The9 LTD

The9 LTD operates in two primary business areas: online gaming and cryptocurrency mining. Historically, the company developed and operated proprietary or licensed online games, focusing on mobile and TV games. In 2024, The9 LTD pivoted back to the online gaming business, expanding it further in 2025. For new game launches, the company conducts "closed beta testing" to address operational issues, followed by "limited commercial release" and "open beta testing." During both limited commercial release and open beta testing, registered users can play without losing in-game data, ensuring system performance and stability. While user numbers are limited in limited commercial release, there is no such limit in open beta testing. The company can begin charging users at its discretion during these phases or later. In 2024, The9 LTD re-entered the online gaming market in the Chinese mainland and, in May 2024, entered an exclusive publishing license agreement with Wemade Co. Ltd. The company also began cryptocurrency mining activities in February 2021, providing computing power (hash rate) to a Bitcoin mining pool and receiving a fractional share of Bitcoin awards. As of March 31, 2026, The9 LTD had mined a total of 2,196.72 Bitcoins and held 347 Bitcoins after partial sales.