The9's second-quarter net income rose to $32.4 million from $22.6 million in the first quarter, but the result was driven by its 9BIT token holdings rather than operating businesses. The Nasdaq-listed company reported just $712,000 of revenue, no cryptocurrency-mining revenue and a $13.4 million operating loss. Below operating income or loss, it recorded a $47.2 million fair-value gain on 9BIT tokens and $11.1 million in cryptocurrency rewards. The combined $58.3 million exceeded quarterly net income and rose from $37.6 million in the first quarter, while the operating loss narrowed by less than $1 million. The company said the second-quarter increase was more than 39% using rounded figures, although exact statement values imply a larger gain. Because the reward and subsequent fair-value change flowed through net income outside operating revenue, neither generated cash for The9's businesses. The result met the second-quarter growth condition in a long-term management incentive plan that could make senior management eligible for equity awards representing up to 12% of outstanding shares. The awards remain subject to future quarterly results, multi-year vesting and a three-year lock-up. The9 held 1.9 billion 9BIT tokens valued at $96.6 million on June 30, while its Aug. 24 release put total crypto holdings at about $120 million, including 347 Bitcoin and the 9BIT tokens, and warned the figure might not reflect realizable value. 9BIT trades on BingX, MEXC and KuCoin; CoinGecko showed about $5.7 million in 24-hour volume across three tracked markets on Aug. 25, with circulating supply unreported.