MaiCoin Parent Modernity Financial Files for Taiwan Listing With Bitcoin (BTC) as Platform Reserve

Modernity Financial Holdings, the parent company of Taiwan's MaiCoin Group, filed on September 9 for a first listing on the Taiwan Stock Exchange's innovation board under securities code 7903, disclosing a 2025 operating loss of NT$468.95 million. Most of that figure is accounting rather than cash: NT$366.73 million reflects employee stock option expense. Under a 2025 shareholders' resolution the group granted 5,112,428 options, and accounting standards require expensing the full grant at fair value upfront, based on the total awarded rather than the shares actually exercised. Excluding that charge, the company says the 2025 operating loss narrows to NT$102.21 million, describing core operating losses as relatively contained. Pre-tax results swung sharply, from a NT$322.42 million profit in 2024 to a NT$466.50 million loss in 2025, as operating losses stacked on top of crypto-specific items: realized trading losses of NT$30.12 million and valuation losses of NT$19.99 million on the group's own Bitcoin (BTC) position, a combined NT$50.11 million drag. Interest costs on yield products added further pressure, with the filing noting that heightened macro uncertainty in 2025 pushed more users to park assets on-platform to earn interest, raising the company's matching payout obligations; Saving product rates were adjusted from December 2025 to reflect this. The application is accompanied by a 606-page prospectus draft printed September 8, which also shows the prior baseline: 2024 operating income had reached NT$338.92 million before the reversal. The filing remains in the exchange's review stage — the assessment timetable and final listing date are not yet set — while the company's internal cash-flow planning works from an assumed March 2027 debut, pending formal prospectus confirmation.

Revenue structure is the filing's sharpest disclosure. Group revenue fell roughly 31% to NT$521.66 million in 2025 from NT$752.77 million in 2024, and trading fees accounted for 90.24% of the total — up from 89.15% a year earlier and rising again to 93.21% in the first half of 2026, when revenue came in at NT$169.21 million against a NT$199.36 million operating loss and a NT$169.59 million pre-tax loss. Cold wallet and hardware sales contribute less than 1.5% of revenue, and all 2025 revenue originated in Taiwan. On funding, the board approved a pre-IPO round in February 2026 covering 8.059 million shares at NT$172 (US$5.41) each, targeting US$43.6 million, of which US$18.6 million had been paid in by March 26. Cash and equivalents climbed from NT$393.11 million at end-2025 to NT$1,755.22 million by the end of Q2 2026. The prospectus draft published on the exchange's disclosure portal also itemizes client assets: NT$2.21 billion plus US$558,000 sat in trust accounts as of June 30, 2026. Positions held and staked for customers include 13,776.01 ETH committed to Ethereum's Casper protocol validators at a book value of NT$687.76 million, alongside 53,109 staked Solana (SOL) positions, 32.82 million ADA and 560,000 DOT. Customer BTC is kept as platform reserve rather than deployed into external investments, while Ethereum staking yields roughly offset their costs. Headcount grew from 120 at end-2024 to 154 by August 2026. The document also flags a 93.66% liabilities-to-assets ratio for 2025 versus Coinbase's 50.14%, with crypto liabilities from user yield products making up about 97% of current liabilities. Readers tracking the market in real time can follow live spot and futures prices on MEXC.

The filing frames a Taiwan crypto champion choosing the public-market route while keeping treasury risk deliberately conservative: the primary document states customer Bitcoin was held as platform reserve assets during the registration and supervisory review period rather than lent into external yield strategies. The trade-off is concentration — with fees above 90% of revenue, earnings stay tied to trading activity, so the institutional services and prime brokerage expansion management outlines will decide whether the losses close, much as diversified leaders in our Best Crypto Exchanges roundup have managed. For Taiwan's Web3 sector, a successful 2027 listing would establish the island's first listed digital-asset group as a market benchmark.