The Group reviews its equity method investments for impairment whenever an event or circumstance indicates that an other-than-temporary impairment has occurred. The Group considers available quantitative and qualitative evidence in evaluating potential impairment of its equity method investments. An impairment charge is recorded when the carrying amount of the investment exceeds its fair value and this condition is determined to be other-than-temporary.
Property and equipment, net	(g) Property and equipment, net Property and equipment are stated at cost less accumulated depreciation and any recorded impairment. Gains or losses arising from the disposal of an item of property and equipment are determined as the difference between the net disposal proceeds and the carrying amount of the item and are recognized in profit or loss on the date of disposal. The estimated useful lives are presented below. Miners 5 years Depreciation on property and equipment is calculated on the straight-line method over the estimated useful lives of the assets.
Impairment of long-lived assets	(h) Impairment of long-lived assets Long-lived assets, such as property and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or asset group be tested for possible impairment, the Group first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying amount. If the carrying amount of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying amount exceeds its fair value. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary. No impairment losses were recorded for the years December 31, 2023 and for the nine months ended September 30, 2024.
Operating leases	(i) Operating leases The Group determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, current and non-current lease liabilities on the Group’s consolidated balance sheets. ROU lease assets represent the Group’s right to use an underlying asset for the lease term and lease obligations represent the Group’s obligation to make lease payments arising from the lease. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most of the Group’s leases do not provide an implicit rate, the Group use its incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. The Group’s incremental borrowing rate for a lease is the rate of interest it would have to pay to borrow an amount equal to the lease payments under similar terms. The operating lease ROU assets also include initial direct costs incurred and any lease payments made to the lessor or before the commencement date, minus any lease incentives received. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term.
Revenue recognition	(j) Revenue recognition The Group adopted ASC 606, “Revenue from Contracts with Customers” for all periods presented. Consistent with the criteria of ASC 606, the Group follows five steps for its revenue recognition: (i) identify the contract(s) with a customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract, and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The primary sources of the Group’s revenue is as follows: (1) Digital asset mining The Group has entered into digital asset mining pools by executing contracts with the mining pool operators to provide computing power to the mining pool. The contracts are terminable at any time by either party and the Group’s enforceable right to compensation only begins when the Group provides computing power to the mining pool operator. In exchange for providing computing power, the Group is entitled to a fractional share of the fixed digital assets award the mining pool operator receives, for successfully adding a block to the blockchain. The Group’s fractional share is based on the proportion of computing power the Group contributed to the mining pool operator to the total computing power contributed by all mining pool participants in solving the current algorithm. Providing computing power in digital asset transaction verification services is an output of the Group’s ordinary activities. The provision of such computing power is the only performance obligation in the Group’s contracts with mining pool operators. The transaction consideration the Group receives, if any, is noncash consideration, which the Group measures at fair value on the date received, which is not materially different than the fair value at contract inception or the time the Group has earned the award from the pools. The consideration is all variable. Because it is not probable that a significant reversal of cumulative revenue will not occur, the consideration is constrained until the mining pool operator successfully places a block (by being the first to solve an algorithm) and the Group receives confirmation of the consideration it will receive, at which time revenue is recognized. There is no significant financing component in these transactions. Fair value of the digital assets award received is determined using the quoted price of the related digital assets at the time of receipt. There is currently no specific definitive guidance under GAAP or alternative accounting framework for the accounting for digital assets recognized as revenue or held, and management has exercised significant judgment in determining the appropriate accounting treatment. In the event authoritative guidance is enacted by the FASB, the Group may be required to change its policies, which could have an effect on the Group’s consolidated financial position and results from operations.
Income taxes	(k) Income taxes Income taxes are accounted for under the asset and liability method. Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, as well as operating loss and tax credit carryforwards, if any. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the periods in which those temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in tax rates or tax laws is recognized in the consolidated statements of comprehensive income in the period the change in tax rates or tax laws is enacted. The Group reduces the carrying amounts of deferred tax assets by a valuation allowance, if based on the available evidence, it is “more-likely-than-not’’ that such assets will not be realized. Accordingly, the need to establish valuation allowances for deferred tax assets is assessed at each reporting period based on a “more-likely-than-not’’ realization threshold. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability, the duration of statutory carryforward periods, and the Group’s experience with operating loss and tax credit carryforwards, if any, not expiring. The Group recognizes in its financial statements the impact of a tax position if that position is “more-likely-than-not’’ to prevail based on the facts and technical merits of the position. Tax positions that meet the “more-likely-than-not’’ recognition threshold are measured at the largest amount of tax benefit that has a greater than fifty percent likelihood of being realized upon settlement. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. Interest and penalties recognized related to unrecognized tax benefits are classified as income tax expense in the consolidated statements of comprehensive income.
Share based compensation	(l) Share based compensation Share-based awards granted to the employees in the form of share options are subject to service and non-market performance conditions. They are measured at the grant date fair value of the awards. The compensation expense in connection with the shares awarded to employees is recognized using the straight-line method over the requisite service period. Forfeitures are estimated at the time of grant, with such estimate updated periodically and with actual forfeitures recognized currently to the extent they differ from the estimate. In determining the fair value of the shares awarded to employees, the discounted cash flow pricing model has been applied. Estimation of the fair value involves significant assumptions that might not be observable in the market, and a number of complex and subjective variables, including the expected share price volatility (approximated by the volatility of comparable companies), discount rate, risk-free interest rate and subjective judgments regarding the Group’s projected financial and operating results, its unique business risks and its operating history and prospects at the time the grants are made.
Contingencies	(m) Contingencies In the normal course of business, the Group is subject to loss contingencies, such as legal proceedings and claims arising out of its business, that cover a wide range of matters, including, among others, government investigations, shareholder lawsuits, and non-income tax matters. An accrual for a loss contingency is recognized when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. If a potential material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss if determinable and material, is disclosed.
Fair value measurements	(ac) Fair value measurements The Group applies ASC 820, Fair Value measurements and Disclosures, for fair value measurements financial assets and financial liabilities and for fair value measurements of non-financial items that are recognized or disclosed at fair value in the financial statements on a recurring and non-recurring basis. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability. ASC 820 also establishes a framework for measuring fair value and expands disclosures about fair value measurements. ASC 820 establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 establishes three levels of inputs that may be used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows: ● Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Group has the ability to access at the measurement date. ● Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. ● Level 3 inputs are unobservable inputs for the asset or liability. The level in the fair value hierarchy within which a fair value measurement in its entirety falls is based on the lowest level input that is significant to the fair value measurement in its entirety. In situations where there is little, if any, market activity for the asset or liability at the measurement date, the fair value measurement reflects management’s own judgments about the assumptions that market participants would use in pricing the asset or liability. Those judgments are developed by management based on the best information available in the circumstances. The carrying amounts of cash and cash equivalents, accounts receivable, amounts due from related parties, accounts payable, amounts due to related parties, income taxes payable, accrued expenses and other payables as of December 31, 2023 and September 30, 2024 approximate their fair values because of short maturity of these instruments.
Net income/(loss) per share	(ad) Net income/(loss) per share Basic net income/(loss) per share is computed by dividing net income/(loss) attributable to shareholders of the Group by the weighted average number of ordinary shares outstanding during the year. Diluted net income/(loss) per share reflects the potential dilution that could occur if securities or other contracts to issue ordinary shares were exercised into common shares. Ordinary share equivalents are excluded from the computation of the diluted net income/(loss) per share in years when their effect would be anti-dilutive. The Group has non-vested shares which could potentially dilute basic income/(loss) per share in the future. To calculate the number of shares for diluted net income/(loss) per share, the effect of the non-vested shares is computed using the treasury stock method.
Recently issued accounting pronouncements	(ae) Recently issued accounting pronouncements In September 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The FASB is issuing the amendments to enhance the transparency and decision usefulness of income tax disclosures. Investors currently rely on the rate reconciliation table and other disclosures, including total income taxes paid, to evaluate income tax risks and opportunities. While investors find these disclosures helpful, they suggested possible enhancements to better (1) understand an entity’s exposure to potential changes in jurisdictional tax legislation and the ensuing risks and opportunities, (2) assess income tax information that affects cash flow forecasts and capital allocation decisions, and (3) identify potential opportunities to increase future cash flows. The FASB decided that the amendments should be effective for public business entities for annual periods beginning after December 15, 2024. Early adoption is permitted. The adoption of this guidance did not have a material impact on its financial position, results of operations and cash flows. In July 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments in ASU 2023-07 improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments in ASU 2023-07 improve financial reporting by requiring disclosure of incremental segment information on an annual and interim basis for all public entities to enable investors to develop more decision-useful financial analyses. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The adoption of this guidance did not have a material impact on its financial position, results of operations and cash flows. In December 2023, the FASB issued ASU No. 2023-08, Accounting for and Disclosure of Crypto Assets (Subtopic 350-60). This ASU requires certain crypto assets to be measured at fair value separately in the balance sheet and income statement each reporting period. This ASU also enhances the other intangible asset disclosure requirements by requiring the name, cost basis, fair value, and number of units for each significant crypto holding. The ASU is effective for annual periods beginning after December 15, 2024, including interim periods within those fiscal years. Adoption of the ASU requires a cumulative-effect adjustment to the opening balance of retained earnings as of the beginning of the annual reporting period in which an entity adopts the amendments. Early adoption is also permitted, including adoption in an interim period. However, if the ASU is early adopted in an interim period, an entity must adopt the ASU as of the beginning of the fiscal year that includes the interim period. This ASU will result in gains and losses recorded in the consolidated financial statements of operations and additional disclosures when adopted. We are currently evaluating the adoption of this ASU and it will affect the carrying value of our crypto assets held and the gains and losses relating thereto, once adopted. Other accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption. The Group does not discuss recent pronouncements that are not anticipated to have an impact on or are unrelated to its consolidated financial condition, results of operations, cash flows or disclosures.

Organization and Principal Ac_2

Organization and Principal Activities (Tables)	9 Months Ended
Organization and Principal Activities (Tables)	Sep. 30, 2024
Organization and Principal Activities [Abstract]
Schedule of Company's Subsidiaries	As of September 30, 2024, the details of the Company’s subsidiaries were as follows: Entity Date of Place of Percentage of Principal activities Major subsidiaries: Meten International Education Group July 10, 2018 Cayman Islands 100% Investment holding Meten Education Investment Limited (“Meten BVI”) July 18, 2018 British Virgin 100% Investment holding Likeshuo Education Investment Limited (“Likeshuo BVI”) July 18, 2018 BVI 100% Investment holding Meten Education (Hong Kong) Limited (“Meten HK”) August 22, 2018 Hong Kong 100% Investment holding Likeshuo Education (Hong Kong) Limited (“Likeshuo HK”) August 22, 2018 Hong Kong 100% Investment holding Meta Path investing holding company December 3, 2021 Cayman Islands 100% Investment holding Met Chain investing holding company Ltd January 5, 2022 BVI 100% Investment holding METEN BLOCK CHAIN LLC March 8, 2022 United States 100% Investment holding Meten Service USA Corp. March 3, 2016 United States 100% Investment holding BTC DIGITAL SINGAPORE PTE. LTD. March 14, 2024 Singapore 100% Investment holding

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Tables)	9 Months Ended
Summary of Significant Accounting Policies (Tables)	Sep. 30, 2024
Summary of Significant Accounting Policies [Abstract]
Schedule of Estimated Useful Lives	The estimated useful lives are presented below. Miners 5 years

Accounts Receivables (Tables)

Accounts Receivables (Tables)	9 Months Ended
Accounts Receivables (Tables)	Sep. 30, 2024
Accounts Receivables [Abstract]
Schedule of Accounts Receivables	The following table provides information about contract assets, accounts receivable, deferred revenue and financial liabilities from contracts with customers. As of As of 2023 2024 US$’000 US$’000 Accounts receivable 5,485 1,692

Prepayments and Other Current_2

Prepayments and Other Current Assets (Tables)	9 Months Ended
Prepayments and Other Current Assets (Tables)	Sep. 30, 2024
Prepayments and Other Current Assets [Abstract]
Schedule of Prepayments and Other Assets	The prepayments and other assets consist of the following: As of As of 2023 2024 US$’000 US$’000 Prepayments and other current assets Prepayment for equipment 2,285 6,279 Deposits 328 827 Others 367 334 Total 2,980 7,440

Digital Assets (Tables)

Digital Assets (Tables)	9 Months Ended
Digital Assets (Tables)	Sep. 30, 2024
Digital Assets [Abstract]
Schedule of Digital Assets	As of As of 2023 2024 US$’000 US$’000 BTC 436 736 Total 436 736
Schedule of Group Generated Bitcoins Primarily Through Mining Services	The following table presents additional information about bitcoins for the years ended December 31, 2023 and for the nine months ended September 30, 2024, respectively: As of As of 2023 2024 US$’000 US$’000 Opening balance 91 436 Receipt of bitcoins from mining services 2,882 1,049 Exchange of BTC into USDT (2,537 ) (749 ) Ending balance 436 736

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	9 Months Ended
Property and Equipment, Net (Tables)	Sep. 30, 2024
Property and Equipment, Net [Abstract]
Schedule of Property and Equipment	Property and equipment consists of the following: As of As of 2023 2024 US$’000 US$’000 Cost: Miners for Bitcoin 17,241 18,384 Total cost 17,241 18,384 Less: Accumulated depreciation 4,539 7,239 Property and equipment, net 12,702 11,145

Loss Per Share (Tables)

Loss Per Share (Tables)	9 Months Ended
Loss Per Share (Tables)	Sep. 30, 2024
Loss Per Share [Abstract]
Schedule of Basic and Diluted Net Loss Per Share	Basic and diluted net loss per share for each of the years presented are calculated as follow: For the Three Months Ended For the Nine Months Ended 2023 2024 2023 2024 (in thousands of US$, (in thousands of US$, Losses per share—basic Numerator: Net loss available to shareholders of the Company - basic and diluted (1,007 ) (571 ) (2,122 ) (2,006 ) Denominator Weighted average number of ordinary shares - basic 1,593,789 2,695,568 1,352,539 2,654,319 Effect of dilutive securities - - - - Dilutive effect of non-vested shares 1,593,789 2,695,568 1,352,539 2,654,319 Denominator for diluted net loss per share Losses per share— basic (0.63 ) (0.21 ) (1.57 ) (0.76 ) Losses per share—diluted (0.63 ) (0.21 ) (1.57 ) (0.76 )

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
Related Party Transactions (Tables)	Sep. 30, 2024
Related Party Transactions [Abstract]
Schedule of Material Related Party Transactions	In addition to the related party information disclosed elsewhere in the consolidated financial statements, the Group entered into the following material related party transactions. Name of party Relationship Mr. Zhao Jishuang A major shareholder of the Company Mr. Guo Yupeng A major shareholder of the Company Mr. Peng Siguang A major shareholder of the Company Met Chain Co.,Limited An associate company of the company
Schedule of Transactions with Related Parties	Major transactions with related parties For the Nine Months Ended 2023 2024 USD’000 USD’000 Advances from related parties - Mr. Zhao Jishuang - 390 - Mr. Peng Siguang 10 Total - 400 For the Nine Months Ended 2023 2024 USD’000 USD’000 Repayment of advances from related parties - Mr. Zhao Jishuang 1,255 644 - Mr. Peng Siguang 10 - Met Chain Co.,Limited - 3 Total 1,255 657 Balances with related parties As of As of 2023 2024 USD’000 USD’000 Amounts due to related parties Current - Mr. Guo Yupeng 290 290 - Mr. Zhao Jishuang 1,952 1,698 - Met Chain Co.,Limited 1,814 1,811 Total 4,056 3,799

Organization and Principal Ac_3

Organization and Principal Activities (Details) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands									9 Months Ended
	Apr. 14, 2024 USD ($)	Apr. 14, 2020 USD ($)	Mar. 30, 2020 USD ($) shares	Mar. 26, 2020 USD ($)	Mar. 19, 2020 USD ($)	Feb. 28, 2020 USD ($)	Sep. 27, 2019 $ / shares shares	Dec. 18, 2017 CNY (¥) shares	Sep. 30, 2024 USD ($) $ / shares shares		Sep. 30, 2024 CNY (¥) shares		Jun. 30, 2024 shares	[1]	Dec. 31, 2023 $ / shares shares	Sep. 30, 2023 shares	[1]	Jun. 30, 2023 shares	[1]	Dec. 31, 2022 shares	[1]	Nov. 10, 2022 $ / shares shares	Aug. 04, 2022 $ / shares	May 04, 2022 $ / shares	Sep. 01, 2021 $ / shares	May 21, 2021 $ / shares	Sep. 27, 2019 ¥ / shares shares	Dec. 31, 2018 $ / shares shares	Dec. 31, 2018 $ / shares shares	Jul. 10, 2018 $ / shares shares
Organization and Principal Activities [Line Items]
Ordinary shares authorized									25,000,000		25,000,000				25,000,000
Ordinary shares, par value (in Dollars per share) \| $ / shares									$ 0.06						$ 0.06
Ordinary shares issued and outstanding percentage			100%
Ordinary shares issued									3,297,452		3,297,452				2,097,535
Ordinary shares outstanding									3,297,452		3,297,452				2,097,535
Exchange ratios									0.1519
Reverse recapitalization transaction, shares									48,391,607
Investors agreed to invest (in Dollars) \| $				$ 6,000	$ 4,000	$ 6,000
Investment finance cost (in Dollars) \| $			$ 12,000
Investment termination cost (in Dollars) \| $	$ 4,000	$ 4,000
Net cash distribution (in Yuan Renminbi) \| ¥											¥ 148,270
Meten International [Member]
Organization and Principal Activities [Line Items]
Ordinary shares, par value (in Dollars per share) \| $ / shares																														$ 0.01
Ordinary shares issued			318,601,222
Ordinary shares outstanding			1,613,054
EdtechX [Member]
Organization and Principal Activities [Line Items]
Ordinary shares issued			1,971,505
Ordinary shares outstanding			65,717
Reverse recapitalization transaction, shares									318,601,222
Invested amount (in Dollars) \| $									$ 20,000
Purchase of shares									2,000,000
Joint Stock Limited Liability Company [Member]
Organization and Principal Activities [Line Items]
Converted shares issued								30,000,000
Converted amount (in Yuan Renminbi) \| ¥								¥ 1
Richard Fear [Member]
Organization and Principal Activities [Line Items]
Share issue to the director							1		1
Purchase price per share (in Yuan Renminbi per share) \| ¥ / shares																											¥ 0.0001
Common Stock [Member]
Organization and Principal Activities [Line Items]
Ordinary shares authorized							500,000,000		500,000,000		500,000,000																500,000,000
Ordinary shares, par value (in Dollars per share) \| $ / shares							$ 0.0001		$ 0.06													$ 0.003	$ 0.0001	$ 0.003	$ 0.0001	$ 0.0001
Ordinary shares issued																						3,532,841
Ordinary shares outstanding									3,297,452	[1]	3,297,452	[1]	2,610,785		2,097,535	1,820,963		1,301,629		1,044,009
Common Stock [Member] \| Meten International [Member]
Organization and Principal Activities [Line Items]
Ordinary shares authorized																												500,000,000	500,000,000	38,000,000
Ordinary shares, par value (in Dollars per share) \| (per share)																												$ 0.0001	$ 0.01	$ 0.01
Ordinary shares issued																												318,601,222	318,601,222

[1] Retrospectively restated due to twenty for one reverse stock split, see Note 13

Organization and Principal Ac_4

Organization and Principal Activities (Details) - Schedule of Company's Subsidiaries	9 Months Ended
	Sep. 30, 2024
Meten International Education Group [Member]
Schedule of Company's Subsidiaries [Line Items]
Date of incorporation	Jul. 10, 2018
Place of incorporation	Cayman Islands
Percentage of direct or indirect economic ownership	100%
Principal activities	Investment holding
Meten Education Investment Limited (“Meten BVI”) [Member]
Schedule of Company's Subsidiaries [Line Items]
Date of incorporation	Jul. 18, 2018
Place of incorporation	British Virgin Islands (“BVI”)
Percentage of direct or indirect economic ownership	100%
Principal activities	Investment holding
Likeshuo Education Investment Limited (“Likeshuo BVI”) [Member]
Schedule of Company's Subsidiaries [Line Items]
Date of incorporation	Jul. 18, 2018
Place of incorporation	BVI
Percentage of direct or indirect economic ownership	100%
Principal activities	Investment holding
Meten Education (Hong Kong) Limited (“Meten HK”) [Member]
Schedule of Company's Subsidiaries [Line Items]
Date of incorporation	Aug. 22, 2018
Place of incorporation	Hong Kong
Percentage of direct or indirect economic ownership	100%
Principal activities	Investment holding
Likeshuo Education (Hong Kong) Limited (“Likeshuo HK”) [Member]
Schedule of Company's Subsidiaries [Line Items]
Date of incorporation	Aug. 22, 2018
Place of incorporation	Hong Kong
Percentage of direct or indirect economic ownership	100%
Principal activities	Investment holding
Meta Path investing holding company [Member]
Schedule of Company's Subsidiaries [Line Items]
Date of incorporation	Dec. 03, 2021
Place of incorporation	Cayman Islands
Percentage of direct or indirect economic ownership	100%
Principal activities	Investment holding
Met Chain investing holding company Ltd [Member]
Schedule of Company's Subsidiaries [Line Items]
Date of incorporation	Jan. 05, 2022
Place of incorporation	BVI
Percentage of direct or indirect economic ownership	100%
Principal activities	Investment holding
METEN BLOCK CHAIN LLC [Member]
Schedule of Company's Subsidiaries [Line Items]
Date of incorporation	Mar. 08, 2022
Place of incorporation	United States
Percentage of direct or indirect economic ownership	100%
Principal activities	Investment holding
Meten Service USA Corp. [Member]
Schedule of Company's Subsidiaries [Line Items]
Date of incorporation	Mar. 03, 2016
Place of incorporation	United States
Percentage of direct or indirect economic ownership	100%
Principal activities	Investment holding
BTC DIGITAL SINGAPORE PTE. LTD. [Member]
Schedule of Company's Subsidiaries [Line Items]
Date of incorporation	Mar. 14, 2024
Place of incorporation	Singapore
Percentage of direct or indirect economic ownership	100%
Principal activities	Investment holding

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) - Equity Method Investments [Member]	Sep. 30, 2024
Minimum [Member]
Summary of Significant Accounting Policies [Line Items]
Ownership percentage	20%
Maximum [Member]
Summary of Significant Accounting Policies [Line Items]
Ownership percentage	50%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details) - Schedule of Estimated Useful Lives	Sep. 30, 2024
Miners [Member]
Schedule of Estimated Useful Lives [Line Items]
Estimated useful lives	5 years

Accounts Receivables (Details)

Accounts Receivables (Details) - Schedule of Accounts Receivables - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Schedule of Accounts Receivables [Abstract]
Accounts receivable	$ 1,692	$ 5,485

Prepayments and Other Current_3

Prepayments and Other Current Assets (Details) - Schedule of Prepayments and Other Assets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Prepayments and other current assets
Prepayment for equipment	$ 6,279	$ 2,285
Deposits	827	328
Others	334	367
Total	$ 7,440	$ 2,980

Digital Assets (Details)

Digital Assets (Details) - USD ($)	9 Months Ended	12 Months Ended
Digital Assets (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Bitcoin BTC [Member]
Digital Assets [Line Items]
Impairment of crypto assets

Digital Assets (Details) - Sche

Digital Assets (Details) - Schedule of Digital Assets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Schedule of Digital Assets [Line Items]
Total	$ 736	$ 436
BTC [Member]
Schedule of Digital Assets [Line Items]
Total	$ 736	$ 436

Digital Assets (Details) - Sc_2

Digital Assets (Details) - Schedule of Group Generated Bitcoins Primarily Through Mining Services - Bitcoin BTC [Member] - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Crypto Asset, Activity [Line Items]
Opening balance	$ 436	$ 91
Receipt of bitcoins from mining services	1,049	2,882
Exchange of BTC into USDT	(749)	(2,537)
Ending balance	$ 736	$ 436

Equity Method Investments (Deta

Equity Method Investments (Details) $ / shares in Units, ¥ in Thousands		3 Months Ended		9 Months Ended
	Nov. 30, 2022 CNY (¥)	Sep. 30, 2024 USD ($) $ / shares	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) $ / shares	Sep. 30, 2023 USD ($)	Dec. 31, 2023	Nov. 30, 2022 $ / shares	Dec. 31, 2021
Equity Method Investments [Line Items]
Gain on equity method investments (in Dollars) \| $		$ 50,000	$ 5,000	$ 75,000	$ 6,000
Met Chain Co Limited [Member]
Equity Method Investments [Line Items]
Equity interest percentage		29.53%		29.53%		24.30%	3.30%	21%
Consideration for ordinary shares, par value (in Dollars per share) \| $ / shares		$ 0.06		$ 0.06			$ 0.06
Consideration for shares	¥ 7,120,478			$ 1,050,400
Met Chain Co Limited [Member] \| Equity Transfer Agreement [Member]
Equity Method Investments [Line Items]
Equity interest percentage		5.23%		5.23%

Property and Equipment, Net (De

Property and Equipment, Net (Details) - USD ($)	9 Months Ended
Property and Equipment, Net (Details) - USD ($)	Sep. 30, 2024	Sep. 30, 2023
Property and Equipment, Net [Abstract]
Depreciation expense	$ 2,700	$ 2,305

Property and Equipment, Net (_2

Property and Equipment, Net (Details) - Schedule of Property and Equipment - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Cost:
Total cost	$ 18,384	$ 17,241
Less: Accumulated depreciation	7,239	4,539
Property and equipment, net	11,145	12,702
Miners for Bitcoin [Member]
Cost:
Total cost	$ 18,384	$ 17,241

Income Tax (Details)

Income Tax (Details)	9 Months Ended
Income Tax (Details)	Sep. 30, 2024 HKD ($)
Income Tax [Line Items]
Current tax rate percentage	8.25%
Hong Kong [Member]
Income Tax [Line Items]
Assessable profits earned (in Dollars)	$ 2,000
Current tax rate percentage	16.50%

Short Term Loans (Details)

Short Term Loans (Details)		9 Months Ended	12 Months Ended
Short Term Loans (Details)	Oct. 01, 2022 USD ($) shares	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Oct. 01, 2022 CNY (¥) shares
Short Term Loans [Line Items]
Drawn down amount		$ 544,000	$ 125,000
JM Digital., INC., [Member]
Short Term Loans [Line Items]
Maturity date	Oct. 01, 2023
Drawn down amount	$ 1,000			¥ 6,897,200
Fixed interest rate of short term loan	12%			12%
Origination fee rate of short term loan	2%			2%
Number of units guaranteed (in Shares) \| shares	147			147
USDT [Member] \| JM Digital., INC., [Member]
Short Term Loans [Line Items]
Collateralized loan			181,500
Outstanding loan balance		544,000	125,000
Bitcoin BTC [Member]
Short Term Loans [Line Items]
Collateralized loan			$ 4.09
Bitcoin BTC [Member] \| JM Digital., INC., [Member]
Short Term Loans [Line Items]
Collateralized loan		$ 11.62

Loss Per Share (Details) - Sche

Loss Per Share (Details) - Schedule of Basic and Diluted Net Loss Per Share - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net loss	$ (571)	$ (1,007)	$ (2,006)	$ (2,122)
Denominator
Weighted average number of ordinary shares - basic	2,695,568	1,593,789	2,654,319	1,352,539
Effect of dilutive securities
Dilutive effect of non-vested shares	2,695,568	1,593,789	2,654,319	1,352,539
Denominator for diluted net loss per share
Losses per share— basic	$ (0.21)	$ (0.63)	$ (0.76)	$ (1.57)
Losses per share—diluted	$ (0.21)	$ (0.63)	$ (0.76)	$ (1.57)

Share-Based Compensation (Detai

Share-Based Compensation (Details) - USD ($)	9 Months Ended
Share-Based Compensation (Details) - USD ($)	Sep. 30, 2024	Sep. 30, 2023
Share-Based Compensation [Abstract]
Share-based compensation expenses	$ 571,000	$ 138,000

Equity (Details)

Equity (Details) $ / shares in Units, $ / shares in Units, ¥ in Thousands																				3 Months Ended				9 Months Ended
	Jul. 23, 2024 $ / shares shares	Apr. 14, 2024 USD ($)	Jan. 05, 2024 $ / shares shares	Dec. 14, 2023 USD ($) $ / shares shares	Oct. 05, 2023 shares	Aug. 01, 2023 USD ($) $ / shares shares	Jul. 10, 2023 shares	Jun. 07, 2023 shares	Aug. 04, 2022 $ / shares shares	May 04, 2022 $ / shares	Nov. 09, 2021 $ / shares shares	Sep. 01, 2021 $ / shares shares	May 21, 2021 $ / shares shares	Apr. 14, 2020 USD ($)	Mar. 30, 2020 USD ($) shares	Mar. 26, 2020 USD ($)	Mar. 19, 2020 USD ($)	Feb. 28, 2020 USD ($)	Jul. 10, 2018 HKD ($) $ / shares shares	Sep. 30, 2024 USD ($) $ / shares shares		Sep. 30, 2023 shares	[1]	Sep. 30, 2024 USD ($) $ / shares shares		Sep. 30, 2023 USD ($) shares		Sep. 16, 2024 $ / shares shares	Jun. 30, 2024 shares	[1]	Mar. 19, 2024 $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Aug. 23, 2023 $ / shares	Jun. 30, 2023 shares	[1]	Dec. 31, 2022 shares	[1]	Nov. 10, 2022 $ / shares	Nov. 10, 2022 CNY (¥) shares	Aug. 08, 2022 $ / shares	Jun. 29, 2022 USD ($) $ / shares shares	Feb. 19, 2021 $ / shares shares	Jan. 08, 2021 $ / shares	Jan. 04, 2021 shares	Dec. 31, 2020 shares	Sep. 27, 2019 $ / shares shares	Dec. 31, 2018 $ / shares shares	Dec. 31, 2018 $ / shares shares
Equity [Line Items]
Shares authorized																				25,000,000				25,000,000								25,000,000
Ordinary shares par value \| $ / shares																				$ 0.06				$ 0.06								$ 0.06
Ordinary shares issued																				3,297,452				3,297,452								2,097,535
Agreed to invest amount (in Dollars) \| $																$ 6,000	$ 4,000	$ 6,000
Investment finance cost (in Dollars) \| $															$ 12,000
Termination cost (in Dollars) \| $		$ 4,000												$ 4,000
Reverse Split description																								the Company became exercisable for 1/30 ordinary share of the Company, and the exercise price of Company’s outstanding warrants was increased to US$9.00, adjusted from $0.30 prior to the Reverse Split and representing the temporarily reduced price based on the Company’s Tender Offer Statement on Schedule TO, as amended and supplemented, originally filed by the Company with the U.S. Securities and Exchange Commission on December 7, 2020 (the “Tender Offer”). Based on the terms of the Tender Offer, following the date on which the closing price of the Company’s ordinary shares has been equal to or greater than $90.00 per share for at least twenty (20) trading days during the preceding thirty (30) trading day period, the exercise price of the Company’s outstanding warrants would be increased to US$345.00.
Ordinary shares, value (in Yuan Renminbi) \| $																				$ 180,000				$ 180,000								$ 121,000
Total gross proceeds (in Dollars) \| $																								$ 472,000		$ 1,881,000
Ordinary shares outstanding																				3,297,452				3,297,452								2,097,535
Warrants outstanding																																													12,705,000
Exercise price of warrants (in Dollars per share) \| $ / shares																																										$ 2.5	$ 1.4
Exercise of warrants																																										336,001
Warrants to purchase ordinary shares																				2,629,812				2,629,812
Outstanding warrants percentage																								55.50%
Net proceed from issuance of warrant (in Dollars) \| $																								$ 5,730,000
Reduced exercise price (in Dollars per share) \| $ / shares													$ 1
Expiration term																																								Aug. 09, 2027
Number of trading days																								20 days
Preceding trading days																								30 days
Warrants [Member]
Equity [Line Items]
Price per share \| $ / shares													1
Gross proceeds (in Dollars) \| $																								$ 6,192,286.8
Exercise of warrants																				4,423,062				4,423,062
Pre-funded Warrant [Member]
Equity [Line Items]
Offered shares												177,500,000
Ordinary shares issued									1,470,475
Purchase price (in Dollars per share) \| $ / shares												$ 0.2999
Sale of shares, price per share (in Dollars per share) \| $ / shares												0.0001
Exercise price of warrants (in Dollars per share) \| $ / shares												$ 0.0001																												$ 0.001
Warrants to purchase ordinary shares												177,500,000
Beneficially owning percentage												4.99%
Election of holder percentage												9.99%
Investor Warrants [Member]
Equity [Line Items]
Ordinary shares issued									21,428,572
Exercise price of warrants (in Dollars per share) \| $ / shares																																								$ 0.7
Public Warrants [Member]
Equity [Line Items]
Reduced exercise price (in Dollars per share) \| $ / shares																								$ 0.7
Warrants price per share (in Dollars per share) \| $ / shares																								345
Minimum [Member]
Equity [Line Items]
Exercise price of warrants (in Dollars per share) \| $ / shares																				$ 1.4				1.4
Maximum [Member]
Equity [Line Items]
Exercise price of warrants (in Dollars per share) \| $ / shares																				$ 11.5				$ 11.5
Ordinary Shares [Member]
Equity [Line Items]
Shares authorized																				500,000,000				500,000,000																						500,000,000
Ordinary shares par value \| $ / shares									$ 0.0001	$ 0.003		$ 0.0001	$ 0.0001							$ 0.06				$ 0.06														$ 0.003								$ 0.0001
Offered shares									1,470,475			22,500,000	40,000,000							686,667	[1]	519,334		1,199,917		776,954	[1]
Ordinary shares issued																																							3,532,841
Repurchase ordinary shares																																															47,035	47,035
Issued and outstanding ordinary shares percentage																								1%
Reserved shares																				531,005				531,005
Additional outstanding shares percentage																								1%
Purchase price (in Dollars per share) \| $ / shares									$ 0.3			$ 0.3	$ 1
Reverse Split description										thirty for one reverse stock split
Ordinary shares, value (in Yuan Renminbi) \| ¥																																							¥ 7,120,478
Ordinary shares outstanding																				3,297,452	[1]	1,820,963		3,297,452	[1]	1,820,963	[1]		2,610,785			2,097,535		1,301,629		1,044,009
Ordinary Shares [Member] \| Warrants [Member]
Equity [Line Items]
Ordinary shares par value \| $ / shares												$ 0.0001	$ 0.0001
Offered shares												22,500,000	40,000,000
Ordinary shares issued																				1,364,512				1,364,512																		336,001
Price per share \| $ / shares													$ 2.5
Purchase price (in Dollars per share) \| $ / shares												$ 0.3	$ 1
Ordinary Shares [Member] \| Pre-funded Warrant [Member]
Equity [Line Items]
Ordinary shares par value \| $ / shares									$ 0.003
Offered shares									22,899,047
Ordinary Shares [Member] \| Public Warrants [Member]
Equity [Line Items]
Price per share \| $ / shares																				$ 90				$ 90
Ordinary Shares [Member] \| Minimum [Member]
Equity [Line Items]
Shares authorized																																									16,666,667
Ordinary shares par value \| $ / shares																																									$ 0.003
Authorized share capital \| $																																									$ 50,000
Ordinary Shares [Member] \| Maximum [Member]
Equity [Line Items]
Shares authorized																																									500,000,000
Ordinary shares par value \| $ / shares																																									$ 0.003
Authorized share capital \| $																																									$ 1,500,000
Ordinary Shares [Member] \| 2020 Share Incentive Plan [Member]
Equity [Line Items]
Issued shares under plan																																												1,327,514
Ordinary Shares [Member] \| Share Incentive Plan [Member]
Equity [Line Items]
Ordinary shares par value \| $ / shares																															$ 0.06
Ordinary shares issued																															209,753
Equity Option [Member] \| Ordinary Shares [Member]
Equity [Line Items]
Purchase of ordinary shares issued															3,050,701
Purchase of ordinary shares outstanding															3,050,701
2023 Share Consolidation [Member] \| Ordinary Shares [Member]
Equity [Line Items]
Ordinary shares par value \| $ / shares																																	$ 0.06
Business Combination [Member]
Equity [Line Items]
Investment finance cost (in Dollars) \| $															$ 6,000
Joint Venture [Member] \| Ordinary Shares [Member]
Equity [Line Items]
Ordinary shares par value \| $ / shares																												$ 0.06
Ordinary shares issued																												520,000
Equity interests percentage																												5.23%											3.30%
Meten International [Member]
Equity [Line Items]
Ordinary shares par value \| $ / shares																			$ 0.01
Ordinary shares issued															318,601,222
Price per share \| $ / shares																																																$ 0.01
Ordinary shares outstanding															1,613,054
Meten International [Member] \| Ordinary Shares [Member]
Equity [Line Items]
Shares authorized																			38,000,000																												500,000,000	500,000,000
Ordinary shares par value \| (per share)																			$ 0.01																												$ 0.0001	$ 0.01
Authorized share capital \| $																			$ 380,000
Offered shares																			47,035
Ordinary shares issued																																															318,601,222	318,601,222
Price per share \| $ / shares																																															$ 0.0001
EdtechX [Member]
Equity [Line Items]
Ordinary shares issued															1,971,505
Invested amount (in Dollars) \| $																				$ 20,000				$ 20,000
Purchase of shares																								2,000,000
Ordinary shares outstanding															65,717
Individual Investor [Member]
Equity [Line Items]
Sale of shares						200,000
Total gross proceeds (in Dollars) \| $						$ 1,000,000
Individual Investor [Member] \| Ordinary Shares [Member]
Equity [Line Items]
Ordinary shares par value \| $ / shares						$ 0.06
Price per share \| $ / shares						$ 5
Merger agreement [Member] \| Meten International [Member]
Equity [Line Items]
Ordinary shares conversion															318,601,222
Converted shares															48,391,607
Merger agreement [Member] \| EdtechX [Member]
Equity [Line Items]
Converted shares															1,971,505
Securities Purchase Agreement [Member] \| Investors [Member] \| Ordinary Shares [Member]
Equity [Line Items]
Ordinary shares par value \| $ / shares											$ 0.0001
Price per share \| $ / shares											$ 0.6
Sale of shares											33,333,334
Asset Purchase Agreement [Member]
Equity [Line Items]
Number of units acquire					220
Asset Purchase Agreement [Member] \| Ordinary Shares [Member]
Equity [Line Items]
Sale of shares					276,572		227,456	227,456
Subscription Agreements [Member] \| Ordinary Shares [Member]
Equity [Line Items]
Ordinary shares par value \| $ / shares			$ 0.06
Offered shares			303,497
Subscription Agreements [Member] \| Three Individual Investors [Member] \| Ordinary Shares [Member]
Equity [Line Items]
Price per share \| $ / shares				$ 3.342
Sale of shares				303,497
Total gross proceeds (in Dollars) \| $				$ 1,014,286
Sale of shares, price per share (in Dollars per share) \| $ / shares				$ 0.06
Acquisition Agreement [Member] \| Ordinary Shares [Member]
Equity [Line Items]
Ordinary shares par value \| $ / shares	$ 0.06
Offered shares	166,667

[1] Retrospectively restated due to twenty for one reverse stock split, see Note 13

Related Party Transactions (Det

Related Party Transactions (Details) - Schedule of Material Related Party Transactions	9 Months Ended
	Sep. 30, 2024
Mr. Zhao Jishuang [Member]
Schedule of Material Related Party Transactions [Line Items]
Related party transactions, Relationship	A major shareholder of the Company
Mr. Guo Yupeng [Member]
Schedule of Material Related Party Transactions [Line Items]
Related party transactions, Relationship	A major shareholder of the Company
Mr. Peng Siguang [Member]
Schedule of Material Related Party Transactions [Line Items]
Related party transactions, Relationship	A major shareholder of the Company
Met Chain Co.,Limited [Member]
Schedule of Material Related Party Transactions [Line Items]
Related party transactions, Relationship	An associate company of the company

Related Party Transactions (D_2

Related Party Transactions (Details) - Schedule of Transactions with Related Parties - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Advances from related parties	$ 400
Repayment of advances from related parties	657	1,255
Related Party [Member]
Related Party Transaction [Line Items]
Amounts due to related parties	3,799		$ 4,056
Mr. Zhao Jishuang [Member]
Related Party Transaction [Line Items]
Advances from related parties	390
Repayment of advances from related parties	644	$ 1,255
Amounts due to related parties	1,698		1,952
Mr. Peng Siguang [Member]
Related Party Transaction [Line Items]
Advances from related parties	10
Repayment of advances from related parties	10
Met Chain Co Limited [Member]
Related Party Transaction [Line Items]
Repayment of advances from related parties	3
Amounts due to related parties	1,811		1,814
Mr. Guo Yupeng [Member]
Related Party Transaction [Line Items]
Amounts due to related parties	$ 290		$ 290

Commitments (Details)

Commitments (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Commitments [Abstract]
Capital expenditure total	$ 3,830