Summary Yueda Digital Holding, formerly AirNet Technology, announced a major pivot from airline entertainment and marketing services to Web3 and cryptocurrency investments. YDKG raised $180M in capital to invest in Bitcoin and Ethereum in September, building a significant digital asset treasury for future growth. Further asset investments included Solana. The digital asset company could benefit from higher digital asset prices if crypto adoption continues to rise in both retail and institutional markets. Shares have surged over 600% YTD, but with a ~$100M market cap, YDKG remains highly volatile and sensitive to crypto market trends. YDKG offers potential upside for investors seeking crypto exposure, but substantial risks remain due to its small size and sector volatility. AirNet Technology (ANTE), which rebranded to Yueda Digital Holding ( YDKG ) in September, is a potentially interesting investment for investors that want to gain exposure to the cryptocurrency market. The company, which is based in Beijing and got its start in entertainment and advertising services in the airline industry, is pivoting its business model and is now pursuing investment opportunities in digital assets. The company has seen an explosive return of more than 600% year-to-date in 2025, but shares are still attractive, especially if the company’s pivot to the digital asset space proves to be successful. However, given the firm's relatively low market cap of ~$100M, investors need to expect above-average levels of volatility, and only investors with a high-risk tolerance and a favorable outlook on the cryptocurrency market should consider buying into Yueda Digital Holding at this point in time. Data by YCharts Previous rating/disclosure I have not previously covered Yueda Digital Holding, but have worked on other cryptocurrency companies such as Coinbase Global ( COIN ), a cryptocurrency marketplace popular with both retail and institutional investors, and Strategy ( MSTR ), a major owner of the world’s largest digital asset, Bitcoin ( BTC-USD ). I am personally biased in the evaluation of cryptocurrency companies, as Bitcoin is currently my second-largest portfolio holding, after Nvidia ( NVDA ). Yueda Digital Holding pivots towards Web3 and digital asset space Yueda Digital Holding announced a major rebranding from AirNet Technology earlier this month (which itself was called AirMedia Group previously) and changed its ticker as well to signify a profound change in the company’s business proposition and strategic direction. While AirNet Technology was previously concerned with providing internet access and entertainment/advertising services to Chinese airlines, the company has now pivoted and seeks to engage in broad-scale Bitcoin mining and other digital asset investment activities. According to the firm's latest disclosure , it seeks to be involved in (i) active treasury management of mainstream digital assets; (ii) exploration of compliant, risk-managed yield opportunities, such as staking, on-chain liquidity provision, and other conservative market activities (where permitted); (iii) selective investments and partnerships in Web3 infrastructure and applications; and (iv) advisory services for enterprises entering the digital-asset economy. As part of its business pivot, Yueda Digital Holding recently raised $180M in capital ... which the company invested in 819.07 Bitcoin and 19,928.91 Ethereum ( ETH-USD ), in order to build its core digital treasury holdings. Further, the company received a total of 749,965 Solana ( SOL-USD ) from warrant exercises related to previous financing rounds, which currently have a value of $174.0M. The Chinese digital asset company has a very small revenue volume, and the company's success as a digital asset treasury will ultimately depend on the development of major cryptocurrency prices, especially Bitcoin, Ethereum, and Solana. In the first six months of the year, the company generated a top line of $12.8M, which all came from the firm's cryptocurrency mining activities. Earlier this year, the company signed a letter of intent for the development of a 130MW Liquid-cooled Bitcoin mining farm in Kazakhstan, which could boost the firm's top-line growth in the future, especially if cryptocurrency adoption continues to rise. However, Yueda Digital Holding is not yet profitable and incurred a net loss of $2.0M, or $0.08/share, in the first half of the year. Yueda Digital Holding As a digital asset holder, Yueda Digital Holding may be comparable to Strategy... which is a major Bitcoin investor itself and arguably the largest corporate owner of the world's largest digital asset. I have discussed Strategy's value proposition for investors given its aggressive Bitcoin acquisition strategy in my work: Bitcoin Recovery Creates Less Risk . As cryptocurrency adoption grows, driven by institutional investors, companies like Yueda Digital Holding and Strategy have an opportunity to participate in the upside price movements of major cryptocurrencies. According to market intelligence firm Chainalysis , cryptocurrency adoption is surging in the Asia-Pacific region, which includes China. In this market, total crypto transaction volume grew to $2.36 trillion as of June 30, 2025 (trailing-twelve-month period), showing an increase of 69%. APAC is the fastest-growing market for crypto, which is something that Yueda Digital Holding could potentially capitalize on in the future. Chainalysis Yueda Digital’s valuation Shares of the digital asset company have soared 600 percent year-to-date amid strong interest in the company’s business pivot towards cryptocurrencies. However, it should be noted that Yueda Digital Holding is still a relatively small company with a market cap of only ~$100M; therefore, investors should be prepared to handle significant volatility, especially at times of news events or earnings release dates. Currently, according to YCharts, shares of Yueda Digital Holding are valued at a price-to-book ratio of 0.41X, which is well above the firm's historical P/B ratio. However, the enterprise is not profitable (not yet) and only just shifted its portfolio strategy. While its revenue and earnings are going to remain volatile, I believe Yueda Digital Holding has a path to revaluation if cryptocurrency prices make new all-time highs. Data by YCharts Risks with Yueda Digital The biggest risk with Yueda Digital Holding is that the company pivots into the cryptocurrency market and builds its digital asset treasury just at a time when cryptocurrency prices are topping out. Further, Yueda Digital Holding is only a relatively small player in the cryptocurrency mining and treasury market, and with a market cap of just ~$100M, the company's shares will likely remain highly volatile going forward. What would change my mind about Yueda Digital Holding is if the cryptocurrency miner and investor were to see a major draw-down in Bitcoin prices. Final thoughts Yueda Digital Holding is a potentially interesting investment for investors who are looking for cryptocurrency exposure as well as believe in the firm’s digital asset treasury strategy. As cryptocurrency adoption rises, Yueda Digital Holding could potentially benefit from rising cryptocurrency prices as well as growing adoption of blockchain services. The company’s pivot into the Web3 and cryptocurrency sector creates potential upside for investors, especially because both retail and institutional investors are adopting the world's largest digital asset, Bitcoin, with growth being strongest in the APAC region. However, investors need to be aware that small companies like Yueda Digital Holding, with no serious investment track record to speak of, can be subjected to extreme levels of volatility, which in turn exposes investors to considerable valuation and draw-down risks.
