MaiCoin Group’s parent company, Modern Wealth Holdings (ticker 7903), filed on Sept. 9 for a primary listing on Taiwan’s Innovation Board. At the same time, it posted a 606-page draft prospectus to the Market Observation Post System, dated Sept. 8. That filing laid out its revenue mix, what drove the 2025 loss, the interest expense linked to its Saving products, and its funding plans before and after the IPO.
Trading fees made up nearly 90% of revenue, while 2025 revenue fell about 31%
By product line, the prospectus shows the group booked NT$752.772 million in revenue in 2024. In 2025, that slid to NT$521.659 million, a drop of about 31%. Revenue for the first half of 2026 came to NT$169.212 million.
Pretty much all of that came from virtual asset business lines. Fee income hit NT$671.118 million in 2024, or 89.15% of revenue. In 2025, fee income was NT$470.732 million, equal to 90.24% of total revenue. In the first half of 2026, it reached NT$157.728 million, lifting the share to 93.21%.
Other income fell from NT$80.22 million in 2024 to NT$47.70 million in 2025. Sales of products such as cold wallets made up less than 1.5% of total revenue. The prospectus says 100% of 2025 revenue came from Taiwan.
In the prospectus, the company stacked its revenue mix against Coinbase and Robinhood. Its point: those companies also make money from institutional services, custody, interest, and subscriptions, so they are less exposed to trading-volume swings. MaiCoin said its own revenue is still heavily tied to trading activity, while its size is closer to Hong Kong-based OSL Group. So the plan, it said, is to build out institutional client services and Prime Brokerage over time to broaden the revenue base.
| Item | 2024 | 2025 | H1 2026 |
|---|---|---|---|
| Operating revenue | 752,772 | 521,659 | 169,212 |
| Fee income | 671,118 (89.15%) | 470,732 (90.24%) | 157,728 (93.21%) |
| Operating profit (loss) | 338,916 | (468,945) | (199,358) |
| Pretax net profit (loss) | 322,424 | (466,499) | (169,585) |
| Liabilities-to-assets ratio | 91.50% | 93.66% | 77.94% |
Source: Modern Wealth Holdings draft prospectus, printed on Sept. 8, 2026.
NT$366.73 million of the NT$468.95 million operating loss came from employee stock option accounting charges
The group went from an operating profit of NT$338.92 million in 2024 to an operating loss of NT$468.95 million in 2025. One big reason listed in the prospectus: employee stock options.
In 2025, the company granted 5,112,428 employee stock options under a shareholder resolution. Under the accounting rules, the expense is based on the difference between fair value and the employee subscription price. And it is recognized in a single lump sum based on the total amount approved by shareholders, not the number of options employees actually exercise. That led the company to record NT$366.73 million in share-based payment expense in 2025.
The company said in the prospectus that without that item, its 2025 operating net loss would have been NT$102.21 million, and that “the core operating loss was relatively limited.”
On the pretax line, MaiCoin posted NT$322.42 million in pretax net profit in 2024, then NT$466.50 million in pretax net loss in 2025. Beyond the operating loss, the company’s virtual asset holdings produced NT$30.12 million in realized trading losses and NT$19.99 million in valuation losses in 2025. Combined, that was NT$50.11 million.
Saving and Staking products lifted interest costs; BTC was held as reserves
The prospectus points to interest costs from the company’s Saving and Staking products as another reason it swung into the red. Users lend virtual assets to the company in exchange for yield, and the company pays the related interest cost. It said that in 2025, with macroeconomic uncertainty running higher, more users chose to leave assets on the platform and earn interest. That pushed those costs up.
User-lent assets were mostly BTC. The company said that during the registration filing and regulatory review period in 2025, it kept those BTC as platform reserve assets for risk-control purposes and did not put them into outside investments. ETH was handled differently. Those holdings were used for on-chain staking, with income and costs roughly offsetting each other. The company also said it changed the Saving product’s rate mechanism starting in December 2025.
You can see this model on the balance sheet too. According to the underwriter’s assessment report, about 97% of the group’s current liabilities were virtual currency liabilities, meaning virtual currencies tied to customer participation in products or programs. Idle-yield products accounted for about 77% to 80% of total virtual currency liabilities in both 2024 and 2025.
Because customer deposits are recorded as both assets and liabilities, the group’s liabilities-to-assets ratio hit 93.66% in 2025. The prospectus says Coinbase’s figure for the same period was 50.14%. MaiCoin’s current ratio and quick ratio were also below those of the sampled peers. But the underwriter still concluded that operating capital liquidity remained adequate.
H1 2026 revenue was NT$169.21 million, with pretax net loss of NT$169.59 million
For the first half of 2026, MaiCoin reported revenue of NT$169.21 million, an operating loss of NT$199.36 million, and a pretax net loss of NT$169.59 million. The prospectus says weaker revenue, along with relatively rigid fixed operating costs, kept the trend going from 2025, when the business shifted from profit to loss.
Still, it said the first-half loss was narrower than half of the full-year 2025 loss, about NT$233.25 million. Non-operating items also stayed in positive territory for net income. Non-operating net income in the first half of 2026 was NT$29.77 million, above the NT$2.45 million posted for all of 2025.
Staffing kept rising. Headcount went from 120 employees at the end of 2024 to 135 at the end of 2025, then to 154 by the end of August 2026. Average age was about 34 to 36. The company said the increase reflected hiring tied to its operating strategy.
Pre-IPO round targeted NT$1.384 billion at NT$172 per share; cash rose to NT$1.755 billion
In post-balance-sheet disclosures, the company said its board approved a Pre-IPO fundraising round in February 2026. It planned to issue 8.059 million shares at a subscription price of $5.41 per share, or about NT$172, for expected proceeds of $43.60 million, equal to about NT$1.38425 billion. As of March 26, it had already received $18.60 million.
The underwriter’s assessment report shows that after the capital increase proceeds came in, the group’s cash and cash equivalents climbed from NT$393.11 million at the end of 2025 to NT$1.75522 billion by the end of the second quarter of 2026.
The provisional underwriting price agreed by the underwriter and the company was also NT$172 per share, based on an income approach valuation. With 62.27 million shares outstanding at the time of the listing application, the implied market value was above the Innovation Board’s NT$4 billion threshold.
The company expects to list in March 2027. Cash flow projections prepared by the underwriter showed non-financing expenditures of NT$841.49 million in the 12 months after listing and estimated end-of-month cash of NT$2.06502 billion in the listing month, enough to satisfy the Innovation Board’s 125% operating capital requirement. Under Innovation Board rules, a foreign issuer must carry out a pre-listing public sale through newly issued shares in a cash capital increase equal to no less than 5% of the total shares planned for listing.
User assets in trust accounts reached NT$2.20102 billion; delegated ETH staking totaled 13,776.01 ETH
As of June 30, 2026, the group held user assets in bank trust accounts totaling NT$2.20102 billion and $558,000.
Assets held on behalf of clients and used for on-chain validator staking included 13,776.01 ETH, with a book value of NT$687.76 million, along with 53,109 SOL, 32.82 million ADA, and 560,000 DOT. By the end of 2025, the group had also pledged 80 BTC as collateral for short-term borrowings.
The prospectus also disclosed more than 1.6 million cumulative registered users and more than 820,000 users who had completed real-name verification.
Listing timing and underwriting terms are still subject to review
The filing is still being reviewed by the Taiwan Stock Exchange. The March 2027 listing schedule in the prospectus was described as an assumption used by the company and the underwriter when preparing cash flow projections. So the final listing date and underwriting terms will depend on the review result and the formal prospectus.