Consensus Mining & Seigniorage (CMSG) Q2 2025 earnings summary

Executive summary

• Accumulated Bitcoin holdings have nearly tripled since inception, reaching over 334 BTC, with significant Litecoin reserves also held, achieved without issuing new shares or drawing down cash.

• Reported net income of $6.7 million ($2.99 per share) for Q2 2025, reversing a net loss of $1.7 million in Q2 2024.

• Book value per share rose to $43.59 at June 30, 2025, from $41.79 at year-end 2024.

• Shares began trading on the OTCQX at $45, in line with book value, and have ranged from $43–$80 on light volume.

• Maintains a conservative capital structure and positive operating cash flows, even during market downturns.

Financial highlights

• Mining revenue for Q2 2025 was $1.1 million, down from $1.4 million in Q2 2024, mainly due to lower Bitcoin rewards post-halving.

• Hosting costs for Bitcoin mining were $0.7M for Q2 and $1.4M year-to-date; general and administrative costs were $0.2M for Q2 and $0.3M year-to-date.

• Unrealized gains from Bitcoin appreciation were $8.2M for the quarter and $4.4M year-to-date, with Bitcoin rising 30% in Q2 and 54% year-to-date.

• Non-operating income surged to $8.8 million from a $2.0 million loss, due to higher fair value of crypto holdings.

• Ended Q2 with approximately 334 Bitcoin, valued near $41M at current prices, and over 11,700 Litecoin, valued at $1.5M.

Outlook and guidance

• Focus remains on accumulating Bitcoin and other fixed-supply cryptocurrencies through self-sustaining, cash-flow positive mining.

• Bitcoin price rose to $107,000 by quarter-end and further to $122,000 post-quarter, supporting continued asset accumulation.

• The company expects to sustain or gradually increase its BTC-per-share growth rate, balancing equipment purchases to avoid obsolescence risk.

• Conservative capital deployment and lean cost structure are expected to support sustainable returns.

• Focus remains on measured capital deployment, especially in scrypt mining, to mitigate halving risks and extend equipment lifespan.